Insider pledging in the US

被引：16
作者：
Shen, Yinjie [1 ]
Wang, Wei [1 ]
Zhou, Fuzhao [2 ]
机构：
[1] Cleveland State Univ, 2121 Euclid Ave, Cleveland, OH 44115 USA
[2] SUNY Coll Brockport, 350 New Campus Dr, Brockport, NY 14420 USA
来源：
JOURNAL OF FINANCIAL STABILITY | 2021年 / 53卷
关键词：
Stock pledging; Insiders; Hedging; Determinants;
D O I：
10.1016/j.jfs.2020.100830
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Utilizing a hand-collected comprehensive dataset covering U.S. public traded firms from 2006 to 2014, we present descriptive evidence regarding insider pledging behavior in the U.S. and study its determinants. We find an insider's propensity to pledge company stock is positively associated with her risk exposure and pledgeability of company stock, and negatively with the company's corporate governance quality. These findings suggest that risk-averse corporate insiders pledge to hedge. Further, we find ISS's denouncement of pledging in 2012 reduces insider pledging. (C) 2020 Elsevier B.V. All rights reserved.
引用
收藏
页数：12
相关论文
共 50 条
  • [1] Insider stock pledging and stock price informativeness: Evidence from India
    Singh, Amanjot
    REVIEW OF FINANCIAL ECONOMICS, 2023, 41 (01) : 65 - 85
  • [2] Insiders' stock pledging disclosures and credit ratings: Evidence from India
    Singh, Amanjot
    Singh, Harminder
    PACIFIC-BASIN FINANCE JOURNAL, 2022, 75
  • [3] Share pledging and earnings informativeness
    Shi, Xiangyan
    Wang, Juan
    Ren, Xiaoyi
    INTERNATIONAL JOURNAL OF ACCOUNTING AND INFORMATION MANAGEMENT, 2023, 31 (02) : 270 - 299
  • [4] Multinational corporations and share pledging of the controlling shareholder
    Wen, Chufu
    Wen, Fenghua
    Lin, Diyue
    Zhao, Lili
    INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS, 2024, 95
  • [5] Hastily announced: Mergers and acquisitions with pledging shareholders*
    Hou, Xipei
    Shen, Yinjie
    Xing, Jing
    Zhou, Fuzhao
    JOURNAL OF FINANCIAL STABILITY, 2023, 67
  • [6] Pledging and firm performance: Evidence from Indian firms
    Rajhans, Rajni Kant
    ASIA PACIFIC MANAGEMENT REVIEW, 2022, 27 (02) : 106 - 114
  • [7] Insider Privileges
    Greenstein, Shane
    IEEE MICRO, 2017, 37 (05) : 70 - 72
  • [8] Opportunistic insider trading
    Tirapat, Sunti
    Visaltanachoti, Nuttawat
    PACIFIC-BASIN FINANCE JOURNAL, 2013, 21 (01) : 1046 - 1061
  • [9] The Unintended Effects of Stock Pledging: A Perspective on the Shareholder-Creditor Conflict
    Liu, Yuanyuan
    Jiu, Lili
    ASIA-PACIFIC JOURNAL OF FINANCIAL STUDIES, 2023, 52 (01) : 63 - 88
  • [10] Controlling shareholder share pledging and tunneling: Evidence from an emerging market
    Liu, Wei
    Yang, Xia
    SPANISH JOURNAL OF FINANCE AND ACCOUNTING-REVISTA ESPANOLA DE FINANCIACION Y CONTABILIDAD, 2024, 53 (02): : 146 - 175
12345