Asymmetric information consolidation and price discovery: Inferring bad news from insider sales

Due to the paucity of sources of negative firm‐specific information, US capital markets have more difficulty identifying and incorporating bad news into stock prices than they do good news. Even though insider selling is a potentially important proxy for undisclosed bad news, researchers have difficulty ex ante identifying information‐based sales due to an inability to separate liquidity‐motivated from information‐based insider trades. We hypothesize that when insiders in multiple firms sell shares of one firm in which they are insiders and at the same time buy shares of other insider portfolio firms, the sale is more likely to be information‐based, since the proceeds are reinvested. Conversely, when an insider sells one firm without purchasing others or sells multiple insider firms the sale is likely liquidity‐motivated. We find that insider sales identified as information‐based using this algorithm are followed by significant negative abnormal returns. Information‐based sales are also more likely to be associated with delistings, earnings declines and earnings restatements. Analysts are also more likely to revise their earnings forecasts downwards for these firms. It is thus possible to ex ante identify insider sales with information content. Our results will be of interest to investors and also to regulators designing insider trading rules.     

Media coverage and investment efficiency

We examine the effect of media coverage on firm-level investment efficiency. We find that media coverage reduces under-investment but increases over-investment. The negative effect of media coverage on under-investment is more pronounced in firms affected by greater information asymmetry and poorer corporate governance. The positive effect of media coverage on over-investment is driven by media-induced CEO overconfidence. Additional results show that both investment- and non-investment-related news coverage decrease under-investment, while non-investment-related news coverage is more influential in increasing over-investment. In general, higher news optimism is associated with less under-investment but more over-investment. Moreover, media coverage affects investment efficiency through its information dissemination rather than information creation function. Collectively, our results suggest that firms’ media visibility promotes more over-investment than under-investment.     

信息不对称在农业保险中的表现极其防范

信息不对称严重阻碍了农业保险的健康发展，建议通过建立克服农业保险中信息不对称的有效体系，以促进我国农业保险的健康发展。     

提高博士生培养质量刍议

本文通过数据统计实证分析 ,发现浙江省的民营经济与国有经济在资金投入产出上存在严重的不对称 ,从而制约了民营企业的活力和快速发展 ,得出了改变对民营企业的传统偏见 ,为其提供一个宽松、公平、合理、有效的环境 ,加大国有金融机构对民营经济的信贷倾斜 ,设立专门为民营企     

信息不对称对林产品经营影响的分析

探讨了信息不对称现象对林产品经营的影响问题,阐述了林产品市场信息不对称的内涵、基本表征、成因及其对林产品经营的具体影响,提出了林产品经营的新对策:一是加强林产品市场调研,充分掌握市场信息;二是注重林产品信息的传播与扩散;三是讲求诚信经营,努力培养商誉;四是积极实施林产品的标准化经营;五是大力推行林产品的认证经营。     

基于SD模型的客户服务成本信息不对称影响研究

制造企业经常通过提供高水平的客户服务向顾客传递优质产品质量信号,但由于客户服务成本信息不对称的影响,产品质量信号存在一定程度的失灵,影响了潜在客户对优质产品的购买。文章分析了制造企业客户服务成本不对称信息的原因及其对潜在客户购买行为的影响,通过建立系统动力学模型模拟产品销售过程,研究客户服务成本信息不对称度与企业客户数量之间的关系,结果表明客户服务成本信息不对称度下降有助于企业客户数量的增长,但其影响力有随时间下降的趋势。     

非正规金融研究文献述评

通过对非正规金融的概念、类型、规模、形成原因、市场利率等方面的梳理,指出非正规金融的产生适应经济发展的内在要求,具有客观必然性。非正规金融的高利率在一定程度上是放贷风险的补偿,同时也是对正规金融官僚体制低效率的制度适应。     

是银行规模还是信息不对称?--中小企业贷款难的原因分析

中小企业从银行获得的融资十分有限.以Elod Takáts模型为基础的银行规模分析解释了银行规模与中小企业贷款的无关性,以Akerlof模型为基础的信息不对称分析解释了中小企业在贷款中的逆向选择问题.可以通过多种方式消除逆向选择问题,从根本上解决中小企业贷款难题.     

旅游欺诈的产生原因及治理思路

运用信息经济学的柠檬市场理论和博弈论分析了中国旅游市场的特点，指出旅游市场的信息不对称性给旅游欺诈创造可乘之机，而大量存在的一次博弈机会则增强了博弈参与者的机会主义动机。在理论分析的基础上尝试提出治理旅游欺诈的市场和组织思路。     

食品供应链安全问题的信号博弈模型

基于食品供应链上安全信息不对称的特点以及零售企业运营状况,针对滥用食品安全标签(如无公害、绿色、有机食品标签等)的现象,以食品生产商和消费者作为博弈方,建立信号博弈模型,分析信号博弈的三种贝叶斯均衡及其条件,得出了信息不对称情况下安全食品生产商的损失函数,以及政府控制食品安全的策略。