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Insider pledging in the U.S.
Journal of Financial Stability ( IF 3.554 ) Pub Date : 2020-11-22 , DOI: 10.1016/j.jfs.2020.100830
Yinjie (Victor) Shen , Wei Wang , Fuzhao Zhou

Utilizing a hand-collected comprehensive dataset covering U.S. public traded firms from 2006 to 2014, we present descriptive evidence regarding insider pledging behavior in the U.S. and study its determinants. We find an insider’s propensity to pledge company stock is positively associated with her risk exposure and pledgeability of company stock, and negatively with the company’s corporate governance quality. These findings suggest that risk-averse corporate insiders pledge to hedge. Further, we find ISS’s denouncement of pledging in 2012 reduces insider pledging.



中文翻译:

内幕人士在美国的认捐

利用涵盖2006年至2014年美国上市公司的手工收集的综合数据集,我们提供了有关美国内部人质押行为的描述性证据,并研究了其决定因素。我们发现,内幕人士对公司股票质押的倾向与她的风险敞口和公司股票质押性呈正相关,而与公司的公司治理质量则呈负相关。这些发现表明,规避风险的公司内部人士承诺对冲。此外,我们发现ISS在2012年退出认捐会减少内部人认捐。

更新日期:2020-12-23
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