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Bebchuk, Lucian A. - 2010

While prior empirical work and much public attention have focused on the opportunistic timing of executives' grants, we provide in this paper evidence that outside directors' option grants have also been favorably timed to an extent that cannot be fully explained by sheer luck. Examining events...

Persistent link: https://www.econbiz.de/10012760477

Lucky CEOS

Bebchuk, Lucian A. - 2007

We study the relation between corporate governance and opportunistic timing of CEO option grants via backdating or otherwise. Our methodology focuses on how grant date prices rank within the price distribution of the grant month. During 1996-2005, about 12% of firms provided one or more lucky...

Persistent link: https://www.econbiz.de/10012778100

The Impact of Headquarter and Subsidiary Locations on Multinationals' Effective Tax Rates

Markle, Kevin - 2013

We examine effective tax rates (ETRs) for 9,022 multinationals from 87 countries from 2006 to 2011. We find that, despite extensive investments in international tax avoidance, multinationals headquartered in Japan, the U.S., and some high-tax European countries continue to face substantially...

Persistent link: https://www.econbiz.de/10013073195

Transportation/Communication Considerations in the Location of Headquarters for Multi-Establishment Manufacturing Firms

Lavey, Warren G. - 2021

Usually transportation/communication (t/c) considerations appear as only two in a long list of factors which determine headquarters location patterns. The research reported here singles out t/c considerations as the logical basis for headquarters location decisions. We ask: to what degree do...

Persistent link: https://www.econbiz.de/10013246080

Do Proxies for Informed Trading Measure Informed Trading? Evidence from Illegal Insider Trades

Ahern, Kenneth R. - 2018

This paper exploits hand-collected data on illegal insider trades to test whether standard illiquidity measures can detect informed trading. Controlling for unobserved cross-sectional and time-series variation, sampling bias, and strategic timing of insider trades, I find that only absolute...

Persistent link: https://www.econbiz.de/10012907589

The Law and Economics of Self-Dealing

La Porta, Rafael; López-de-Silanes, Florencio; … - 2021

We present a new measure of legal protection of minority shareholders against expropriation by corporate insiders: the anti-self-dealing index. Assembled with the help of Lex Mundi law firms, the index is calculated for 72 countries based on legal rules prevailing in 2003, and focuses on private...

Persistent link: https://www.econbiz.de/10013222927

The Effect of Insider Trading on Insiders' Reaction to Opportunities to "Waste" Corporate Value

Bebchuk, Lucian A.; Fershtman, Chaim - 2021

focus on those managerial choices that confront managers with the need to decide between options that produce different … corporate value but do not differ in the managerial effort involved. In the absence of insider trading, and as long as managers …' salaries are positively correlated with their firms results, managers will make such choices efficiently, and consequently such …

Persistent link: https://www.econbiz.de/10013234973

Decoding Inside Information

Cohen, Lauren - 2010

Using a simple empirical strategy, we decode the information in insider trades. Exploiting the fact that insiders trade for a variety of reasons, we show that there is predictable, identifiable "routine" insider trading that is not informative for the future of firms. Stripping away these...

Persistent link: https://www.econbiz.de/10013137027

Insider Trading, Stochastic Liquidity and Equilibrium Prices

Collin-Dufresne, Pierre - 2012

We extend Kyle's (1985) model of insider trading to the case where liquidity provided by noise traders follows a general stochastic process. Even though the level of noise trading volatility is observable, in equilibrium, measured price impact is stochastic. If noise trading volatility is...

Persistent link: https://www.econbiz.de/10013099416

'Those Who Know Most' : Insider Trading in 18th C. Amsterdam

Koudijs, Peter - 2013

This paper studies how private information is incorporated into prices, using a unique setting from the 18th century that, in many dimensions, is simpler and closer to stylized models of price discovery than modern-day markets. Specifically, the paper looks at a number of English securities that...

Persistent link: https://www.econbiz.de/10013085922