• 主题
高级搜索  >
历史搜索 清空历史
首页> 外文期刊>Journal of Business Research >The impact of economic policy uncertainty on insider trades: A crosscountry analysis
【24h】

The impact of economic policy uncertainty on insider trades: A crosscountry analysis

机译：经济政策不确定性对内幕交易的影响：跨越分析

获取原文
获取原文并翻译 | 示例
           
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

This study examines whether economic policy uncertainty affects insider trades. Using data from 22 countries, I find a positive association between economic policy uncertainty and the frequency and volume of insider trades. Moreover, there is a negative relationship between insider trades and future firm performance during periods of high economic policy uncertainty. The effect is larger in firms with a poor information environment, firms with less strict monitoring, and for firms that are more sensitive to economic policy uncertainty. The findings are robust to alternative sample periods, alternative dependent and independent variables, different model specifications, and after including additional country-level factors. Additional analysis suggests that investor sentiment and firm risks increase during periods of high uncertainty. Overall, I provide evidence that increased economic policy uncertainty enlarges the information advantage of insiders, and increases insider trading.
机译：本研究探讨了经济政策不确定性是否影响内幕交易。使用来自22个国家的数据，我发现经济政策不确定性与内幕交易的频率和数量之间存在积极的协会。此外，在高经济政策不确定性期间，内幕交易与未来企业业绩之间存在负面关系。由于信息环境恶劣，企业监测不太严格的公司，以及对经济政策不确定性更敏感的公司的效果更大。该发现对于替代采样期，替代相关和独立变量，不同的型号规范以及之后，包括额外的国家级因素。额外分析表明，投资者情绪和牢固的风险在高不确定性期间增加。总体而言，我提供了证据表明经济政策不确定性提高了内部人员信息优势，并增加了内幕交易。

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号