The information content of insider trading - The evidence in China securities market

被引：0
|
作者：
Wang, GP [1 ]
Chen, JX [1 ]
机构：
[1] Xian Jiaotong Univ, Sch Management, Xian 710049, Peoples R China
来源：
PROCEEDINGS OF THE 2001 INTERNATIONAL CONFERENCE ON MANAGEMENT SCIENCE AND ENGINEERING, VOLS I AND II | 2001年
关键词：
insider trading; information content; herd behavior; positive feedback;
D O I：
暂无
中图分类号：
TP18 [人工智能理论];
学科分类号：
081104 ; 0812 ; 0835 ; 1405 ;
摘要：
Two illegal trading, one by a corporate insider, the other by a tippee (an outsider insider), are analyzed in two acquisitions for YANZHONG company in 1998 and 1993. Consistent with previous studies, insider trading is found to make great abnormal return following insider-buying day. Moreover, the average abnormal return during the period from buying day to public announcement day is also great, with the significant level less than 7%. However, we find return following insider selling give incorrect signal to market. Based on above, we try to find any herd behaviors or casual relations between tender offers firms, but failed to approve them, all shows there are large information leakage before acquisitions.
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页码：1513 / 1520
页数：8
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