Does institutional monitoring matter? Evidence from insider trading by information risk level

被引：13

作者：

Chung, Chune Young ^{[1
]}

Kang, Sanggyu ^{[1
]}

Ryu, Doojin ^{[2
]}

机构：

[1] Chung Ang Univ, Sch Business Adm, Seoul, South Korea

[2] Sungkyunkwan Univ, Dept Econ, Seoul, South Korea

来源：

INVESTMENT ANALYSTS JOURNAL | 2018年 / 47卷 / 01期

关键词：

Institutional monitoring; information asymmetry; insider trading; heterogeneous institutions; corporate governance; RESEARCH-AND-DEVELOPMENT; KOSPI; 200; OPTIONS; CORPORATE GOVERNANCE; MARKET-EFFICIENCY; INVESTORS; TRADES; OWNERSHIP; ASYMMETRY; EARNINGS; PROFITABILITY;

D O I：

10.1080/10293523.2017.1413152

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We examine the effects of institutional ownership on insider exploitation of asymmetric information. Because institutional investors monitor firm activities in order to improve the corporate information environment, such monitoring could decrease the intensity of insider trading on private information. We find that large, long-term institutional ownership is negatively and significantly related to the extent of insider trading associated with information risk. This suggests that institutional monitoring mitigates information asymmetry among investors, resulting in lower information risk, thus restricting informed insider trading.

引用

页码：48 / 64

页数：17

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