메뉴 건너뛰기




Volumn 46, Issue 5, 2008, Pages 1265-1296

Disclosure quality and management trading incentives

Author keywords

[No Author keywords available]

Indexed keywords


EID: 54249135945     PISSN: 00218456     EISSN: 1475679X     Source Type: Journal    
DOI: 10.1111/j.1475-679X.2008.00308.x     Document Type: Article
Times cited : (117)

References (62)
  • 1
    • 34547135932 scopus 로고    scopus 로고
    • Does Earnings Guidance Affect Market Returns? the Nature and Information Content of Aggregate Earnings Guidance
    • and
    • Anilowski, C. M. Feng and D. Skinner Does Earnings Guidance Affect Market Returns? The Nature and Information Content of Aggregate Earnings Guidance Journal of Accounting & Economics 44 (2007 36 63.
    • (2007) Journal of Accounting & Economics , vol.44 , pp. 36-63
    • Anilowski, C.1    Feng, M.2    Skinner, D.3
  • 2
    • 0032216964 scopus 로고    scopus 로고
    • Insider Trading Liability and Enforcement Strategy
    • Arshadi, N. Insider Trading Liability and Enforcement Strategy Financial Management 70 (1998 70 84.
    • (1998) Financial Management , vol.70 , pp. 70-84
    • Arshadi, N.1
  • 3
    • 84974489579 scopus 로고
    • The Value of Information: Inferences from the Profitability of Insider Trading
    • and
    • Baesel, J., and G. Stein The Value of Information: Inferences From the Profitability of Insider Trading Journal of Financial and Quantitative Analysis 17 (1979 553 71.
    • (1979) Journal of Financial and Quantitative Analysis , vol.17 , pp. 553-71
    • Baesel, J.1    Stein, G.2
  • 4
    • 0002060057 scopus 로고
    • The only Game in Town
    • pseudo.
    • Bagehot, W. (pseudo. The Only Game in Town Financial Analysts Journal 27 (1971 12 22.
    • (1971) Financial Analysts Journal , vol.27 , pp. 12-22
    • Bagehot, W.1
  • 5
    • 18244391272 scopus 로고
    • The Effects of Management Forecast Precision on Equity Pricing and on the Assessment of Earnings Uncertainty
    • and
    • Baginski, S. E. Conrad and J. Hassell The Effects of Management Forecast Precision on Equity Pricing and on the Assessment of Earnings Uncertainty The Accounting Review 68 (1993 913 27.
    • (1993) The Accounting Review , vol.68 , pp. 913-27
    • Baginski, S.1    Conrad, E.2    Hassell, J.3
  • 6
    • 0031287880 scopus 로고    scopus 로고
    • Determinants of Management Forecast Precision
    • and
    • Baginski, S., and J. Hassell Determinants of Management Forecast Precision The Accounting Review 72 (1997 303 12.
    • (1997) The Accounting Review , vol.72 , pp. 303-12
    • Baginski, S.1    Hassell, J.2
  • 7
    • 0036003618 scopus 로고    scopus 로고
    • The Effect of Legal Environment on Voluntary Disclosure: Evidence from Management Earnings Forecasts Issued in U.S. and Canadian Markets
    • and
    • Baginski, S. J. Hassell and M. Kimbrough The Effect of Legal Environment on Voluntary Disclosure: Evidence From Management Earnings Forecasts Issued in U.S. and Canadian Markets The Accounting Review 77 (2002 303 12.
    • (2002) The Accounting Review , vol.77 , pp. 303-12
    • Baginski, S.1    Hassell, J.2    Kimbrough, M.3
  • 8
    • 0030306387 scopus 로고    scopus 로고
    • The Relation among Capital Markets, Financial Disclosure, Production Efficiency, and Insider Trading
    • and
    • Baiman, S., and R. Verrecchia The Relation Among Capital Markets, Financial Disclosure, Production Efficiency, and Insider Trading Journal of Accounting Research 34 (1996 1 22.
    • (1996) Journal of Accounting Research , vol.34 , pp. 1-22
    • Baiman, S.1    Verrecchia, R.2
  • 10
    • 0032264834 scopus 로고    scopus 로고
    • Discretionary Management Earnings Forecast Disclosures: Antecedents and Outcomes Associated with Forecast Venue and Forecast Specificity Choices
    • and
    • Bamber, L., and Y. Cheon Discretionary Management Earnings Forecast Disclosures: Antecedents and Outcomes Associated With Forecast Venue and Forecast Specificity Choices Journal of Accounting Research 36 (1998 167 90.
