BANKRUPTCY AND INSIDER TRADING - DIFFERENCES BETWEEN EXCHANGE-LISTED AND OTC FIRMS

被引：28

作者：

GOSNELL, T ^{[1
]}

KEOWN, AJ ^{[1
]}

PINKERTON, JM ^{[1
]}

机构：

[1] VIRGINIA POLYTECH INST & STATE UNIV,DEPT FINANCE,BLACKSBURG,VA 24061

来源：

JOURNAL OF FINANCE | 1992年 / 47卷 / 01期

关键词：

D O I：

10.1111/j.1540-6261.1992.tb03989.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Over the two-year period prior to the bankruptcy announcement, insider trading is significantly greater for OTC bankrupt firms, but not for exchange-listed firms, than for an industry-size matched sample of nonbankrupt firms. In addition, the level of insider selling increases over the final five months leading to the first public announcement of OTC firms. Finally, firms displaying the most negative price reaction over the announcement period are found to have a significantly larger proportion of insider selling than other firms.

引用

页码：349 / 362

页数：14

共 18 条

[1] Have exchange-listed firms become less important for the economy?
Schlingemann, Frederik P.
Stulz, Rene M.
[J]. JOURNAL OF FINANCIAL ECONOMICS, 2022, 143 (02) : 927 - 958
[2] Factors influencing CEO tenure in exchange-listed German firms
Mietzner, Mark
Schiereck, Dirk
Sohler, Jennifer Amanda
[J]. BETRIEBSWIRTSCHAFTLICHE FORSCHUNG UND PRAXIS, 2017, 69 (05): : 614 - 632
[3] The impact of foreign ownership on the performance of Johannesburg Stock Exchange-listed firms: A blessing or a curse?
Naidu, Delane
Charteris, Ailie
Moores-Pitt, Peter
[J]. SOUTH AFRICAN JOURNAL OF ECONOMICS, 2022, 90 (01) : 75 - 92
[4] The determinants of borrowing by newly exchange-listed firms in Romania: When adverse selection meets cronyism
Valsan, C
[J]. POST-COMMUNIST ECONOMIES, 2005, 17 (01) : 109 - 123
[5] The association between insider trading surrounding going concern audit opinions and future bankruptcy
Stanley, Jonathan
De Zoort, F. Todd
Taylor, Gary
[J]. MANAGERIAL AUDITING JOURNAL, 2009, 24 (03) : 290 - +
[6] Earnings management and the effect of earnings quality in relation to bankruptcy level (Firms listed at the tehran stock exchange)
Ahmadpour, Ahmad
Shahsavari, Masoumeh
[J]. IRANIAN JOURNAL OF MANAGEMENT STUDIES, 2016, 9 (01) : 77 - 99
[7] Corporate Governance and Predicting Bankruptcy of Firms Using Survival Analysis (Case Study of Companies Listed in Tehran Stock Exchange)
Mokarami, Maryam
Motefares, Zeinab
[J]. LIFE SCIENCE JOURNAL-ACTA ZHENGZHOU UNIVERSITY OVERSEAS EDITION, 2013, 10 (01): : 1233 - 1239
[8] Payout differences between family and nonfamily listed firms A socioemotional wealth perspective
Deslandes, Manon
Fortin, Anne
Landry, Suzanne
[J]. JOURNAL OF FAMILY BUSINESS MANAGEMENT, 2016, 6 (01) : 46 - 63
[9] Interlocks between firms and business groups in Turkey: A study on listed Firms in the Istanbul Stock Exchange, 2002-2008
Ozturk, Ozgur
[J]. IKTISAT ISLETME VE FINANS, 2012, 27 (311): : 83 - 112
[10] THE ANALYSIS OF THE INFLUENCE OF FINANCIAL AND NON-FINANCIAL FACTORS OF THE BANKRUPTCY RISK. OBTAINING A DETERMINISTIC MODEL FOR THE FIRMS LISTED AT BUCHAREST STOCK EXCHANGE
Mironiuc, Marilena
Robu, Mihaela-Alina
Robu, Ioan-Bogdan
[J]. PROCEEDINGS OF THE 7TH INTERNATIONAL CONFERENCE ACCOUNTING AND MANAGEMENT INFORMATION SYSTEMS (AMIS 2012), 2012, : 1061 - 1078

← 1 2 →