作者：Jinshuai Hu1, Jeong-Bon Kim, Wenrui Zhang
关键字：InsiderTrading;StockPriceCrashRisk;BadNewsHoarding
摘要/Abstract
Using an international sample of 48 countries over the 25-year period of 1982-2006, this study investigates the impact of insider trading on stock price crash risk. In so doing, we exploit the initial enforcement of insider trading laws in a country as a natural experiment. Our results reveal that that initial insider trading law enforcement leads to a significant reduction in stock price crash risk. This mitigating effect is more pronounced in countries with poor quality of institutional infrastructures in terms of investor protection, financial disclosure environment, financial market liberalization, or product market competition. Our results support the view that insider trading restrictions discourage managers to engage in bad news hoarding.
全文阅读：https://www.sinoss.net/qikan/2015/1225/14174.html