Product Market Competition, Insider Trading, and Stock Market Efficiency

By Joel Peress. 2010

423 citations recorded by the source corpus.

Subfields: Accounting, Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/119136811bcc5ed56192bf445cd2e87e804dd31d

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Citations in the corpus

Learning from Peers' Stock Prices and Corporate Investment (2014, methodology): “…we obtain corporate insiders trades from the Thomson Financial Insider Trading database.30 As in other studies (e.g., Beneish and Vargus (2002), or Peress (2010)), we restrict our attention to open market stock transactions initiated by the top ve executives (CEO, CFO, COO, President, and…”
Peer effects in corporate disclosure decisions (2020, positive): “Prior research suggests that fundamental volatility increases with intense product market interactions (Gaspar and Massa, 2006; Irvine a d Pontiff, 2009; Peress, 2010).”
Bargaining power and industry dependence in mergers (2012, methodology): “Following Gaspar and Massa (2005) and Peress (2010), I calculate each firm’s price-cost margin (PCM) as sales minus costs of goods sold (COGS) and general and administrative expenses (SGA), divided by sales.”
Product Market Threats, Payouts, and Financial Flexibility (2012, background): “We also support the view of Gaspar and Massa (2006), Hou and Robinson (2006), and Peress (2010) that firms in concentrated industries have more stable cash flows and are hence more likely to make payouts.”
Competition and the Cost of Debt (2012, neutral): “While recent evidence supports the view that the intensity of competition has important implications for firms’ cash flows and stock returns (Gaspar and Massa, 2006; Hou and Robinson, 2006; Irvine and Pontiff, 2009; Hoberg and Phillips, 2010a; Peress, 2010), the effect of competition on the pricing ”
Product Market Power and Stock Market Liquidity (2011, positive): “In a noisy rational expectations model, Peress (2010) shows that greater product market power improves stock liquidity.”
Product market power, industry structure, and corporate earnings management (2013, background): “Because of the ability to set prices, strong market power is associated with more stable cash flows and lower stock return volatility (Peress, 2010).”