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A Comparative Empirical Investigation of Agency and Market Theories of Insider Trading
16 references·8 citing·42 second hop
A Comparative Empirical Investigation of Agency and Market Theories of Insider Trading (1999)A Comparative Empirical Investigation of …The information content of stock markets: why do emerging markets have synchronous stock price movements? (2000)The information content of st…Financial markets and the allocation of capital (2000)Financial markets and the all…Large Shareholders as Monitors: Is There a Trade‐Off between Liquidity and Control? (1998)Large Shareholders as Monitor…A Survey of Corporate Governance (1997)A Survey of Corporate Governa…Transparency and Liquidity: A Comparison of Auction and Dealer Markets with Informed Trading (1996)Transparency and Liquidity: A…The Relation Among Capital Markets, Financial Disclosure, Production Efficiency, and Insider Trading (1996)The Relation Among Capital Ma…Insider Trading: Should It Be Prohibited? (1992)Insider Trading: Should It Be…Estimating the components of the bid/ask spread (1988)Estimating the components of …Stock return variances (1986)Stock return variancesLarge Shareholders and Corporate Control (1986)Large Shareholders and Corpor…Asset pricing and the bid-ask spread (1986)Asset pricing and the bid-ask…Corporate Financial Structure and Managerial Incentives (1982)Corporate Financial Structure…Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Theory of the firm: Manageria…ON THE EFFICIENCY OF COMPETITIVE STOCK MARKETS WHERE TRADES HAVE DIVERSE INFORMATION (1976)ON THE EFFICIENCY OF COMPETIT…The Market for "Lemons": Quality Uncertainty and the Market Mechanism (1970)The Market for "Lemons": Qual…Economic Welfare and the Allocation of Resources for Invention (1962)Economic Welfare and the Allo…Corporate governance and transparency: evidence from stock return synchronicity (2015)Corporate governance and tran…Insider trading restrictions and corporate risk-taking (2014)Insider trading restrictions …Do Criminal Sanctions Deter Insider Trading? (2013)Do Criminal Sanctions Deter I…Idiosyncratic Risk in Emerging Markets (2010)Idiosyncratic Risk in Emergin…Inside Agency: The Rise and Fall of Nortel (2008)Inside Agency: The Rise and F…The Effectiveness of Insider Trading Regulation in Italy. Evidence from Stock-Price Run-Ups Around Announcements of Corporate Control Transactions (2003)The Effectiveness of Insider …A Survey of Securities Laws and Enforcement (2003)A Survey of Securities Laws a…Global Differences in Corporate Governance Systems - Theory and Implications for Reforms (2001)Global Differences in Corpora…The Behavior of Stock-Market Prices (1965)Stock returns and the weekend effect (1980)A Simple Implicit Measure of the Effective Bid-Ask Spread in an Efficient Market (1984)Simple Technical Trading Rules and the Stochastic Properties of Stock Returns (1992)Do Brokerage Analysts' Recommendations Have Investment Value? (1996)Have Individual Stocks Become More Volatile? An Empirical Exploration of Idiosyncratic Risk (2001)EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK* (1970)Bid, ask and transaction prices in a specialist market with heterogeneously informed traders (1985)Continuous Auctions and Insider Trading (1985)Market microstructure and asset pricing: On the compensation for illiquidity in stock returns (1996)Alternative factor specifications, security characteristics, and the cross-section of expected stock returns1We are especially grateful to Eugene Fama (a referee), an anonymous referee and Bill Schwert (the editor) for insightful and constructive suggestions. We also thank Wayne Ferson, Ken French, Will Goetzmann, Craig Holden, Ravi Jagannathan, Bob Jennings, Bruce Lehmann, Josef Lakonishok, Richard Roll, participants at the 1997 Meetings of the Western Finance Association, the 1997 UCLA/USC/UC Irvine conference, the November 1997 Asset Pricing Meeting of the National Bureau of Economic Research, the Atlanta Forum, and seminars at Columbia, Indiana, Florida, New York, Tulane, and Yale Universities; Eugene Fama and Ken French for providing part of the data used in this study; and Christoph Schenzler for excellent programming assistance. The second author acknowledges support from the Dean's Fund for Research and the Financial Markets Research Center at Vanderbilt University. We are responsible for remaining errors. This paper was formerly titled `A Re-Examination of Security Return Anomalies'.1 (1998)Liquidity and stock returns: An alternative test (1998)Risk, Return, and Equilibrium: Empirical Tests (1973)The relationship between return and market value of common stocks (1981)The theory and practice of econometrics (1986)Illiquidity and stock returns: cross-section and time-series effects (2002)Liquidity Risk and Expected Stock Returns (2003)Investor Sentiment and the Cross‐Section of Stock Returns (2006)Mergers and the Market for Corporate Control (1965)Takeover Bids, The Free-Rider Problem, and the Theory of the Corporation (1980)Corporate Ownership Around the World (1999)The Nature of the Firm (1937)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Pricing of Options and Corporate Liabilities (1973)Separation of Ownership and Control (1983)Legal Determinants of External Finance (1997)Investor protection and corporate governance (2000)A Contribution to the Theory of Economic Growth (1956)Increasing Returns and Long-Run Growth (1986)Law and Finance (1998)R2 around the world: New theory and new tests☆ (2005)Does board gender diversity improve the informativeness of stock prices? (2011)The General Theory of Employment, Interest and Money. (1936)Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers (1986)Investor Protection and Corporate Valuation (2002)Finance and Growth: Theory and Evidence (2004)The Evolution of Cooperation (1981)Corporate financing and investment decisions when firms have information that investors do not have (1984)The Resource-Based Theory of Competitive Advantage: Implications for Strategy Formulation (1991)Crime and Punishment: An Economic Approach (1968)Sectoral patterns of technical change: Towards a taxonomy and a theory (1984)What Determines Productivity? (2011)
this work references cited by second hop

