FINANCIAL ANALYSTS EARNINGS FORECASTS AND INSIDER TRADING

被引：22
|
作者：
LUSTGARTEN, S
MANDE, V
机构：
来源：
JOURNAL OF ACCOUNTING AND PUBLIC POLICY | 1995年 / 14卷 / 03期
关键词：
D O I：
10.1016/0278-4254(95)00030-I
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
In our paper we consider whether a firm's insiders utilize their foreknowledge of forthcoming earnings when trading in their own firm's stock. We analyze insider trading patterns both before and after earnings are announced. We also examine financial analysts' earnings forecast revisions following insider trading. Test results show increased insider purchases (sales) prior to the announcement of good (bad) earnings news. Our results also show that insiders delay the purchase (sale) of stocks until after bad (good) earnings news is announced. Finally, we find that financial analysts' earnings forecast revisions are positively(negatively) related to insider purchases (sales). These results are consistent with insiders trading on private information about forthcoming earnings.
引用
收藏
页码：233 / 261
页数：29
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