Informed Trading, Information Asymmetry, and the Chinese B-Share Discount Puzzle

2016 ◽  
Author(s):  
Yaseen Alhaj-Yaseen
Keyword(s):  
Information Asymmetry ◽  
Informed Trading

scholarly journals Direct and Mediated Associations among Earnings Quality, Information Asymmetry, and the Cost of Equity

2011 ◽  
Vol 87 (2) ◽  
pp. 449-482 ◽  
Author(s):  
Nilabhra Bhattacharya ◽  
Frank Ecker ◽  
Per M. Olsson ◽  
Katherine Schipper
Keyword(s):  
Information Asymmetry ◽  
Earnings Quality ◽  
Informed Trading ◽  
Analytical Models ◽  
Cost Of Equity ◽  
Direct Path ◽  
Bid Ask Spread ◽  
Indirect Path ◽  
Probability Of Informed Trading ◽  
The Cost

ABSTRACT Using path analysis, we investigate the direct and indirect links between three measures of earnings quality and the cost of equity. Our investigation is motivated by analytical models that specify both a direct link and an indirect link that is mediated by information asymmetry, but do not suggest which link would be more important empirically. We measure information asymmetry as both the adverse selection component of the bid-ask spread and the probability of informed trading (PIN). For a large sample of Value Line firms during 1993–2005, we find statistically reliable evidence of both a direct path from earnings quality to the cost of equity, and an indirect path that is mediated by information asymmetry, with the weight of the evidence favoring the direct path as the more important.

scholarly journals A probabilidade de negociação com informação privilegiada no mercado acionário brasileiro

2013 ◽  
Vol 11 (2) ◽  
pp. 249
Author(s):  
Orleans Silva Martins ◽  
Edilson Paulo
Keyword(s):  
Corporate Governance ◽  
Information Asymmetry ◽  
Insider Trading ◽  
Voting Rights ◽  
Informed Trading ◽  
Common Stocks ◽  
Level 1 ◽  
Probability Of Informed Trading ◽  
The Relationship ◽  
Level 2

This paper aims to investigate the existence of insider trading in the Brazilian stock market. For this, we estimate the probability of informed trading (PIN) of 229 stocks during the years 2010 and 2011, using the model of Easley <i>et al.</i> (2002). In the results, it was found that the average PIN of these stocks was 24.9%, suggesting the existence of informed trading in that period. Considering the segment of corporate governance, the stocks listed on Level 2 had the lowest average PIN (24.4%), while stocks on Level 1 had the highest average (25.6%). Considering the classes of stock, the average PIN of common stocks was 24.2% and the average PIN of preferred stocks was 26.0%, indicating that the stocks with voting rights had lower information asymmetry. Still, it was found that the relationship between greater and lesser liquidity PIN was only confirmed for common stocks with high liquidity.

IPO of SMEs and Information Asymmetry

2020 ◽  
Vol 11 (2) ◽  
pp. 173-188
Author(s):  
Joo-Hwan Kim ◽  
Jin-Woo Park
Keyword(s):  
Information Asymmetry

Blockchain in Supply Chain: Case Study of Lottemart Ciputat

2019 ◽  
Vol 5 (1) ◽  
pp. 38-49 ◽  
Author(s):  
B. K. Handoyo ◽  
M. R. Mashudi ◽  
H. P. Ipung
Keyword(s):  
Decision Making ◽  
Supply Chain ◽  
Supply Chain Management ◽  
Information Asymmetry ◽  
New Technology ◽  
Business Case ◽  
Analysis Method ◽  
Chain Management ◽  
Production Processes

Current supply chain methods are having difficulties in resolving problems arising from the lack of trust in supply chains. The root reason lies in two challenges brought to the traditional mechanism: self-interests of supply chain members and information asymmetry in production processes. Blockchain is a promising technology to address these problems. The key objective of this paper is to present qualitative analysis for blockchain in supply chain as the decision-making framework to implement this new technology. The analysis method used Val IT business case framework, validated by the expert judgements. The further study needs to be elaborated by either the existing organization that use blockchain or assessment by the organization that will use blockchain to improve their supply chain management.

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