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Persistent link: https://www.econbiz.de/10009512838
I use the first-time enforcement of insider trading laws in sixteen countries as a shock to enforcement and examine its influence on timely loss recognition (TLR). Consistent with greater enforcement increasing the usefulness of accounting information in contracts and thereby the demand for...
Persistent link: https://www.econbiz.de/10010572419
Persistent link: https://www.econbiz.de/10011751871
This paper shows that real decisions depend not only on the total amount of information in prices, but the source of this information -- a manager learns from prices when they contain information not possessed by him. We use the staggered enforcement of insider trading laws across 27 countries...
Persistent link: https://www.econbiz.de/10011800880
Persistent link: https://www.econbiz.de/10012033824
I use the first-time enforcement of insider trading laws in sixteen countries as a shock to enforcement and examine its influence on timely loss recognition (TLR). Consistent with greater enforcement increasing the usefulness of accounting information in contracts and thereby the demand for...
Persistent link: https://www.econbiz.de/10013119831
While mandatory disclosure provides benefits, it also entails costs. One such cost concerns managerial learning – by discouraging informed trading, disclosure could reduce managers' ability to glean decision-relevant information from prices. Using mandatory segment reporting in the U.S., we...
Persistent link: https://www.econbiz.de/10012916204
We show that the 2004 SEC regulation requiring more frequent disclosures from active mutual funds unintendedly increased the profitability of trading by another set of informed investors, namely insiders. Cross-sectional analyses suggest that this increase in insiders' profits is due to mutual...
Persistent link: https://www.econbiz.de/10012912818