Financial reporting opacity and informed trading by international institutional investors Public Deposited
- Last Modified
- March 21, 2019
Maffett, Mark G.
- Affiliation: Kenan-Flagler Business School
- Using cross-country data on trading by international mutual funds, I find that firms with more opaque information environments, as captured by firm- and country-level measures of the availability of financial reporting information, experience more privately-informed trading by institutional investors. The association between firm-level opacity and informed trading is most pronounced where country-level disclosure infrastructures are less developed and for those investors for whom the incentives and opportunities to acquire private information are greatest. A difference-in-differences analysis of returns earned by institutions across opaque and transparent firms suggests these results are economically significant.
- Date of publication
- May 2012
- Resource type
- Rights statement
- In Copyright
- ... in partial fulfillment of the requirements for the degree of Doctor of Philosophy in the Kenan-Flagler School of Business.
- Lang, Mark
This work has no parents.
|Financial reporting opacity and informed trading by international institutional investors||2019-04-11||Public||