Why Do Insiders Sell Shares Following IPO Lockups?

被引：20

作者：

Chen, Hsuan-Chi ^{[1
]}

Chen, Sheng-Syan ^{[2
]}

Huang, Chia-Wei ^{[3
]}

机构：

[1] Univ New Mexico, Anderson Sch Management, Albuquerque, NM 87131 USA

[2] Natl Taiwan Univ, Coll Management, Taipei 10764, Taiwan

[3] Yuan Ze Univ, Coll Management, Chungli, Taiwan

来源：

FINANCIAL MANAGEMENT | 2012年 / 41卷 / 04期

关键词：

LONG-RUN PERFORMANCE; INITIAL PUBLIC OFFERINGS; EARNINGS MANAGEMENT; INFORMATION-CONTENT; MARKET; BANKRUPTCY; EXPIRATION; COMPANIES; DECISION; RETURNS;

D O I：

10.1111/j.1755-053X.2012.01217.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We examine long run returns subsequent to the lockup expiration of firms having gone public. We find that returns are negatively associated with abnormal selling by senior executives but unrelated to selling by other insiders. Our results suggest that even though lockup expirations provide an initial opportunity for insiders to diversify their holdings by selling a firm's shares, sales by senior executives are still motivated in part by private information. Sales by other insiders, on the other hand, are consistent with portfolio diversification.

引用

页码：813 / 847

页数：35

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