This article investigates whether financial derivative usage by Australian corporations constitutes information asymmetry when proxied by profitable trading in the firms' securities by insiders. The findings show that insiders who trade in companies that employ derivatives make larger purchase returns compared to insiders in nonuser firms with regard to trading identity, trading intensity, variability of usage, volume of trading, and industry effects. A plausible explanation is that asymmetry is driven by derivative traders who undertake noisy transactions in firms where risk outcomes were previously transparent. Excess returns are confined to purchase transactions consistent with insiders primarily selling for noninformation reasons
The literature suggests that corporate diversification destroys firm value. This value destruction i...
In this paper we investigate if directors of Australian companies earn persistent profits on their r...
In this paper we investigate if directors of Australian companies earn persistent profits on their r...
This article investigates whether financial derivative usage by Australian corporations constitutes ...
This article investigates whether financial derivative usage by Australian corporations constitutes ...
This article investigates whether financial derivative usage by Australian corporations constitutes ...
We examine how financial statement informativeness, analyst following, and news relate to the inform...
I investigate the causal impact of information asymmetry on insider trading by exploiting a quasi-ex...
We investigate the role of internal corporate governance in limiting opportunities for ASX company ‘...
We explore the role of corporate insiders vs. firms as traders of last resort. We develop a simple m...
This paper examines, within the Australian market, the extent to which legal insider trades are info...
This article documents the use and disclosure of derivatives in the Australian extractives industry....
The literature suggests that corporate diversification destroys firm value. This value destruction i...
The literature suggests that corporate diversification destroys firm value. This value destruction i...
The information asymmetry between insiders and outsiders suggests that insiders may trade in large v...
The literature suggests that corporate diversification destroys firm value. This value destruction i...
In this paper we investigate if directors of Australian companies earn persistent profits on their r...
In this paper we investigate if directors of Australian companies earn persistent profits on their r...
This article investigates whether financial derivative usage by Australian corporations constitutes ...
This article investigates whether financial derivative usage by Australian corporations constitutes ...
This article investigates whether financial derivative usage by Australian corporations constitutes ...
We examine how financial statement informativeness, analyst following, and news relate to the inform...
I investigate the causal impact of information asymmetry on insider trading by exploiting a quasi-ex...
We investigate the role of internal corporate governance in limiting opportunities for ASX company ‘...
We explore the role of corporate insiders vs. firms as traders of last resort. We develop a simple m...
This paper examines, within the Australian market, the extent to which legal insider trades are info...
This article documents the use and disclosure of derivatives in the Australian extractives industry....
The literature suggests that corporate diversification destroys firm value. This value destruction i...
The literature suggests that corporate diversification destroys firm value. This value destruction i...
The information asymmetry between insiders and outsiders suggests that insiders may trade in large v...
The literature suggests that corporate diversification destroys firm value. This value destruction i...
In this paper we investigate if directors of Australian companies earn persistent profits on their r...
In this paper we investigate if directors of Australian companies earn persistent profits on their r...