The DOI matches its Crossref record; 38 of the 38 references it cites were found in a registry or an index.
Insider Trading Laws and Stock Price Informativeness
Open accessAbstract
We investigate the relation between a country’s first-time enforcement of insider trading laws and stock price informativeness using data from 48 countries over 1980–2003. Enforcement of insider trading laws improves price informativeness, as measured by firm-specific stock return variation, but this increase is concentrated in developed markets. In emerging market countries, price informativeness changes insignificantly after the enforcement, as the important contribution of insiders in impounding information into stock prices largely disappears. The enforcement does not achieve the goal of improving price informativeness in countries with poor legal institutions. It does turn some private information into public information, thereby reducing the cost of equity in emerging markets.
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Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches
Petersen, M. A. (2009) · Review of Financial Studies · doi:10.1093/rfs/hhn053 · Cited by 10,746
Illiquidity and stock returns: cross-section and time-series effects
Amihud, Y. (2002) · Journal of Financial Markets · doi:10.1016/s1386-4181(01)00024-6 · Cited by 9,963
An Empirical Evaluation of Accounting Income Numbers
Ball, R., & Brown, P. (1968) · Journal of Accounting Research · doi:10.2307/2490232 · Cited by 6,361
Expected stock returns and volatility
French, K. R., Schwert, G. W., & Stambaugh, R. F. (1987) · Journal of Financial Economics · doi:10.1016/0304-405x(87)90026-2 · Cited by 4,107
On the impossibility of informationally efficient markets
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The Adjustment of Stock Prices to New Information
Fama, E. F., Fisher, L., Jensen, M. C., & Roll, R. (1969) · International Economic Review · doi:10.2307/2525569 · Cited by 3,575
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The Adjustment of Stock Prices to New Information
Fama, E. F., Fisher, L., Jensen, M. C., & Roll, R. W. (2003) · SSRN Electronic Journal · doi:10.2139/ssrn.321524 · Cited by 3,063
Information and the Cost of Capital
Easley, D., & O'hara, M. (2004) · The Journal of Finance · doi:10.1111/j.1540-6261.2004.00672.x · Cited by 3,038
Cited by
Stock price synchronicity, crash risk, and institutional investors
An, H., & Zhang, T. (2013) · Journal of Corporate Finance · doi:10.1016/j.jcorpfin.2013.01.001 · Cited by 720
The evolution of stock market efficiency over time: A survey of the empirical literature
Lim, K.-P., & Brooks, R. (2011) · Journal of Economic Surveys · doi:10.1111/j.1467-6419.2009.00611.x · Cited by 410
Metadata
- Authors
- Fernandes, N., & Ferreira, M. A.
- Venue
- Review of Financial Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 2008-07-23
- Volume
- 22
- Issue
- 5
- Pages
- 1845-1887
- ISSN
- 0893-9454 (ISSN-L)
- 1465-7368
- OpenAlex
- W3122055684
- Cited by
- 435
- References
- 38
- FWCI
- 17.50
- Type
- journal article
- Language
- en
- Open access
- green
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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