دانلود مقاله ISI انگلیسی شماره 48898
عنوان فارسی مقاله

مقررات افشا و سودآوری معاملات داخلی: شواهدی از نیوزیلند

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
48898 2004 24 صفحه PDF سفارش دهید محاسبه نشده
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
Disclosure regulation and the profitability of insider trading: Evidence from New Zealand
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Pacific-Basin Finance Journal, Volume 12, Issue 5, November 2004, Pages 479–502

کلمات کلیدی
معاملات داخلی - افشا - مقررات اوراق بهادار
پیش نمایش مقاله
پیش نمایش مقاله مقررات افشا و سودآوری معاملات داخلی: شواهدی از نیوزیلند

چکیده انگلیسی

This paper provides evidence on insider trading in New Zealand by examining transactions disclosed by corporate insiders for a sample of 93 listed companies over the 1995–2001 period. These transactions include two types of disclosures: immediate disclosures, as represented by substantial shareholder (SSH) notices, and delayed disclosures, as reported in annual reports. The results (2453 transactions) show that insiders earn significantly large abnormal returns on their transactions, with the gains coming largely from transactions involving delayed disclosure. In contrast, transactions involving immediate disclosure earn insignificant returns. The results also show that the size of the company, membership in a major stock index, the position of the insider and the percentage of the insider's holdings being traded all affect the size of the abnormal returns. These findings lend strong support to amendments to securities laws that require continuous disclosure for all transactions.

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