Directors' share dealings and company financial performance

被引：0

作者：

Hamill P.A. ^{[1
]}

McIlkenny P. ^{[2
]}

Opong K.K. ^{[3
]}

机构：

[1] School of Management and Economics, Queen's University Belfast

[2] School of Management, University of Ottawa, Ottawa, ON K1N 6N5

[3] Department of Accounting and Finance, University of Glasgow, Glasgow, G12 8LE

来源：

Journal of Management and Governance | 2002年 / 6卷 / 3期

关键词：

Directors; Excess returns; Financial performance; Financial variables;

D O I：

10.1023/A:1019677230611

中图分类号：

学科分类号：

摘要：

This paper examines the response of security prices to the share dealings by directors of small capitalised firms in the United Kingdom and tests as to whether the share dealings contain information with regard to the firm's future financial performance. The results of the study indicate that investors respond positively to the information signals of directors' equity purchases. We find little evidence to suggest that directors' equity sales possess significant information content. The results suggest that there is a positive association between financial performance and the type of trade directors engage in. © 2002 Kluwer Academic Publishers.

引用

页码：215 / 234

页数：19

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