| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w12765 |
| 来源ID | Working Paper 12765 |
| What Do Independent Directors Know? Evidence from Their Trading | |
| Enrichetta Ravina; Paola Sapienza | |
| 发表日期 | 2006-12-14 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | We compare the trading performance of independent directors and other officers of the firm. We find that independent directors earn positive and substantial abnormal returns when they purchase their company stock, and that the difference with the same firm's officers is relatively small at most horizons. The results are robust to controlling for firm fixed effects and to using a variety of alternative specifications. Executive officers and independent directors make higher returns in firms with weaker governance and the gap between these two groups widens in such firms. Independent directors who sit in audit committees earn higher return than other independent directors at the same firm. Finally, independent directors earn significantly higher returns than the market when they sell the company stock in a window before bad news and around a restatement announcement. |
| 主题 | Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w12765 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/570427 |
| 推荐引用方式 GB/T 7714 | Enrichetta Ravina,Paola Sapienza. What Do Independent Directors Know? Evidence from Their Trading. 2006. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w12765.pdf（731KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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