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Does high-quality corporate communication reduce insider trading profitability?

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  • Van Geyt, Debby
  • Van Cauwenberge, Philippe
  • Vander Bauwhede, Heidi

Abstract

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.

Suggested Citation

  • Van Geyt, Debby & Van Cauwenberge, Philippe & Vander Bauwhede, Heidi, 2014. "Does high-quality corporate communication reduce insider trading profitability?," International Review of Law and Economics, Elsevier, vol. 37(C), pages 1-14.
    • Handle: RePEc:eee:irlaec:v:37:y:2014:i:c:p:1-14
    DOI: 10.1016/j.irle.2013.04.002
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    More about this item

    Keywords

    Corporate governance; Disclosure; Insider trading; Information asymmetry; Event study; Belgium;
    All these keywords.

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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