Political connections and informed trading: Evidence from TARP
dc.contributor.author | Akın, Özlem | |
dc.contributor.author | Coleman, N. S. | |
dc.contributor.author | Fons‐Rosen, C. | |
dc.contributor.author | Peydró, J.-L. | |
dc.date.accessioned | 2020-10-23T13:38:40Z | |
dc.date.available | 2020-10-23T13:38:40Z | |
dc.date.issued | 2021-09 | |
dc.identifier.issn | 0046-3892 | en_US |
dc.identifier.uri | http://hdl.handle.net/10679/7046 | |
dc.identifier.uri | https://onlinelibrary.wiley.com/doi/abs/10.1111/fima.12292 | |
dc.description.abstract | We study insider trading behavior surrounding the largest bank bailout in history: Troubled Asset Relief Program (TARP). In politically connected banks, insider buying during the pre-TARP period is associated with increases in abnormal returns around bank-specific TARP announcement; for unconnected banks, trading and returns are uncorrelated. Results hold across insiders within the same bank and are stronger for finance-related government connections. Through a Freedom of Information Act request, we obtained the previously undisclosed TARP funds requested; the ratio of received to requested funds correlates both with abnormal returns and insider buying behavior in connected banks. | en_US |
dc.description.sponsorship | Spanish Ministry of Economy and Competitiveness | |
dc.language.iso | eng | en_US |
dc.publisher | Wiley | en_US |
dc.relation.ispartof | Financial Management | |
dc.rights | openAccess | |
dc.rights.uri | https://creativecommons.org/licenses/by/4.0/ | |
dc.title | Political connections and informed trading: Evidence from TARP | en_US |
dc.type | Article | en_US |
dc.peerreviewed | yes | en_US |
dc.publicationstatus | Published | en_US |
dc.contributor.department | Özyeğin University | |
dc.contributor.authorID | (ORCID 0000-0003-2115-8416 & YÖK ID 234936) Akın, Özlem | |
dc.contributor.ozuauthor | Akın, Özlem | |
dc.identifier.volume | 50 | |
dc.identifier.issue | 3 | |
dc.identifier.startpage | 619 | |
dc.identifier.endpage | 644 | |
dc.identifier.wos | WOS:000566360100001 | |
dc.identifier.doi | 10.1111/fima.12292 | en_US |
dc.subject.keywords | Bank bailouts | en_US |
dc.subject.keywords | Insider trading | en_US |
dc.subject.keywords | Political connections | en_US |
dc.subject.keywords | Political economy in banking | en_US |
dc.subject.keywords | TARP | en_US |
dc.identifier.scopus | SCOPUS:2-s2.0-85090088657 | |
dc.contributor.authorFemale | 1 | |
dc.relation.publicationcategory | Article - International Refereed Journal - Institution Academic Staff |
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