Applying developed-country regulation in emerging markets: An analysis of Thai insider trading

Accounting and Finance

Volumn 52, Issue 4, 2012, Pages 1013-1039

  Budsaratragoon, Pornanong ^a   Hillier, David ^b   Lhaopadchan, Suntharee ^c  

^a CHULALONGKORN UNIVERSITY   (Thailand)

^b UNIVERSITY OF STRATHCLYDE   (United Kingdom)

^c KASETSART UNIVERSITY   (Thailand)

Author keywords

Earnings; Emerging markets; Insider trading; Regulation; Thailand

Indexed keywords

EID: 84871228923     PISSN: 08105391     EISSN: 1467629X     Source Type: Journal    
DOI: 10.1111/j.1467-629X.2011.00465.x     Document Type: Article

References (45)

1. Ali, A., K. Wei, and Y. Zhou, 2011, Insider trading and option grant timing in response to fire sales (and purchases) of stocks by mutual funds, Journal of Accounting Research 49, 595-632.
2. Ayyagari, M., A. Demirgüç-Kunt, and V. Maksimovic, 2011, Small vs young firms across the world: contribution to employment, job creation, and growth, policy research working paper (The World Bank).
3. Back, K., H. Cao, and G. Willard, 2000, Imperfect competition among informed traders, Journal of Finance 55, 2117-2155.
4. Bajo, E., M. Bigelli, D. Hillier, and B. Petracci, 2009, The determinants of regulatory compliance: An analysis of insider trading disclosures in Italy, Journal of Business Ethics 90, 331-343.
5. Barclay, M., and J. Warner, 1993, Stealth trading and volatility: which trades move prices?, Journal of Financial Economics 34, 281-306.
6. Baruch, S., 2002, Insider trading and risk aversion, Journal of Financial Markets 5, 451-464.
7. Bernhardt, D., and J. Miao, 2004, Informed trading when information becomes stale, Journal of Finance 59, 339-390.
8. Bettis, C., J. Coles, and M. Lemmon, 2000, Corporate policies restricting trading by insiders, Journal of Financial Economics 57, 191-220.
9. Betzer, A., and E. Theissen, 2009, Insider trading and corporate governance: the case of Germany, European Financial Management 15, 402-429.
10. Boehmer, E., J. Musumeci, and A. Poulsen, 1991, Event study methodology under conditions of event-induced variance, Journal of Financial Economics 31, 253-272.
11. Brochet, F., 2010, Information content of insider trades before and after the Sarbanes-Oxley Act, Accounting Review 85, 419-446.
12. Brunnermeier, M., 2006, Information leakage and market efficiency, Review of Financial Studies 18, 417-457.
13. Cespa, G., 2008, Information sales and insider trading, Journal of Finance 63, 639-672.
14. Cheng, L., and T. Leung, 2008, Is there information content from insider trading activities preceding earnings and dividend announcements in Hong Kong?, Accounting & Finance 48, 417-437.
15. Cheng, Q., and K. Lo, 2006, Insider trading and voluntary disclosures, Journal of Accounting Research 44, 815-848.
16. Cheng, L., M. Firth, T. Leung, and O. Rui, 2006, The effects of insider trading on liquidity, Pacific-Basin Finance Journal 14, 467-483.
17. Cheng, S., V. Nagar, and M. Rajan, 2007, Insider trades and private information: the special case of delayed-disclosure trades, Review of Financial Studies 20, 1833-1864.
18. Del Brio, E., and A. Miguel, 2008, Dividends and market signalling: an analysis of corporate insider trading, European Financial Management 16, 480-497.
19. Eckbo, B., and D. Smith, 1998, The conditional performance of insider trades, Journal of Finance 53, 467-498.
20. Fidrmuc, J., M. Goergen, and L. Renneboog, 2006, Insider trading, news releases and ownership concentration, Journal of Finance 61, 2931-2973.
21. Fishe, R., and M. Robe, 2004, The impact of illegal insider trading in dealer and specialist markets: evidence from a natural experiment, Journal of Financial Economics 71, 461-488.