    • (1998) Journal of Accounting Research , vol.36 , pp. 167-90
    • Bamber, L.1    Cheon, Y.2
  • 11
    • 0012683599 scopus 로고    scopus 로고
    • Oil and Gas Reserve Value Disclosures and Bid-Ask Spreads
    • Boone, J. Oil and Gas Reserve Value Disclosures and Bid-Ask Spreads Journal of Accounting and Public Policy 17 (1998 55 84.
    • (1998) Journal of Accounting and Public Policy , vol.17 , pp. 55-84
    • Boone, J.1
  • 12
    • 0031184823 scopus 로고    scopus 로고
    • Disclosure Level and the Cost of Equity Capital
    • Botosan, C. Disclosure Level and the Cost of Equity Capital The Accounting Review 72 (1997 323 49.
    • (1997) The Accounting Review , vol.72 , pp. 323-49
    • Botosan, C.1
  • 13
    • 1842435918 scopus 로고    scopus 로고
    • Does Insider Trading Impair Market Liquidity? Evidence from IPO Lockup Expirations
    • and
    • Cao, C. L. Field and G. Hanka Does Insider Trading Impair Market Liquidity? Evidence From IPO Lockup Expirations Journal of Financial and Quantitative Analysis 39 (2004 29 46.
    • (2004) Journal of Financial and Quantitative Analysis , vol.39 , pp. 29-46
    • Cao, C.1    Field, L.2    Hanka, G.3
  • 14
    • 33750295596 scopus 로고    scopus 로고
    • Insider Trading and Voluntary Disclosures
    • and
    • Cheng, Q., and K. Lo Insider Trading and Voluntary Disclosures Journal of Accounting Research 44 (2006 815 48.
    • (2006) Journal of Accounting Research , vol.44 , pp. 815-48
    • Cheng, Q.1    Lo, K.2
  • 16
    • 0042072515 scopus 로고    scopus 로고
    • Insider Trading and the Bid-Ask Spread
    • and
    • Chung, K., and C. Charoenwong Insider Trading and the Bid-Ask Spread Financial Review 33 (1998 1 20.
    • (1998) Financial Review , vol.33 , pp. 1-20
    • Chung, K.1    Charoenwong, C.2
  • 17
    • 0031507615 scopus 로고    scopus 로고
    • Management Forecasts and Information Asymmetry: An Examination of Bid-Ask Spreads
    • and
    • Coller, M., and Y. Yohn Management Forecasts and Information Asymmetry: An Examination of Bid-Ask Spreads Journal of Accounting Research 35 (1997 181 91.
    • (1997) Journal of Accounting Research , vol.35 , pp. 181-91
    • Coller, M.1    Yohn, Y.2
  • 18
    • 0036331861 scopus 로고    scopus 로고
    • Performance Consequences of Mandatory Increases in Executive Stock Ownership
    • and
    • Core, J., and D. Larcker Performance Consequences of Mandatory Increases in Executive Stock Ownership Journal of Financial Economics 64 (2002 314 40.
    • (2002) Journal of Financial Economics , vol.64 , pp. 314-40
    • Core, J.1    Larcker, D.2
  • 19
    • 0000510636 scopus 로고
    • Strategic Information Transformation
    • and
    • Crawford, V., and J. Sobel Strategic Information Transformation Econometrica 50 (1982 1431 51.
    • (1982) Econometrica , vol.50 , pp. 1431-51
    • Crawford, V.1    Sobel, J.2
  • 20
    • 84942585214 scopus 로고
    • Disclosure, Liquidity and Cost of Capital
    • and
    • Diamond, D., and R. Verrecchia Disclosure, Liquidity and Cost of Capital The Journal of Finance 46 (1991 1325 59.
    • (1991) The Journal of Finance , vol.46 , pp. 1325-59
    • Diamond, D.1    Verrecchia, R.2
  • 21
    • 0034550688 scopus 로고    scopus 로고
    • Market Making, Prices, and Quantity Limits
    • Dupont, D. Market Making, Prices, and Quantity Limits Review of Financial Studies 13 (2000 1129 51.
    • (2000) Review of Financial Studies , vol.13 , pp. 1129-51
    • Dupont, D.1
  • 22
    • 0000066082 scopus 로고
    • The Association between Insider Trading and Information Announcements
    • and
    • Elliot, J. D. Morse and G. Richardson The Association Between Insider Trading and Information Announcements Rand Journal of Economics 15 (1984 521 36.
