Corporate Governance, Regulatory Compliance and Insider Trading
BibTeX
@MISC{_corporategovernance,,
author = {},
title = {Corporate Governance, Regulatory Compliance and Insider Trading},
year = {}
}
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Abstract
This paper investigates the role of corporate governance on regulatory compliance and the performance of Italian corporate insider trading. Exploiting a unique enforcement and reporting framework, we present three main findings. First, corporate governance does not influence the propensity of firms to comply with insider trading regulation. Firms that have concentrated ownership and control, together with those run by families and cooperatives are most likely to comply with regulation. Second, multiple trading, but not transaction size, affects the performance of corporate insider trading. Third, the market responds less to reporting by compliant and family firms.
