Insider trading and information asymmetry: Evidence from the Korea Exchange

被引：16
作者：
Ryu, Doojin [1 ]
Yang, Heejin [2 ]
Yu, Jinyoung [1 ]
机构：
[1] Sungkyunkwan Univ, Coll Econ, 25-2 Sungkyunkwan Ro, Seoul 03063, South Korea
[2] Dongguk Univ, Dept Global Econ & Commerce, Gyeongju Campus 123, Gyeongju Si 38066, Gyeongsangbuk D, South Korea
来源：
EMERGING MARKETS REVIEW | 2022年 / 51卷
关键词：
Adverse selection; Analyst report; Difference-in-differences; Emerging stock market; Information asymmetry; Insider trading; WITHHOLD BAD-NEWS; CORPORATE GOVERNANCE; DOMESTIC INVESTORS; MARKET; PRICE; ASK; OWNERSHIP; LIQUIDITY; TRADES; MICROSTRUCTURE;
D O I：
10.1016/j.ememar.2021.100847
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study examines whether pre-announcement insider trading significantly resolves or intensifies information asymmetry in the Korean emerging stock market. Local institutions are the most informed and trade in the right direction before analyst report announcements. Such insider trading increases post-announcement information asymmetry or adverse selection costs. Notably, local retail investors' trading behavior synchronizes with that of local institutions after pre-announcement insider trading.
引用
收藏
页数：13
相关论文
共 96 条
[61]   PREDICTIVE AND STATISTICAL PROPERTIES OF INSIDER TRADING [J].
LORIE, JH ;
NIEDERHOFFER, V .
JOURNAL OF LAW & ECONOMICS, 1968, 11 (APR) :35-53
[62]   Corporate Social Responsibility and Insider Trading: Evidence from China [J].
Lu, Chao ;
Zhao, Xuetong ;
Dai, Jingwen .
SUSTAINABILITY, 2018, 10 (09)
[63]   The efficient market hypothesis and its critics [J].
Malkiel, BG .
JOURNAL OF ECONOMIC PERSPECTIVES, 2003, 17 (01) :59-82
[64]   Analyst tipping: Evidence on Finnish stocks [J].
Mao, Ruiqi ;
Segara, Reuben ;
Westerholm, Joakim .
INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS, 2019, 66
[65]   Analyst Tipping: Additional Evidence [J].
Markov, Stanimir ;
Muslu, Volkan ;
Subasi, Musa .
JOURNAL OF BUSINESS FINANCE & ACCOUNTING, 2017, 44 (1-2) :94-115
[66]   AN EMPIRICAL-ANALYSIS OF ILLEGAL INSIDER TRADING [J].
MEULBROEK, LK .
JOURNAL OF FINANCE, 1992, 47 (05) :1661-1699
[67]  
Moshirian F., 2009, International Review of Financial Analysis, V18, P74, DOI [10.1016/j.irfa.2008.11.001, DOI 10.1016/J.IRFA.2008.11.001]
[68]   Investor Networks in the Stock Market [J].
Ozsoylev, Han N. ;
Walden, Johan ;
Yavuz, M. Deniz ;
Bildik, Recep .
REVIEW OF FINANCIAL STUDIES, 2014, 27 (05) :1323-1366
[69]   Don't ask, just tell: Insider trading after United States v O'Hagan [J].
Painter, RW ;
Krawiec, KD ;
Williams, CA .
VIRGINIA LAW REVIEW, 1998, 84 (02) :153-228
[70]  
Pan W.F., 2019, PUBLIC NEWS MARKET L
12345678910