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Former Insiders' Trading.
~
Johannesson, Erik.
Former Insiders' Trading.
紀錄類型:
書目-語言資料,手稿 : Monograph/item
正題名/作者:
Former Insiders' Trading./
作者:
Johannesson, Erik.
面頁冊數:
1 online resource (71 pages)
附註:
Source: Dissertation Abstracts International, Volume: 79-09(E), Section: A.
Contained By:
Dissertation Abstracts International79-09A(E).
標題:
Accounting. -
電子資源:
click for full text (PQDT)
ISBN:
9780355868357
Former Insiders' Trading.
Johannesson, Erik.
Former Insiders' Trading.
- 1 online resource (71 pages)
Source: Dissertation Abstracts International, Volume: 79-09(E), Section: A.
Thesis (Ph.D.)--Columbia University, 2018.
Includes bibliographical references
Using detailed and unique data from Sweden, I show that former insiders trade profitably in the shares of companies with which they used to be affiliated. A trading strategy mimicking former insiders' trading behavior yields abnormal returns of 7.6% per year. These returns are primarily driven by post-separation purchases rather than by sales. They do not reflect general stock-picking skills: former insiders earn significantly lower abnormal returns when trading in companies with which they have no affiliation. I show that former insiders' informational advantage diminishes over time, but less so if they have ties to current insiders. The importance of such ties increases in the presence of value-relevant information. My results are consistent with former insiders benefiting from both a retained informational advantage and from inside information obtained post-separation when trading in inside stock.
Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2018
Mode of access: World Wide Web
ISBN: 9780355868357Subjects--Topical Terms:
561166
Accounting.
Index Terms--Genre/Form:
554714
Electronic books.
Former Insiders' Trading.
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Johannesson, Erik.
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Former Insiders' Trading.
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1 online resource (71 pages)
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Source: Dissertation Abstracts International, Volume: 79-09(E), Section: A.
500
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Adviser: Shivaram Rajgopal.
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Thesis (Ph.D.)--Columbia University, 2018.
504
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Includes bibliographical references
520
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Using detailed and unique data from Sweden, I show that former insiders trade profitably in the shares of companies with which they used to be affiliated. A trading strategy mimicking former insiders' trading behavior yields abnormal returns of 7.6% per year. These returns are primarily driven by post-separation purchases rather than by sales. They do not reflect general stock-picking skills: former insiders earn significantly lower abnormal returns when trading in companies with which they have no affiliation. I show that former insiders' informational advantage diminishes over time, but less so if they have ties to current insiders. The importance of such ties increases in the presence of value-relevant information. My results are consistent with former insiders benefiting from both a retained informational advantage and from inside information obtained post-separation when trading in inside stock.
533
$a
Electronic reproduction.
$b
Ann Arbor, Mich. :
$c
ProQuest,
$d
2018
538
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Mode of access: World Wide Web
650
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Accounting.
$3
561166
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Electronic books.
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554714
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ProQuest Information and Learning Co.
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79-09A(E).
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http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10808195
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click for full text (PQDT)
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