文章基本信息

标题：The Impact of Firm-Level Shareholder Protections on Abnormal Returns on Insider Trading
本地全文：下载
作者：Christopher von Koch ; Ola Nilsson1 ; Micael Jönsson 等
期刊名称：Journal of Business & Financial Affairs
电子版ISSN：2167-0234
出版年度：2014
卷号：3
期号：1
页码：1-7
DOI：10.4172/2167-0234.1000114
语种：English
出版社：OMICS International
摘要：This study is the first to investigate the relationship between firm-level shareholder protections and abnormal returns on insider trading. We thereby extend the few studies that have analysed insider trading from a shareholder protection perspective. The novelty of this study is its concentration on firm-level shareholder protection. Our results show that firmlevel shareholder protections have a significantly positive impact on abnormal returns on insider purchases, indicating that firm-level shareholder protection is more influential than country-level shareholder protection. We found support that the information content hypothesis is valid for explanation of abnormal return on insider trading, which is in line with earlier studies. This result is an indication that insider purchases in firms that have adopt strict corporate governance rules are viewed by the market as trustworthy leading to positive market reactions on insider trading.
关键词：Shareholder protection; Insider trading;Firm-level