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- W2912708474 abstract "In the literature there has been an established association between bid-ask spread and insider ownership (Chiang and Venkatesh (1988), Chung and Charenwong (1998)). We use this association to study the possible existence of information asymmetry around board of directors' meetings - an important corporate governance forum and yet poorly disclosed as only the frequency and not the dates of the meetings are reported. Specifically, we explore whether there is information asymmetry (or informed trading) surrounding the board of directors' meetings for a firm with substantial insider ownership and whether the specialists are able to recognize this phenomenon. Using hand-collected data through direct contact with the companies, we find evidence of significant spread changes around the board meeting dates in our sample of firms. We also find an increase in the total risk surrounding the event indicating information asymmetry. Since exact board meeting dates are not public knowledge, we suspect the widening of spread may be due to the presence of trading by insiders. Thus we looked at the insider transactions surrounding the event days. In support of our empirical findings, we find that the actual counts of transactions by insiders go up following the board meeting days." @default.
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- W2912708474 date "2004-01-01" @default.
- W2912708474 modified "2023-09-23" @default.
- W2912708474 title "The Effect of Board Meetings on Bid-Ask Spread for Firms with Concentrated Insider Ownership" @default.
- W2912708474 doi "https://doi.org/10.2139/ssrn.686982" @default.
- W2912708474 hasPublicationYear "2004" @default.
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