22. Foster, F., and S. Viswanathan, 1996, Strategic trading when agents forecast the forecasts of others, Journal of Finance 50, 1437-1478.
23. Garfinkel, J., 1997, New evidence on the effects of federal regulations on insider trading: the insider trading and securities fraud enforcement act (ITSFEA), Journal of Corporate Finance 3, 89-111.
24. Garfinkel, J., and M. Nimalendran, 2003, Market structure and trader anonymity: an analysis of insider trading, Journal of Financial and Quantitative Analysis 38, 591-610.
25. Gregory, A., J. Matatko, I. Tonks, and R. Purkis, 1994, U.K. directors' trading: the impact of dealings in smaller firms, The Economic Journal 104, 37-53.
26. Hauser, S., E. Kraizberg, and R. Dahan, 2003, Price behavior and insider trading around seasoned equity offering: the case of majority-owned firms, Journal of Corporate Finance 9, 183-199.
27. Hillier, D., and A. Marshall, 1998, The timing of UK directors' trades, Journal of Business Law (September), 3, 454-467.
28. Hillier, D., and A. Marshall, 2002, Are trading bans effective? Exchange regulation and corporate insider transactions around earnings announcements Journal of Corporate Finance 8, 393-410.
29. Hodgson, A., and B. van Praag, 2006, Information trading by corporate insiders based on accounting accruals: forecasting economic performance, Accounting & Finance 46, 819-842.
30. Holden, C., and A. Subrahmanyam, 1992, Long-lived private information and imperfect competition, Journal of Finance 47, 247-270.
31. Huddart, S., B. Ke, and C. Shi, 2007, Jeopardy, non-public information and insider trading around SEC 10-K and 10-Q filings, Journal of Accounting and Economics 43, 3-36.
32. Jaffe, J., 1974, Special information and insider trading, Journal of Business 47, 410-428.
33. Jenter, D., 2005, Market timing and managerial portfolio decisions, Journal of Finance 60, 1903-1949.
34. Kallunki, J., H. Nilsson, and J. Hellstro'm, 2009, Why do insiders trade? Evidence based on unique data on Swedish insiders Journal of Accounting and Economics 40, 37-53.
35. Kolari, J., and S. Pynnonen, 2010, Event study testing with cross-sectional correlation of abnormal returns, Review of Financial Studies 23, 3996-4025.
36. Kyle, A., 1985, Continuous auctions and insider trading, Econometrica 53, 1315-1335.
37. Lakonishok, J., and I. Lee, 2001, Are insider trades informative, Review of Financial Studies 14, 79-111.
38. Lorie, J., and V. Neiderhofer, 1968, Predictive and statistical properties of insider trading, Journal of Law and economics 11, 35-53.
39. Marin, J., and J. Olivier, 2008, The dog that did not bark: insider trading and crashes, Journal of Finance 63, 2429-2476.
40. Piotrowski, J., and D. Roulstone, 2005, Do insider trades reflect both contrarian beliefs and superior knowledge about future cash flow realizations?, Journal of Accounting and Economics 39, 55-81.
41. Ravina, E., and P. Sapienza, 2010, What do independent directors know?, Evidence from their trading, Review of Financial Studies 23, 962-1003.
42. Roulstone, D., 2003, The relation between insider trading restrictions and executive compensation, Journal of Accounting Research 41, 525-551.
43. Seyhun, H., 1986, Insiders' profits, cost of trading, and market efficiency, Journal of Financial Economics 16, 189-212.
44. Seyhun, H., 1992, Effectiveness of insider trading sanctions, Journal of Law and Economics 35, 149-182.
45. Sias, R., and D. Whidbee, 2010, Insider trades and demand by institutional and individual investors, Review of Financial Studies 23, 1544-1595.