search query: @author Frankel, R. / total: 8
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| Author: | Frankel, R. Li, X. |
| Title: | Characteristics of a firm's information environment and the information asymmetry between insiders and outsiders |
| Journal: | Journal of Accounting & Economics
2004 : JUN, VOL. 37:2, p. 229-259 |
| Index terms: | Finance Financial reporting Capital markets Information Trading |
| Language: | eng |
| Abstract: | This paper examines how financial statement informativeness, analyst following, and news relate to the information asymmetry btw. insiders (hereafter as: in. / ins.) and outsiders (here as: out. / outs). The profitability and intensity of ins. trades is used to proxy for information asymmetry. It is found that increased analyst following is associated with reduced profitability of ins. trades and reduced ins. purchases. Financial statement informativeness is negatively associated with the frequency of ins. purchases. However, company news, is positively associated with ins. purchase frequency. |
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