The Information Content of Insider Pledging
學年 105
學期 2
發表日期 2017-07-06
作品名稱 The Information Content of Insider Pledging
作品名稱（其他語言）
著者 Hung-Kun Chen; Shing-yang Hu
作品所屬單位
出版者
會議名稱 2017 Asian Finance Association Annual Meeting
會議地點 Seoul, South Korea
摘要 This paper examines the information content of insider pledging. Given many proxy advisors and public media have offered a caution on insider pledging and even suggested to prohibit such practice, we provide the opposite evidence using the US data. First, we find that firms that disclose insider pledging have significantly positive announcement return and one-year abnormal stock returns after the disclosure. Our results still hold when we control for many asset pricing factors and firm-specific risk. Second, the average market reactions to involuntary sale of pledged shares are not significant, meaning that the forced sale of pledged shares does not create a downside risk on stock returns. In short, our results suggest that the practices of insider pledging is not harmful to shareholder values in US.
關鍵字 share pledges, insider pledging, abnormal stock return, cash flow rights
語言 en
收錄於
會議性質 國際
校內研討會地點 無
研討會時間 20170706~20170708
通訊作者 Hung-Kun Chen
國別 KOR
公開徵稿
出版型式
出處 ＮＡ
相關連結

機構典藏連結 ( http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/112326 )