آیا ارتباطات مشارکتی با کیفیت باعث کاهش سودآوری معاملات داخلی می شود؟

Exploring a unique database on insider trading in Belgium, we investigate whether high-quality corporate communication contributes to reducing insider trading profitability and information asymmetry. Using disclosure scores of professional financial analysts as a proxy for communication quality, we find a significant negative association between corporate communication quality and insider trading profitability. Closer inspection of different communication channels shows that the quality of annual reports, press releases and investor relation activities is more relevant in explaining insiders’ abnormal returns than the quality of corporate websites.