Asymmetric trading by insiders – comparing abnormal returns and earnings prediction in Spain and Australia
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Título: | Asymmetric trading by insiders – comparing abnormal returns and earnings prediction in Spain and Australia |
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Autor/es: | Goncharov, Igor | Hodgson, Allan | Lhaopadchan, Suntharee | Sanabria-García, Sonia |
Grupo/s de investigación o GITE: | Contabilidad y Finanzas (CyF) |
Centro, Departamento o Servicio: | Universidad de Alicante. Departamento de Economía Financiera y Contabilidad |
Palabras clave: | Insider trading | Earnings predictability | Market-based accounting accruals | Analyst forecasts | Information asymmetry |
Fecha de publicación: | 11-dic-2011 |
Editor: | Wiley |
Cita bibliográfica: | Accounting and Finance. 2013, 53(1): 163-184. https://doi.org/10.1111/j.1467-629X.2011.00461.x |
Resumen: | This paper examines whether the ‘external governance’ imposed by comparative financial accounting standards reduces the trading advantage of insiders. We do this by directly comparing insider trading returns and insider’s ability to predict future earnings from accruals in Spain and Australia. Results show higher excess returns and greater prediction of future earnings from conditioned insider trading in Australia that is then utilized by financial analysts to lower forecast errors – particularly in contrarian-based accruals trading. Possible explanations include: (i) a high asymmetric quality for market-based accruals, (ii) information transfer from informed insiders to uninformed insiders and financial analysts and (iii) a more timely dissemination of financial information in Spain through different ownership and governance structures. |
Patrocinador/es: | Sanabria acknowledges a study grant from the University of Alicante and Hodgson the financial support from ARC LGA00104218. |
URI: | http://hdl.handle.net/10045/138543 |
ISSN: | 0810-5391 (Print) | 1467-629X (Online) |
DOI: | 10.1111/j.1467-629X.2011.00461.x |
Idioma: | eng |
Tipo: | info:eu-repo/semantics/article |
Derechos: | © 2011 The Authors. Accounting and Finance © 2011 AFAANZ |
Revisión científica: | si |
Versión del editor: | https://doi.org/10.1111/j.1467-629X.2011.00461.x |
Aparece en las colecciones: | INV - Contabilidad y Finanzas - Artículos de Revistas |
Archivos en este ítem:
Archivo | Descripción | Tamaño | Formato | |
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Goncharov_etal_2013_Accounting&Finance_final.pdf | Versión final (acceso restringido) | 273,73 kB | Adobe PDF | Abrir Solicitar una copia |
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