References

  • 1976Theory of the firm: Managerial behavior, agency costs and ownership structure71,441 cited
  • 1970The Market for "Lemons": Quality Uncertainty and the Market Mechanism22,977 cited
  • 1997A Survey of Corporate Governance16,237 cited
  • 1962Economic Welfare and the Allocation of Resources for Invention8,931 cited
  • 1986Large Shareholders and Corporate Control8,403 cited
  • 1986Asset pricing and the bid-ask spread5,087 cited
  • 2000The information content of stock markets: why do emerging markets have synchronous stock price movements?3,332 cited
  • 2000Financial markets and the allocation of capital1,972 cited
  • 1986Stock return variances1,813 cited
  • 1988Estimating the components of the bid/ask spread1,612 cited
  • 1998Large Shareholders as Monitors: Is There a Trade‐Off between Liquidity and Control?1,453 cited
  • 1976ON THE EFFICIENCY OF COMPETITIVE STOCK MARKETS WHERE TRADES HAVE DIVERSE INFORMATION1,438 cited
  • 1982Corporate Financial Structure and Managerial Incentives1,092 cited
  • 1992Insider Trading: Should It Be Prohibited?592 cited
  • 1996Transparency and Liquidity: A Comparison of Auction and Dealer Markets with Informed Trading545 cited

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  • 1996The Relation Among Capital Markets, Financial Disclosure, Production Efficiency, and Insider Trading453 cited
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    • 2010Idiosyncratic Risk in Emerging Markets44 cited
    • 2008Inside Agency: The Rise and Fall of Nortel43 cited
    • 2015Corporate governance and transparency: evidence from stock return synchronicity34 cited
    • 2003The Effectiveness of Insider Trading Regulation in Italy. Evidence from Stock-Price Run-Ups Around Announcements of Corporate Control Transactions24 cited
    • 2001Global Differences in Corporate Governance Systems - Theory and Implications for Reforms21 cited
    • 2003A Survey of Securities Laws and Enforcement20 cited
    • 2014Insider trading restrictions and corporate risk-taking18 cited
    • 2013Do Criminal Sanctions Deter Insider Trading?15 cited