IDEAS home Printed from https://ideas.repec.org/a/bla/jbfnac/v23y1996i8p1069-1095.html

Insider Trading And The Information Content Of Earnings

Author

Listed:
  • Suneel C. Udpa

Abstract

No abstract is available for this item.

Suggested Citation

  • Suneel C. Udpa, 1996. "Insider Trading And The Information Content Of Earnings," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 23(8), pages 1069-1095, December.
    • Handle: RePEc:bla:jbfnac:v:23:y:1996:i:8:p:1069-1095
    DOI: 10.1111/j.1468-5957.1996.tb01159.x
    as

    Download full text from publisher

    File URL: https://doi.org/10.1111/j.1468-5957.1996.tb01159.x
    Download Restriction: no
    File URL: https://libkey.io/10.1111/j.1468-5957.1996.tb01159.x?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Thomas H. Eyssell & James P. Reburn, 1993. "The Effects Of The Insider Trading Sanctions Act Of 1984: The Case Of Seasoned Equity Offerings," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 16(2), pages 161-170, June.
    2. Grossman, Sanford J, 1976. "On the Efficiency of Competitive Stock Markets Where Trades Have Diverse Information," Journal of Finance, American Finance Association, vol. 31(2), pages 573-585, May.
    3. Kormendi, Roger & Lipe, Robert, 1987. "Earnings Innovations, Earnings Persistence, and Stock Returns," The Journal of Business, University of Chicago Press, vol. 60(3), pages 323-345, July.
    4. Steven Allen & Ramachandran Ramanan, 1990. "Earnings surprises and prior insider trading: Tests of joint informativeness," Contemporary Accounting Research, John Wiley & Sons, vol. 6(2), pages 518-543, March.
    5. Atiase, Rk, 1985. "Predisclosure Information, Firm Capitalization, And Security Price Behavior Around Earnings Announcements," Journal of Accounting Research, John Wiley & Sons, Ltd., vol. 23(1), pages 21-36.
    6. Plott, Charles R & Sunder, Shyam, 1982. "Efficiency of Experimental Security Markets with Insider Information: An Application of Rational-Expectations Models," Journal of Political Economy, University of Chicago Press, vol. 90(4), pages 663-698, August.
    7. Verrecchia, Robert E, 1982. "Information Acquisition in a Noisy Rational Expectations Economy," Econometrica, Econometric Society, vol. 50(6), pages 1415-1430, November.
    8. Verrecchia, Robert E, 1980. "Consensus Beliefs, Information Acquisition, and Market Information Efficiency," American Economic Review, American Economic Association, vol. 70(5), pages 874-884, December.
    9. Lobo, Gj & Mahmoud, Aaw, 1989. "Relationship Between Differential Amounts Of Prior Information And Security Return Variability," Journal of Accounting Research, John Wiley & Sons, Ltd., vol. 27(1), pages 116-134.
    10. Patell, Jm, 1976. "Corporate Forecasts Of Earnings Per Share And Stock-Price Behavior - Empirical Tests," Journal of Accounting Research, John Wiley & Sons, Ltd., vol. 14(2), pages 246-276.
    11. Teets, W, 1992. "The Association Between Stock-Market Responses To Earnings Announcements And Regulation Of Electric Utilities," Journal of Accounting Research, John Wiley & Sons, Ltd., vol. 30(2), pages 274-285.
    12. McNichols, Maureen & Manegold, James G., 1983. "The effect of the information environment on the relationship between financial disclosure and security price variability," Journal of Accounting and Economics, Elsevier, vol. 5(1), pages 49-74, April.
    13. Beaver, Wh, 1968. "Information Content Of Annual Earnings Announcements," Journal of Accounting Research, John Wiley & Sons, Ltd., vol. 6, pages 67-92.
    14. Seyhun, H. Nejat, 1986. "Insiders' profits, costs of trading, and market efficiency," Journal of Financial Economics, Elsevier, vol. 16(2), pages 189-212, June.
    15. Jaffe, Jeffrey F, 1974. "Special Information and Insider Trading," The Journal of Business, University of Chicago Press, vol. 47(3), pages 410-428, July.
    16. Pownall, G & Waymire, G, 1989. "Voluntary Disclosure Choice And Earnings Information-Transfer," Journal of Accounting Research, John Wiley & Sons, Ltd., vol. 27, pages 85-105.
    17. William F. Sharpe, 1964. "Capital Asset Prices: A Theory Of Market Equilibrium Under Conditions Of Risk," Journal of Finance, American Finance Association, vol. 19(3), pages 425-442, September.
    18. John J. Wild & Sung S. Kwon, 1994. "Earnings Expectations, Firm Size, And The Informativeness Of Stock Prices," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 21(7), pages 975-996, October.
    19. Seyhun, H Nejat, 1992. "The Effectiveness of the Insider-Trading Sanctions," Journal of Law and Economics, University of Chicago Press, vol. 35(1), pages 149-182, April.
    20. Kyle, Albert S, 1985. "Continuous Auctions and Insider Trading," Econometrica, Econometric Society, vol. 53(6), pages 1315-1335, November.
    21. Schipper, K & Thompson, R, 1985. "The Impact Of Merger-Related Regulations Using Exact Distributions Of Test Statistics," Journal of Accounting Research, John Wiley & Sons, Ltd., vol. 23(1), pages 408-415.
    22. Scholes, Myron S, 1972. "The Market for Securities: Substitution versus Price Pressure and the Effects of Information on Share Prices," The Journal of Business, University of Chicago Press, vol. 45(2), pages 179-211, April.
    23. Diamond, Douglas W. & Verrecchia, Robert E., 1981. "Information aggregation in a noisy rational expectations economy," Journal of Financial Economics, Elsevier, vol. 9(3), pages 221-235, September.