    • (1984) Rand Journal of Economics , vol.15 , pp. 521-36
    • Elliot, J.1    Morse, D.2    Richardson, G.3
  • 23
    • 0000153394 scopus 로고
    • Meaning and Credibility in Cheap-Talk Games
    • Farrell, J. Meaning and Credibility in Cheap-Talk Games Games and Economic Behavior 5 (1993 4514 31.
    • (1993) Games and Economic Behavior , vol.5 , pp. 4514-31
    • Farrell, J.1
  • 24
    • 84944832528 scopus 로고
    • Insiders and Market Efficiency
    • Finnerty, J. Insiders and Market Efficiency Journal of Finance 31 (1976 1141 8.
    • (1976) Journal of Finance , vol.31 , pp. 1141-8
    • Finnerty, J.1
  • 25
    • 0000438525 scopus 로고
    • Insider Trading and the Efficiency of Stock Prices
    • and
    • Fishman, M. J., and K. M. Hagerty Insider Trading and the Efficiency of Stock Prices Rand Journal of Economics 23 (1992 106 22.
    • (1992) Rand Journal of Economics , vol.23 , pp. 106-22
    • Fishman, M.J.1    Hagerty, K.M.2
  • 26
    • 0002539607 scopus 로고
    • Insider Trading and the Exploitation of Insider Information: Some Empirical Evidence
    • and
    • Givoly, D., and D. Palmon Insider Trading and the Exploitation of Insider Information: Some Empirical Evidence Journal of Business 58 (1985 69 87.
    • (1985) Journal of Business , vol.58 , pp. 69-87
    • Givoly, D.1    Palmon, D.2
  • 27
    • 21344483498 scopus 로고
    • The Impact of SEC's Segment Disclosure Requirement on Bid-Ask Spreads
    • and
    • Greenstein, M., and H. Sami The Impact of SEC's Segment Disclosure Requirement on Bid-Ask Spreads The Accounting Review 69 (1994 179 99.
    • (1994) The Accounting Review , vol.69 , pp. 179-99
    • Greenstein, M.1    Sami, H.2
  • 29
    • 0000388461 scopus 로고    scopus 로고
    • Stock Performance and Intermediation Changes Surrounding Sustained Increases in Disclosure
    • and
    • Healy, P. A. Hutton and K. Palepu Stock Performance and Intermediation Changes Surrounding Sustained Increases in Disclosure Contemporary Accounting Research 16 (1999 485 520.
    • (1999) Contemporary Accounting Research , vol.16 , pp. 485-520
    • Healy, P.1    Hutton, A.2    Palepu, K.3
  • 30
    • 29844458409 scopus 로고    scopus 로고
    • Disclosure Policy and Market Liquidity: Impact of Depth Quotes and Order Sizes
    • and
    • Heflin, F. K. Shaw and J. Wild Disclosure Policy and Market Liquidity: Impact of Depth Quotes and Order Sizes Contemporary Accounting Research 22 (2005 829 65.
    • (2005) Contemporary Accounting Research , vol.22 , pp. 829-65
    • Heflin, F.1    Shaw, K.2    Wild, J.3
  • 31
    • 0346267870 scopus 로고    scopus 로고
    • The Role of Supplementary Statements with Earnings Management Forecasts
    • and
    • Hutton, A. G. Miller and D. Skinner The Role of Supplementary Statements With Earnings Management Forecasts Journal of Accounting Research 41 (2003 867 90.
    • (2003) Journal of Accounting Research , vol.41 , pp. 867-90
    • Hutton, A.1    Miller, G.2    Skinner, D.3
  • 32
    • 0000929855 scopus 로고
    • Special Information and Insider Trading
    • Jaffe, F. Special Information and Insider Trading Journal of Business 47 (1974 410 28.
    • (1974) Journal of Business , vol.47 , pp. 410-28
    • Jaffe, F.1
  • 33
    • 0037677733 scopus 로고    scopus 로고
    • Estimating the Returns to Insider Trading: A Performance-Evaluation Perspective
    • and
    • Jeng, L. A. Metrick and R. Zeckhauser Estimating the Returns to Insider Trading: A Performance-Evaluation Perspective The Review of Economics and Statistics 85 (2003 453 71.
