Insider pledging in the US

被引：19

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

页数：12

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