Earticle

초록

영어

This study documents that predictability of insider trading on future stock price crash varies according to the types of insiders and the timing of the sale. Using insider trading data from Korea between 2005 and 2014, we find that largest shareholders tend to sell far before a stock price crash, while other types of insiders, including other large shareholders and executives, are more likely to sell immediately prior to a crash. Such pattern is more pronounced in firms with low CSR scores and low R-squares, but not observed among firms with high CSR scores or high R-squares. We also find that our results are stronger amongst firms with higher litigation risk. These findings suggest that largest shareholders may be well aware of the potential legal or reputational risk associated with insider trading while the remaining insiders may be less concerned.

목차

Abstract
 Ⅰ. Introduction
 Ⅱ. Data and Estimation Specification
  1. Data
  2. Measures of Crash
  3. Estimation Specification
 Ⅲ. Results
  1. Main Results
  2. Robustness Test: Excluding Earnings Announcements
  3. Subsample Analysis: Corporate Social Responsibility and PrivateInformation
  4. Duration Analysis
 Ⅳ. Conclusion
 References

키워드

저자

• Eunyoung Cho [ 조은영 | Ph.D. Seoul National University Business School ]
• Jongoh Kim [ 김종오 | Professor, Korea National Open University ]
• Woojin Kim [ 김우진 | Associate Professor, Seoul National University Business School ] Corresponding author

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  재무연구 [Asian Review of Financial Research]

• 간기

  계간

• pISSN

  1229-0351

• eISSN

  2713-6531

• 수록기간

  1988~2026

• 등재여부

  KCI 등재,SCOPUS

• 십진분류

  KDC 325 DDC 330