Annual Report Readability and Opportunistic Insider Selling-Evidence from China

被引：3
|
作者：
Yin, Zhujia [1 ]
Sheng, Yijie [1 ]
Liu, Xinheng [1 ,4 ]
Yang, Xiaoguang [2 ,3 ]
机构：
[1] Changsha Univ Sci & Technol, Sch Econ & Management, Changsha, Peoples R China
[2] Chinese Acad Sci, Acad Math & Syst Sci, Beijing, Peoples R China
[3] Univ Chinese Acad Sci, Sch Econ & Management, Beijing, Peoples R China
[4] Changsha Univ Sci & Technol, Sch Econ & Management, Changsha 410114, Peoples R China
来源：
EMERGING MARKETS FINANCE AND TRADE | 2024年 / 60卷 / 09期
基金：
中国国家自然科学基金;
关键词：
Annual report readability; opportunistic insider selling; information asymmetry; D53; M41; G14; SHORT-SALE CONSTRAINTS; INFORMATION ASYMMETRY; PROFITABILITY; INVESTORS; EARNINGS; OPINION; RISK;
D O I：
10.1080/1540496X.2023.2295001
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Using a panel dataset of Chinese A-share listed firms during 2007-2021, we specify a fixed-effects model to examine whether and how annual report readability affects opportunistic insider selling. Our empirical findings show that lower readability of annual reports induces insiders to make more opportunistic sales. Further analysis reveals that stock overvaluation is the channel through which the readability of annual reports affects opportunistic insider sales. In addition, this effect is more pronounced among firms with less analyst coverage, higher retail concentration, and non-SOEs.
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页码：1929 / 1941
页数：13
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