Lockup Expiration, Insider Selling and Bid-Ask Spreads
Contrary to our expectation that lockup expiration should result in an exacerbation of the information asymmetry problem faced by market makers, we find an improvement in secondary market liquidity in the post-expiration period. For the subset of firms with reported insider sales during the 10-day p...
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| Main Authors: | , |
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| 格式: | text |
| 語言: | English |
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Institutional Knowledge at Singapore Management University
2008
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| 在線閱讀: | https://ink.library.smu.edu.sg/lkcsb_research/1083 https://doi.org/10.1016/j.iref.2007.06.005 |
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| 機構: | Singapore Management University |
| 語言: | English |