Business, Government, and the Information Environment: Stock Trading and Earnings Shocks in China, Indonesia, and Singapore

Warren Bailey (), Yuan Gao () and Connie Mao ()
Additional contact information
Warren Bailey: Johnson Graduate School of Management, Cornell University
Yuan Gao: Johnson Graduate School of Management, Cornell University
Connie Mao: Department of Finance, The Fox School of Business and Management, Temple University

Annals of Economics and Finance, 2004, vol. 5, issue 1, 165-195

Abstract: We examine stock market behavior around earnings announcements in three countries with different degrees of government involvement with corporations. We find evidence consistent with insider trading in shares of politically connected Indonesian companies. We find little comparable evidence for Singapore. For China, government regulation appears associated with insider trading. Thus, national economic, legal, and regulatory characteristics seem to affect the information environment in capital markets.

Keywords: Information environment; Disclosure; Emerging markets; Corruption (search for similar items in EconPapers)
JEL-codes: G14 G15 G38 (search for similar items in EconPapers)
Date: 2004
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:cuf:journl:y:2004:v:5:i:1:p:165-195

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