Last Modified

• March 21, 2019

Creator

• Maffett, Mark G.
  • Affiliation: Kenan-Flagler Business School

Abstract

• 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

DOI

• https://doi.org/10.17615/baaa-9z81

Resource type

• Dissertation

Rights statement

• In Copyright

Note

• ... in partial fulfillment of the requirements for the degree of Doctor of Philosophy in the Kenan-Flagler School of Business.

Advisor

• Lang, Mark

Language

• English

Parents:

This work has no parents.

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