Australian National Univ., Univ. of New South Wales
| January 13, 2015
The authors investigate whether the media plays a role in corporate governance by disseminating news.
Using a comprehensive data set of corporate and insider news coverage for the 2001–2012 period, the authors show that the media reduces
insiders’ future trading
profits by disseminating news on prior insiders’ trades available from regulatory filings.
They find support for three economic mechanisms underlying the disciplining effect of news dissemination:
Their findings provide new insights into the real effect of news dissemination.
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