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Do voluntary corporate restrictions on insider trading eliminate informed insider trading?
16 references·16 citing·39 second hopsampled
Do voluntary corporate restrictions on insider trading eliminate informed insider trading? (2014)Do voluntary corporate restrictions on in…Overconfidence and Early‐Life Experiences: The Effect of Managerial Traits on Corporate Financial Policies (2011)Overconfidence and Early‐Life…CEO optimism and forced turnover (2011)CEO optimism and forced turno…Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches (2008)Estimating Standard Errors in…Insider Trading and Voluntary Disclosures (2006)Insider Trading and Voluntary…What insiders know about future earnings and how they use it: Evidence from insider trades (2003)What insiders know about futu…Regulation Fair Disclosure and Earnings Information: Market, Analyst, and Corporate Responses (2003)Regulation Fair Disclosure an…Corporate Governance and Equity Prices (2003)Corporate Governance and Equi…Is Information Risk a Determinant of Asset Returns? (2002)Is Information Risk a Determi…Are Insider Trades Informative? (2001)Are Insider Trades Informativ…Corporate policies restricting trading by insiders (2000)Corporate policies restrictin…On Persistence in Mutual Fund Performance (1997)On Persistence in Mutual Fund…Common risk factors in the returns on stocks and bonds (1993)Common risk factors in the re…Insider Trading and the Efficiency of Stock Prices (1992)Insider Trading and the Effic…An Empirical Analysis of Illegal Insider Trading (1992)An Empirical Analysis of Ille…Insiders' profits, costs of trading, and market efficiency (1986)Insiders' profits, costs of t…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…Narrative R&D disclosure and insider trading profitability: Evidence from China (2024)Narrative R&D disclosure and …Does common ownership constrain managerial rent extraction? Evidence from insider trading profitability (2023)Does common ownership constra…Insider trading and the legal expertise of corporate executives (2021)Insider trading and the legal…Female insiders' ethics and trading profitability (2021)Female insiders' ethics and t…The differential impact of corporate blockchain-development as conditioned by sentiment and financial desperation (2020)The differential impact of co…Sell-side analyst heterogeneity and insider trading (2020)Sell-side analyst heterogenei…Does exposure to product market competition influence insider trading profitability? (2020)Does exposure to product mark…Analyst talent, information, and insider trading (2020)Analyst talent, information, …What do insiders know? Evidence from insider trading around share repurchases and SEOs (2019)What do insiders know? Eviden…Insider trading and shareholder investment horizons (2019)Insider trading and sharehold…Illegal insider trading: Commission and SEC detection (2019)Illegal insider trading: Comm…The Deterrent Effect of the Securities and Exchange Commission’s Enforcement Intensity on Illegal Insider Trading: Evidence from Run-up before News Events (2017)The Deterrent Effect of the S…Profitability of insider trading in Europe: A performance evaluation approach (2017)Profitability of insider trad…Relative idiosyncratic volatility and the timing of corporate insider trading (2016)Relative idiosyncratic volati…Corporate Social Responsibility and Insider Trading (2014)Corporate Social Responsibili…The Sound of Silence: What Do We Know When Insiders Do Not Trade? (2012)The Sound of Silence: What Do…CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Cross-Section of Expected Stock Returns (1992)Illiquidity and stock returns: cross-section and time-series effects (2002)A five-factor asset pricing model (2014)Stock return variances (1986)The theory and practice of econometrics (1986)Price, trade size, and information in securities markets (1987)Stealth-trading: Which traders' trades move stock prices? (2001)How are shorts informed? (2012)Efficient Capital Markets: A Review of Theory and Empirical Work (1970)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)Efficient Capital Markets: II (1991)Investor sentiment and the near-term stock market (2003)The Behavior of Stock-Market Prices (1965)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)Corporate financing and investment decisions when firms have information that investors do not have (1984)What Do We Know about Capital Structure? Some Evidence from International Data (1995)The theory and practice of corporate finance: evidence from the field (2001)Are Overconfident CEOs Better Innovators? (2012)Learning from Inflation Experiences * (2015)CEO gender, corporate risk-taking, and the efficiency of capital allocation (2016)Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency (1993)Stock price reaction to news and no-news: drift and reversal after headlines (2003)The Influence of Analysts, Institutional Investors, and Insiders on the Incorporation of Market, Industry, and Firm-Specific Information into Stock Prices (2004)Decoding Inside Information (2012)Continuous Auctions and Insider Trading (1985)High idiosyncratic volatility and low returns: International and further U.S. evidence (2008)Media Coverage and the Cross‐section of Stock Returns (2009)… and the Cross-Section of Expected Returns (2015)Specification Tests in Econometrics (1978)Econometric Analysis of Cross Section and Panel Data (2001)Robust Standard Errors for Panel Regressions with Cross-Sectional Dependence (2007)Robust Inference With Multiway Clustering (2011)Policy Uncertainty and Corporate Investment (2015)Multifactor Explanations of Asset Pricing Anomalies (1996)How do family ownership, control and management affect firm value? (2005)How does financial reporting quality relate to investment efficiency? (2009)The Impact of Corporate Sustainability on Organizational Processes and Performance (2014)
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References

  • 1993Common risk factors in the returns on stocks and bonds26,615 cited
  • 1997On Persistence in Mutual Fund Performance17,267 cited
  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 2008Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches10,793 cited
  • 2003Corporate Governance and Equity Prices6,115 cited
  • 2002Is Information Risk a Determinant of Asset Returns?1,862 cited
  • 2011Overconfidence and Early‐Life Experiences: The Effect of Managerial Traits on Corporate Financial Policies1,729 cited
  • 2001Are Insider Trades Informative?1,229 cited
  • 1986Insiders' profits, costs of trading, and market efficiency1,219 cited
  • 1992An Empirical Analysis of Illegal Insider Trading818 cited
  • 2011CEO optimism and forced turnover788 cited
  • 2003What insiders know about future earnings and how they use it: Evidence from insider trades626 cited
  • 2006Insider Trading and Voluntary Disclosures544 cited
  • 2003Regulation Fair Disclosure and Earnings Information: Market, Analyst, and Corporate Responses479 cited
  • 2000Corporate policies restricting trading by insiders463 cited

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1992
Insider Trading and the Efficiency of Stock Prices
454 cited

Cited by

  • 2019What do insiders know? Evidence from insider trading around share repurchases and SEOs91 cited
  • 2017The Deterrent Effect of the Securities and Exchange Commission’s Enforcement Intensity on Illegal Insider Trading: Evidence from Run-up before News Events65 cited
  • 2020The differential impact of corporate blockchain-development as conditioned by sentiment and financial desperation57 cited
  • 2023Does common ownership constrain managerial rent extraction? Evidence from insider trading profitability55 cited
  • 2019Insider trading and shareholder investment horizons55 cited
  • 2020Does exposure to product market competition influence insider trading profitability?54 cited
  • 2020Analyst talent, information, and insider trading45 cited
  • 2016Relative idiosyncratic volatility and the timing of corporate insider trading45 cited
  • 2021Insider trading and the legal expertise of corporate executives44 cited
  • 2014Corporate Social Responsibility and Insider Trading38 cited
  • 2019Illegal insider trading: Commission and SEC detection35 cited
  • 2021Female insiders' ethics and trading profitability29 cited
  • 2020Sell-side analyst heterogeneity and insider trading28 cited
  • 2017Profitability of insider trading in Europe: A performance evaluation approach27 cited
  • 2012The Sound of Silence: What Do We Know When Insiders Do Not Trade?27 cited
  • 2024Narrative R&D disclosure and insider trading profitability: Evidence from China23 cited