Insider trading around open-market share repurchases

被引：1
|
作者：
Leng F. [1 ]
Zhao K.M. [2 ]
机构：
[1] Milgard School of Business, University of Washington Tacoma, Tacoma, WA
[2] Department of Economics and Finance, Middle Tennessee State University, Murfreesboro, TN
来源：
Journal of Economics and Finance | 2014年 / 38卷 / 3期
关键词：
Insider Trading; Long-Term Stock Performance; Open Market Share Repurchase;
D O I：
10.1007/s12197-012-9227-x
中图分类号：
学科分类号：
摘要：
We examine insider trading around open-market share repurchases and find that insiders trade passively in 3 months prior to repurchase announcements and in up to 12 months following the announcements. Furthermore, both pre-announcement and post-announcement abnormal insider trading is unrelated to short-term announcement returns but correlated with long-term post-announcement returns. Our results indicate that corporate insiders trade passively around repurchase announcements in accordance with their perceived undervaluation to exploit the long-run abnormal stock returns related to the events. © 2012 Springer Science+Business Media, LLC.
引用
收藏
页码：461 / 491
页数：30
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