The Governance Effect of the Media's News Dissemination Role: Evidence from Insider Trading

被引：419

作者：

Dai, Lili ^{[1
]}

Parwada, Jerry T. ^{[2
]}

Zhang, Bohui ^{[2
]}

机构：

[1] Australian Natl Univ, ANU Coll Business & Econ, Canberra, ACT 0200, Australia

[2] UNSW, Sch Banking & Finance, Sydney, NSW, Australia

来源：

JOURNAL OF ACCOUNTING RESEARCH | 2015年 / 53卷 / 02期

关键词：

media; information dissemination; corporate governance; insider trading; EXECUTIVE-COMPENSATION; INFORMATION ASYMMETRY; CORPORATE GOVERNANCE; SECURITIES LITIGATION; BUSINESS PRESS; STOCK RETURNS; TRADES; EQUITY; MARKET; DISCLOSURES;

D O I：

10.1111/1475-679X.12073

中图分类号：

F8 [财政、金融];

学科分类号：

020219 [财政学（含：税收学）];

摘要：

We investigate whether the media plays a role in corporate governance by disseminating news. Using a comprehensive data set of corporate and insider news coverage for the 2001-2012 period, we show that the media reduces insiders' future trading profits by disseminating news on prior insiders' trades available from regulatory filings. We find support for three economic mechanisms underlying the disciplining effect of news dissemination: the reduction of information asymmetry, concerns regarding litigation risk, and the impact on insiders' personal wealth and reputation. Our findings provide new insights into the real effect of news dissemination.

引用

页码：331 / 366

页数：36

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