Wongchoti, Udomsak
[Verfasser:in]
;
Radetsky, Evgeny
[Sonstige Person, Familie und Körperschaft];
Jain, Pankaj K.
[Sonstige Person, Familie und Körperschaft]
Erschienen in:26th Australasian Finance and Banking Conference 2013
Umfang:
1 Online-Ressource (35 p)
Sprache:
Englisch
DOI:
10.2139/ssrn.2310970
Identifikator:
Entstehung:
Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments August 15, 2013 erstellt
Beschreibung:
We argue that a country's institutional setting can affect investor learning and thereby stock valuation and market stability. For a global sample of firms we find that the speed with which analyst forecast errors decline and the speed with which M/B valuation attains its equilibrium value with progression in a firm's age improves with active insider trading law enforcement. This effect is more pronounced among capital markets with better regulatory infrastructure based on World Governance Indicators (WGI) index. We also provide updated insider trading law enactment and enforcement dates (up to 2013) to Bhattacharya and Daouk (2002), of which their survey covered up to March 1999