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.
引用
收藏
页码：1929 / 1941
页数：13
相关论文
共 50 条
  • [41] Can Outsiders Often See the Most? Evidence from China: The Impact of Foreign Investors on Insider Trading
    Du, Wenxin
    Wu, Zhanchi
    Lin, Yibin
    Zhou, Xiaoling
    Deng, Yongchao
    EMERGING MARKETS FINANCE AND TRADE, 2025, 61 (04) : 1030 - 1048
  • [42] Institutional investors, selling pressure and crash risk: Evidence from China
    Fan, Yunqi
    Fu, Hui
    EMERGING MARKETS REVIEW, 2020, 42
  • [43] Does prospectus readability matter for bond issuance pricing? Evidence from China
    Li, Fengyu
    Yang, Mozhu
    Zhang, Tong
    PACIFIC-BASIN FINANCE JOURNAL, 2023, 80
  • [44] Does government report readability matter? Evidence from market reactions to AAERs
    Kuang, Yu Flora
    Lee, Gladys
    Qin, Bo
    JOURNAL OF ACCOUNTING AND PUBLIC POLICY, 2020, 39 (02)
  • [45] Does preventive regulation reduce stock price synchronicity? Evidence from Chinese annual report comment letters
    Hao, Xiaomin
    Wang, Yonghai
    CHINA JOURNAL OF ACCOUNTING RESEARCH, 2021, 14 (04)
  • [46] Equity overvaluation, insider trading activity, and M&A premium: Evidence from China
    Zhang, Yongshen
    Zhang, Qing
    Yu, Xiaoliang
    Ma, Qiushu
    PACIFIC-BASIN FINANCE JOURNAL, 2023, 80
  • [47] How does investor attention affect energy firms' managerial opportunistic behavior? New evidence from China
    Cao, Wei
    Linnenluecke, Martina
    Tian, Jinfang
    Xue, Rui
    Yang, Huan
    BUSINESS STRATEGY AND THE ENVIRONMENT, 2023, 32 (07) : 5025 - 5043
  • [48] The role of short selling threat in corporate environmental disclosure strategies: Evidence from China
    Xie, Guanghua
    Chen, Lin
    Chen, Xichan
    RESOURCE AND ENERGY ECONOMICS, 2021, 66
  • [49] Does short-selling affect mutual fund shareholdings? Evidence from China
    Liu, Xufeng
    Wan, Die
    ACCOUNTING AND FINANCE, 2022, 62 : 1887 - 1923
  • [50] The effect of expanded audit report on IPO underpricing: Evidence from China
    Guo, Mengmeng
    Su, Yun
    Zhao, Rui
    EMERGING MARKETS REVIEW, 2024, 58
12345