Why do insiders trade? Evidence based on unique data on Swedish insiders

被引：42
|
作者：
Kallunki, Juha-Pekka [1 ]
Nilsson, Henrik [2 ]
Hellstrom, Jorgen [3 ]
机构：
[1] Univ Oulu, Dept Accounting & Finance, FIN-90014 Oulu, Finland
[2] Umea Univ, Umea Sch Business, S-90187 Umea, Sweden
[3] Umea Univ, Dept Econ, S-90187 Umea, Sweden
来源：
JOURNAL OF ACCOUNTING & ECONOMICS | 2009年 / 48卷 / 01期
基金：
芬兰科学院;
关键词：
Insider trading; Stock market; Earnings announcements; Behavioral finance; INFORMATION ASYMMETRY; MANAGERIAL OWNERSHIP; STOCK; DISPOSITION; PERFORMANCE; EARNINGS; MARKET; SELL;
D O I：
10.1016/j.jacceco.2009.06.002
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
In this paper, we examine if corporate insiders have other motives for trading besides exploitation of private information. Our results show that insiders' portfolio rebalancing objectives, tax considerations and behavioral biases play the most important role in their trading decisions. We also find that insiders who have allocated a great (small) proportion of their wealth to insider stock sell more (less) before bad news earnings disclosures. Finally, insider selling is informative for future returns among those insiders who have the greatest proportion of wealth allocated to insider stocks. (C) 2009 Elsevier B.V. All rights reserved.
引用
收藏
页码：37 / 53
页数：17
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