Corporate Governance and Opportunistic Insider Trade
We study the effect of informed trading by U.S. executives on shareholder value. We develop a proxy of insider trading that is driven by management’s private information. We find that our proxy is negatively associated with future earnings performance and contemporaneous stock prices. Our proxy is a...
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| Main Authors: | , , |
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| Format: | text |
| Language: | English |
| Published: |
Institutional Knowledge at Singapore Management University
2009
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| Subjects: | |
| Online Access: | https://ink.library.smu.edu.sg/soa_research/2 http://aaahq.org/AM2009/abstract.cfm?submissionID=2051 |
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| Institution: | Singapore Management University |
| Language: | English |