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The Real Effect Of The Initial Enforcement Of Insider Trading Laws, Zhihong Chen, Yan Huang, Yuanto Kusnadi, K. C. John Wei
The Real Effect Of The Initial Enforcement Of Insider Trading Laws, Zhihong Chen, Yan Huang, Yuanto Kusnadi, K. C. John Wei
Research Collection School Of Accountancy
Based on a difference-in-differences approach, we find strong evidence that the initial enforcement of insider trading laws improves capital allocation efficiency. The effect is concentrated in developed markets and manifests shortly after the enforcement year. Further analysis shows that the improvement is positively associated with the increase in liquidity around the enforcement year and the opaqueness of the information environment before the enforcement year. The improvement is more pronounced for firms operating in more competitive markets, being more financially constrained, and with more severe agency problems. Finally, we find increased accounting performance after the enforcement and the increase is positively …
Public Fund Strategic Asset Allocation To Hedge Funds: A Time Series Analysis, Morgan Steadwell
Public Fund Strategic Asset Allocation To Hedge Funds: A Time Series Analysis, Morgan Steadwell
Honors College Theses
Public funds represent some of the U.S.’ largest institutional investors. These funds are a pool of money saved for retirement by those who are still working. Boards of Directors of these funds have strict standards for their investments, as the money they are investing is not their own; rather, it comes from the thousands of workers that pay into the funds. Alternative investments such as private equity, private debt, real assets, real estate, and hedge funds are historically more risky than traditional public equities or fixed income investments. Recently, public funds’ investments in hedge funds have been called into question …