000 | 02060nab a2200229 4500 | ||
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999 |
_c199648 _d199648 |
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003 | OSt | ||
005 | 20200226102051.0 | ||
008 | 200128s2016 xxu|||||r|||| 00| 0 eng d | ||
040 |
_aCO-BoUGC _cCO-BoUGC |
||
100 | 1 |
_aRyan, Stephen G. _9178347 |
|
245 | 1 | 0 |
_aSecuritization and insider trading _cStephen G. Ryan, Jennifer Wu Tucker & Ying Zhou |
300 | _aPáginas 649 a la 675 | ||
520 | 3 | _aSecuritizations are complex and opaque transactions. We hypothesize that bank insiders trade on private information about banks': (1) securitization-related recourse risks, (2) not-yet-reported current-quarter securitization income, and (3) securitization-based business model sustainability. We provide evidence that proxies for each of these types of insider information are positively associated with insider trading. Specifically, we find that net insider sales in the 2001Q2–2007Q2 pre-financial crisis quarters predict not-yet-reported non-performing securitized loans and securitization income for those quarters, and that net insider sales during 2006Q4 predict write-downs of securitization-related assets during the 2007Q3–2008Q4 crisis period. We find that net insider sales are more negatively associated with banks' subsequent stock returns in their securitization quarters than in other quarters. In supplemental analysis, we show that the above findings are driven by trades by banks' CEOs and CFOs, and that insiders avoid larger stock price losses through 10b5-1 plan sales than through non-plan sales. | |
650 | 1 | 4 |
_991036 _aContabilidad _vPublicaciones seriadas |
650 | 2 | 4 |
_9176918 _aMercado de valores _vPublicaciones seriadas |
650 | 2 | 4 |
_aFraude de valores _vPublicaciones seriadas _9178348 |
650 | 2 | 4 |
_aTitulización _vPublicaciones seriadas _9178349 |
700 | 1 |
_aTucker, Jennifer Wu _9178350 |
|
700 | 1 |
_aZhou, Ying _9178351 |
|
773 | 0 |
_082265 _9382158 _aThe accounting review 2016 V.91 No. 2 (Mar) _o0000002031463 _x0001-4826 (papel) _h27 páginas _nIncluye tablas, figuras, referencias bibliográficas y apéndices |
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942 |
_2ddc _cART |