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Did regulation fair disclosure dimin...

Dai, Xin.

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Did regulation fair disclosure diminish institutional investors' ability to mimic profitable insider trades?

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Did regulation fair disclosure diminish institutional investors' ability to mimic profitable insider trades?/
作者:	Dai, Xin.
面頁冊數:	89 p.
附註:	Source: Dissertation Abstracts International, Volume: 76-01(E), Section: A.
Contained By:	Dissertation Abstracts International76-01A(E).
標題:	Business Administration, Accounting. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3635116
ISBN:	9781321160840

Did regulation fair disclosure diminish institutional investors' ability to mimic profitable insider trades?
Dai, Xin.

Did regulation fair disclosure diminish institutional investors' ability to mimic profitable insider trades? - 89 p.

Source: Dissertation Abstracts International, Volume: 76-01(E), Section: A.

Thesis (Ph.D.)--University of Minnesota, 2014.

This item must not be sold to any third party vendors.

This study investigates whether Regulation Fair Disclosure (hereafter Reg FD) was successful in leveling the playing field between institutional (large) and individual (small) investors in terms of their ability to profit by mimicking insider trading patterns. I identify trades made by large versus small investors and examine their relative ability to distinguish profitable insider trades from unprofitable trades. I argue that, prior to Reg FD, large institutional investors had superior access to management which enabled them to obtain material information before it was publicly announced. Such managerial access could have helped large investors to identify and mimic information-driven insider trades that were more likely to be profitable. Consistent with my expectation, I find that, in the pre-Reg FD period, large investors exhibit higher abnormal trading volume around insider trades that are ex post profitable; in contrast, small investors do not exhibit such a pattern. My main finding is that, after the passage of Reg FD, the abnormal trading volume around profitable insider trades observed for large investors disappears. The analysis of directional trading behavior of investors suggests that Reg FD was successful in mitigating large investors' ability to mimic profitable insider sales. On the other hand, in relation to insider purchases, I find that large investors' mimicking ability persists after the passage of Reg FD. While their superior mimicking ability post Reg FD may be due to their own expertise in information collection and processing, superior information access cannot be ruled out as an explanation. Overall, my findings suggest that the restrictions on private information disclosure instituted by Reg FD were largely effective in blocking management's selective communication channel and reducing the information advantage enjoyed by large investors.

ISBN: 9781321160840Subjects--Topical Terms:

1020666
Business Administration, Accounting.

Did regulation fair disclosure diminish institutional investors' ability to mimic profitable insider trades?
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500 $a Adviser: Pervin K. Shroff.
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506 $a This item must not be added to any third party search indexes.
520 $a This study investigates whether Regulation Fair Disclosure (hereafter Reg FD) was successful in leveling the playing field between institutional (large) and individual (small) investors in terms of their ability to profit by mimicking insider trading patterns. I identify trades made by large versus small investors and examine their relative ability to distinguish profitable insider trades from unprofitable trades. I argue that, prior to Reg FD, large institutional investors had superior access to management which enabled them to obtain material information before it was publicly announced. Such managerial access could have helped large investors to identify and mimic information-driven insider trades that were more likely to be profitable. Consistent with my expectation, I find that, in the pre-Reg FD period, large investors exhibit higher abnormal trading volume around insider trades that are ex post profitable; in contrast, small investors do not exhibit such a pattern. My main finding is that, after the passage of Reg FD, the abnormal trading volume around profitable insider trades observed for large investors disappears. The analysis of directional trading behavior of investors suggests that Reg FD was successful in mitigating large investors' ability to mimic profitable insider sales. On the other hand, in relation to insider purchases, I find that large investors' mimicking ability persists after the passage of Reg FD. While their superior mimicking ability post Reg FD may be due to their own expertise in information collection and processing, superior information access cannot be ruled out as an explanation. Overall, my findings suggest that the restrictions on private information disclosure instituted by Reg FD were largely effective in blocking management's selective communication channel and reducing the information advantage enjoyed by large investors.
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