    24. Finnerty, Joseph E, 1976. "Insiders and Market Efficiency," Journal of Finance, American Finance Association, vol. 31(4), pages 1141-1148, September.
    25. Penman, Stephen H, 1982. "Insider Trading and the Dissemination of Firms' Forecast Information," The Journal of Business, University of Chicago Press, vol. 55(4), pages 479-503, October.
    26. Holthausen, Rw & Verrecchia, Re, 1988. "The Effect Of Sequential Information Releases On The Variance Of Price Changes In An Intertemporal Multi-Asset Market," Journal of Accounting Research, John Wiley & Sons, Ltd., vol. 26(1), pages 82-106.
    27. Eyssell, Thomas H & Reburn, James P, 1993. "The Effects of the Insider Trading Sanctions Act of 1984: The Case of Seasoned Equity Offerings," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 16(2), pages 161-170, Summer.
    28. Leland, Hayne E, 1992. "Insider Trading: Should It Be Prohibited?," Journal of Political Economy, University of Chicago Press, vol. 100(4), pages 859-887, August.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Prachi Deuskar & Aditi Khatri & Jayanthi Sunder, 2025. "Insider Trading Restrictions and Informed Trading in Peer Stocks," Management Science, INFORMS, vol. 71(3), pages 2390-2412, March.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Frankel, Richard & Li, Xu, 2004. "Characteristics of a firm's information environment and the information asymmetry between insiders and outsiders," Journal of Accounting and Economics, Elsevier, vol. 37(2), pages 229-259, June.
    2. Jap Efendi & Jin Dong Park & Chandra Subramaniam, 2016. "Does the XBRL Reporting Format Provide Incremental Information Value? A Study Using XBRL Disclosures During the Voluntary Filing Program," Abacus, Accounting Foundation, University of Sydney, vol. 52(2), pages 259-285, June.
    3. Inci, A. Can, 2012. "Insider trading activity, tenure length, and managerial compensation," Global Finance Journal, Elsevier, vol. 23(3), pages 151-166.
    4. Ryu, Doojin & Yang, Heejin & Yu, Jinyoung, 2022. "Insider trading and information asymmetry: Evidence from the Korea Exchange," Emerging Markets Review, Elsevier, vol. 51(PA).
    5. James R. Marsden & Y. Alex Tung, 1999. "The Use of Information System Technology to Develop Tests on Insider Trading and Asymmetric Information," Management Science, INFORMS, vol. 45(8), pages 1025-1040, August.
    6. 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.
    7. Doron Israeli & Ron Kasznik & Suhas A. Sridharan, 2022. "Unexpected distractions and investor attention to corporate announcements," Review of Accounting Studies, Springer, vol. 27(2), pages 477-518, June.
    8. Wisniewski, Tomasz P., 2004. "Reexamination of the link between insider trading and price efficiency," Economic Systems, Elsevier, vol. 28(2), pages 209-228, June.
    9. PYO Gyungmin, 2022. "Insider Trading, Stock Volatility, And Market Liquidity In The Korean Capital Market," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 17(3), pages 175-189, December.
    10. Yadav, Pradeep K., 1992. "Event studies based on volatility of returns and trading volume: A review," The British Accounting Review, Elsevier, vol. 24(2), pages 157-184.
    11. Liang, Woan-lih & Lin, Hsiou-wei W. & Syu, Yir-Jung, 2010. "Precision of Investor Information and Financial Disclosure," International Review of Economics & Finance, Elsevier, vol. 19(4), pages 627-632, October.
    12. Katselas, Dean, 2018. "Insider trading in Australia: Contrarianism and future performance," Pacific-Basin Finance Journal, Elsevier, vol. 48(C), pages 112-128.
    13. Persons, Obeua S., 1997. "SEC's insider trading enforcements and target firms' stock values," Journal of Business Research, Elsevier, vol. 39(3), pages 187-194, July.
    14. Noe, Christopher F., 1999. "Voluntary disclosures and insider transactions," Journal of Accounting and Economics, Elsevier, vol. 27(3), pages 305-326, July.
    15. Etebari, Ahmad & Tourani-Rad, Alireza & Gilbert, Aaron, 2004. "Disclosure regulation and the profitability of insider trading: Evidence from New Zealand," Pacific-Basin Finance Journal, Elsevier, vol. 12(5), pages 479-502, November.
    16. Li, Xiao, 2020. "The impact of economic policy uncertainty on insider trades: A cross-country analysis," Journal of Business Research, Elsevier, vol. 119(C), pages 41-57.
    17. Kahle, Kathleen M., 2000. "Insider trading and the long-run performance of new security issues," Journal of Corporate Finance, Elsevier, vol. 6(1), pages 25-53, March.
    18. Laurel Franzen & Xu Li & Oktay Urcan & Mark E. Vargus, 2014. "The Market Response To Insider Sales Of Restricted Stock Versus Unrestricted Stock," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 37(1), pages 99-118, February.
    19. Marsden, James R. & Alex Tung, Y., 1997. "Asymmetric information A laboratory experimental analysis," European Journal of Operational Research, Elsevier, vol. 99(2), pages 256-266, June.
    20. A. Can Inci & Biao Lu & H. Nejat Seyhun, 2010. "Intraday Behavior of Stock Prices and Trades around Insider Trading," Financial Management, Financial Management Association International, vol. 39(1), pages 323-363, March.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:jbfnac:v:23:y:1996:i:8:p:1069-1095. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://www.blackwellpublishing.com/journal.asp?ref=0306-686X .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.