    • (2003) The Review of Economics and Statistics , vol.85 , pp. 453-71
    • Jeng, L.1    Metrick, A.2    Zeckhauser, R.3
  • 34
    • 34548256964 scopus 로고    scopus 로고
    • Do the Merits Matter More? the Impact of the Private Securities Litigation Reform Act
    • and
    • Johnson, M. K. Nelson and A. Pritchard Do the Merits Matter More? The Impact of the Private Securities Litigation Reform Act Journal of Law, Economics, and Organization 23 (2007 627 52.
    • (2007) Journal of Law, Economics, and Organization , vol.23 , pp. 627-52
    • Johnson, M.1    Nelson, K.2    Pritchard, A.3
  • 35
    • 0001427287 scopus 로고
    • Expectations Adjustment via Timely Management Forecasts: Review, Synthesis, and Suggestions for Future Research
    • and
    • King, R. G. Pownall and G. Waymire Expectations Adjustment via Timely Management Forecasts: Review, Synthesis, and Suggestions for Future Research Journal of Accounting Literature 9 (1990 113 44.
    • (1990) Journal of Accounting Literature , vol.9 , pp. 113-44
    • King, R.1    Pownall, G.2    Waymire, G.3
  • 36
    • 0000859303 scopus 로고
    • Continuous Auctions and Insider Trading
    • Kyle, A. S. Continuous Auctions and Insider Trading Econometrica 53 (1985 1315 35.
    • (1985) Econometrica , vol.53 , pp. 1315-35
    • Kyle, A.S.1
  • 38
    • 0030305317 scopus 로고    scopus 로고
    • Corporate Disclosure Policy and Analyst Behavior
    • and
    • Lang, M., and R. Lundholm Corporate Disclosure Policy and Analyst Behavior The Accounting Review 71 (1996 467 92.
    • (1996) The Accounting Review , vol.71 , pp. 467-92
    • Lang, M.1    Lundholm, R.2
  • 40
    • 84977730741 scopus 로고
    • Inferring Trade Direction from Intraday Data
    • and
    • Lee, C., and M. Ready Inferring Trade Direction From Intraday Data Journal of Finance 46 (1991 733 46.
    • (1991) Journal of Finance , vol.46 , pp. 733-46
    • Lee, C.1    Ready, M.2
  • 41
    • 0242534354 scopus 로고    scopus 로고
    • The Economic Consequences of Increased Disclosure
    • and
    • Leuz, C., and R. Verrecchia The Economic Consequences of Increased Disclosure Journal of Accounting Research 38 (2000 91 124.
    • (2000) Journal of Accounting Research , vol.38 , pp. 91-124
    • Leuz, C.1    Verrecchia, R.2
  • 42
    • 84977731640 scopus 로고
    • Insider Trading in the OTC Market
    • and
    • Lin, J., and J. Howe Insider Trading in the OTC Market Journal of Finance 45 (1990 1273 84.
    • (1990) Journal of Finance , vol.45 , pp. 1273-84
    • Lin, J.1    Howe, J.2
  • 44
    • 0036004080 scopus 로고    scopus 로고
    • Earnings Performance and Discretionary Disclosure
    • Miller, G. Earnings Performance and Discretionary Disclosure Journal of Accounting Research 40 (2002 173 204.
    • (2002) Journal of Accounting Research , vol.40 , pp. 173-204
    • Miller, G.1
  • 45
    • 0033269790 scopus 로고    scopus 로고
    • Insider Trading, Equity Issues, and CEO Turnover in Firms Subject to Securities Class Action
    • and
    • Niehaus, G., and G. Roth Insider Trading, Equity Issues, and CEO Turnover in Firms Subject to Securities Class Action Financial Management 28 (1999 52 72.
    • (1999) Financial Management , vol.28 , pp. 52-72
    • Niehaus, G.1    Roth, G.2
  • 46
    • 0033163822 scopus 로고    scopus 로고
    • Voluntary Disclosures and Insider Transactions
    • Noe, C. Voluntary Disclosures and Insider Transactions Journal of Accounting & Economics 27 (1999 305 26.
    • (1999) Journal of Accounting & Economics , vol.27 , pp. 305-26
    • Noe, C.1
  • 48
    • 0001393618 scopus 로고
    • Insider Trading and the Dissemination of Firm's Forecast Information
    • Penman, S. Insider Trading and the Dissemination of Firm's Forecast Information Journal of Business 55 (1982 479 503.
    • (1982) Journal of Business , vol.55 , pp. 479-503
    • Penman, S.1
  • 49
    • 54249164939 scopus 로고    scopus 로고
    • and. John M. Olin Center for Law & Economics Working Paper No. 03-011
    • Pritchard, A., and H. Sale What Counts as Fraud? John M. Olin Center for Law & Economics Working Paper No. 03-011, 2003.
