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Is 'not-trading' informative? Evidence from corporate insiders' portfolios.

紀錄類型:	書目-語言資料,手稿 : Monograph/item
正題名/作者:	Is 'not-trading' informative? Evidence from corporate insiders' portfolios./
作者:	DeVault, Luke.
面頁冊數:	1 online resource (61 pages)
附註:	Source: Dissertation Abstracts International, Volume: 77-11(E), Section: A.
Contained By:	Dissertation Abstracts International77-11A(E).
標題:	Finance. -
電子資源:	click for full text (PQDT)
ISBN:	9781339778150

Is 'not-trading' informative? Evidence from corporate insiders' portfolios.
DeVault, Luke.

Is 'not-trading' informative? Evidence from corporate insiders' portfolios. - 1 online resource (61 pages)

Source: Dissertation Abstracts International, Volume: 77-11(E), Section: A.

Thesis (Ph.D.)

Includes bibliographical references

Some corporate insiders hold insider equity holdings in multiple companies (portfolio insiders). I hypothesize that information can be garnered not only from their trades (e.g., an insider sale of firm A on day t), but from their not-traded securities (e.g. the insider's decision not to sell firms B and C on day t). Specifically, an insider's decision not to sell (purchase) security B at the time of the sale (purchase) of security A, is a positive (negative) signal for security B, the not-sold (not-bought) security. The paper presents three major empirical findings. First, portfolio insider not-sold securities following a sale earn large risk-adjusted returns outperforming the not-purchased securities following a purchase. Second, portfolio insiders' purchases are more informative than single-firm insiders' purchases. Finally, the results suggest that abnormal returns associated with insider purchases result from markets reacting to the revelation of the insider purchase while abnormal returns associated with not-sold securities appear to result from insiders delaying sales prior to positive firm-specific events.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2018

Mode of access: World Wide Web

ISBN: 9781339778150Subjects--Topical Terms:

559073
Finance.
Index Terms--Genre/Form:

554714
Electronic books.

Is 'not-trading' informative? Evidence from corporate insiders' portfolios.
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245 1 0 $a Is 'not-trading' informative? Evidence from corporate insiders' portfolios.
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500 $a Source: Dissertation Abstracts International, Volume: 77-11(E), Section: A.
500 $a Adviser: Richard Sias.
502 $a Thesis (Ph.D.) $c The University of Arizona $d 2016.
504 $a Includes bibliographical references
520 $a Some corporate insiders hold insider equity holdings in multiple companies (portfolio insiders). I hypothesize that information can be garnered not only from their trades (e.g., an insider sale of firm A on day t), but from their not-traded securities (e.g. the insider's decision not to sell firms B and C on day t). Specifically, an insider's decision not to sell (purchase) security B at the time of the sale (purchase) of security A, is a positive (negative) signal for security B, the not-sold (not-bought) security. The paper presents three major empirical findings. First, portfolio insider not-sold securities following a sale earn large risk-adjusted returns outperforming the not-purchased securities following a purchase. Second, portfolio insiders' purchases are more informative than single-firm insiders' purchases. Finally, the results suggest that abnormal returns associated with insider purchases result from markets reacting to the revelation of the insider purchase while abnormal returns associated with not-sold securities appear to result from insiders delaying sales prior to positive firm-specific events.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2018
538 $a Mode of access: World Wide Web
650 4 $a Finance. $3 559073
650 4 $a Economics. $3 555568
655 7 $a Electronic books. $2 local $3 554714
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