The role of the media in disseminating insider-trading news

被引：0
|
作者：
Jonathan L. Rogers
Douglas J. Skinner
Sarah L. C. Zechman
机构：
[1] University of Colorado,
[2] University of Chicago Booth School of Business,undefined
来源：
Review of Accounting Studies | 2016年 / 21卷
关键词：
Insider trading; Disclosure; Dissemination; Media; G14; G18; M40;
D O I：
暂无
中图分类号：
学科分类号：
摘要：
We use the process through which insider trading (SEC Form 4) filings are made public to investigate whether media coverage affects the way securities markets assimilate news. To do this, we use recent changes in disclosure rules governing insider trades as well as the initiation of coverage by Dow Jones to cleanly identify media effects. Using high-resolution intraday data, we find clear effects of media dissemination on the way prices and volume respond to insider trading news in the minutes after its release. These results help to resolve open questions regarding the role of the media in capital markets, including why apparently second hand news affects securities prices.
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页码：711 / 739
页数：28
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