    • (2003) What Counts As Fraud?
    • Pritchard, A.1    Sale, H.2
  • 50
    • 27844536188 scopus 로고    scopus 로고
    • Credibility of Management Forecasts
    • and
    • Rogers, J., and P. Stocken Credibility of Management Forecasts The Accounting Review 80 (2005 1233 60.
    • (2005) The Accounting Review , vol.80 , pp. 1233-60
    • Rogers, J.1    Stocken, P.2
  • 51
    • 0037843507 scopus 로고    scopus 로고
    • The Relation between Insider-Trading Restrictions and Executive Compensation
    • Roulstone, D. The Relation Between Insider-Trading Restrictions and Executive Compensation Journal of Accounting Research 41 (2003 525 51.
    • (2003) Journal of Accounting Research , vol.41 , pp. 525-51
    • Roulstone, D.1
  • 52
    • 0002115321 scopus 로고
    • Market Efficiency and Insider Trading: New Evidence
    • and
    • Rozeff, F., and M. Zaman Market Efficiency and Insider Trading: New Evidence Journal of Business 61 (1988 25 44.
    • (1988) Journal of Business , vol.61 , pp. 25-44
    • Rozeff, F.1    Zaman, M.2
  • 54
    • 0034336773 scopus 로고    scopus 로고
    • Strategic Benchmarks in Earnings Announcements: The Selective Disclosure of Prior-Period Earnings Components
    • and
    • Schrand, C., and B. Walther Strategic Benchmarks in Earnings Announcements: The Selective Disclosure of Prior-Period Earnings Components The Accounting Review 75 (2000 151 77.
    • (2000) The Accounting Review , vol.75 , pp. 151-77
    • Schrand, C.1    Walther, B.2
  • 55
    • 0032359234 scopus 로고    scopus 로고
    • Corporate Disclosure Quality and the Cost of Debt
    • Sengupta, P. Corporate Disclosure Quality and the Cost of Debt The Accounting Review 73 (1998 459 74.
    • (1998) The Accounting Review , vol.73 , pp. 459-74
    • Sengupta, P.1
  • 56
    • 38249038899 scopus 로고
    • Insiders' Profits, Costs of Trading, and Market Efficiency
    • Seyhun, N. Insiders' Profits, Costs of Trading, and Market Efficiency Journal of Financial Economics 16 (1986 189 212.
    • (1986) Journal of Financial Economics , vol.16 , pp. 189-212
    • Seyhun, N.1
  • 58
    • 21344482930 scopus 로고
    • Insider Trading Following Material News Events: Evidence from Earnings
    • and
    • Sivakumar, K., and G. Waymire Insider Trading Following Material News Events: Evidence From Earnings Financial Management 23 (1994 23 32.
    • (1994) Financial Management , vol.23 , pp. 23-32
    • Sivakumar, K.1    Waymire, G.2
  • 59
    • 21344476154 scopus 로고
    • Why Firms Voluntarily Disclose Bad News
    • Skinner, D. Why Firms Voluntarily Disclose Bad News Journal of Accounting Research 32 (1994 38 60.
    • (1994) Journal of Accounting Research , vol.32 , pp. 38-60
    • Skinner, D.1
  • 60
    • 0031280675 scopus 로고    scopus 로고
    • Earnings Disclosures and Stockholder Lawsuits
    • Skinner, D. Earnings Disclosures and Stockholder Lawsuits Journal of Accounting & Economics 23 (1997 249 62.
    • (1997) Journal of Accounting & Economics , vol.23 , pp. 249-62
    • Skinner, D.1
  • 61
    • 0034377306 scopus 로고    scopus 로고
    • Credibility of Voluntary Disclosure
    • Stocken, P. Credibility of Voluntary Disclosure Rand Journal of Economics 31 (2000 359 74.
    • (2000) Rand Journal of Economics , vol.31 , pp. 359-74
    • Stocken, P.1
  • 62
    • 84984199207 scopus 로고
    • Disclosure Policy, Information Asymmetry and Liquidity in Equity Markets
    • Welker, M. Disclosure Policy, Information Asymmetry and Liquidity in Equity Markets Contemporary Accounting Research 11 (1995 801 28.
    • (1995) Contemporary Accounting Research , vol.11 , pp. 801-28
    • Welker, M.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.