公司治理环境对信息披露与内部人交易关系的调节作用研究述评
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外国经济与管理 2010 年 第 32 卷第 09 期, 页码：52 - 58
摘要
参考文献
摘要
信息披露对内部人交易的影响一直是学术界关注的焦点问题。近年来国外学者逐渐意识到公司治理环境对两者关系具有重要影响。基于我国的实践背景以及国外的研究新进展,本文梳理了国外有关公司治理环境对信息披露与内部人交易关系的调节效果的最新研究文献,首先介绍了信息披露与内部人交易的关系,引入公司治理环境因素,从控股股东和管理层两个方面梳理了相关文献,然后考察了内部人交易信息引起的市场反应,从理论分析和实证研究两个角度来探讨公司治理环境对内部人交易信息引起的市场反应的调节作用,最后展望了我国内部人交易行为的未来研究方向,以期为有效遏制我国内部人交易行为导致的超额收益现象提供有益的启示。
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[4]Huddart,S,Hughes,J,and Williams,M.Pre-announcement of insiders trades[EB/OL].SSRN Working Paper,2004.
[5]Maug,E.Insider trading legislation and corporate governance[J].European Economic Review,2002,46(9):1 569-1 597.
[6]Noe,C.Voluntary disclosures andinsider transactions[J].Journal of Accounting and Economics,1999,27(3):305-326.
[7]Huddart,S,Ke,B,and Shi,C.Jeopardy,non-public information,and insider trading around SEC 10-K and 10-Qfilings[J].Journal of Accounting and Economics,2007,43(1):3-36.
[8]Cheng,Q,and Lo,K.Insider trading and voluntary disclosures[J].Journal of Theoretical and Applied Finance,2008,11(2):143-162.
[9]Rogers,J L,and Stocken,P C.Credibility of management forecasts[J].The Accounting Review,2005,80(4):1 233-1 260.
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[14]Bailey,W,Andrew Karolyi,G,and Salva,C.The economic consequences of increased disclosure:Evidence frominternationalcross-listings[J].Journal of Financial Economics,2006,81(1):175-213.
[15]Chung,K H,Elder,J,and Ki m,J C.Corporate governance and liquidity[J].Journal of Financial and Quantitative Analysis,2010,45(2):265-291.
[16]Leuz,C,Nanda,D,and Wysocki,P D.Earnings management andinvestor protection:Aninternational comparison[J].Journalof Financial Economics 2003,69(3):505-527.
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[18]Fernandes,N,and Ferreira,M A.Insider trading laws and stock price informativeness[J].Reviewof Financial Studies,2009,22(5):1 845-1 887.
[19]Fidrmuc,J,Korczak,A,and Korczak,P.Insider trading,corporate governance and information disclosure:International evi-dence[EB/OL].SSRN Working Paper,2009.
引用本文
陈建林. 公司治理环境对信息披露与内部人交易关系的调节作用研究述评[J]. 外国经济与管理, 2010, 32(9): 52–58.
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