THE REACTION OF INVESTORS AND STOCK-PRICES TO INSIDER TRADING

被引：137

作者：

CORNELL, B ^{[1
]}

SIRRI, ER ^{[1
]}

机构：

[1] HARVARD UNIV,SCH BUSINESS,CAMBRIDGE,MA 02138

来源：

JOURNAL OF FINANCE | 1992年 / 47卷 / 03期

关键词：

D O I：

10.2307/2328976

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Trading by corporate insiders and their tippees is analyzed in Anheuser-Busch's 1982 tender offer for Campbell Taggart. Court records that identify insider transactions are used to disentangle the individual insider trades from liquidity trades. Consistent with previous studies, insider trading was found to have had a significant impact on the price of Campbell Taggart. However, the impact of informed trading on the market is complicated. Trading volume net of insider purchases rose. Contrary to the broad implications of adverse selection models, Campbell Taggart's liquidity improved when the insiders were active in the market, and the insiders received superior execution for their orders.

引用

页码：1031 / 1059

页数：29

共 24 条

[1] A Theory of Intraday Patterns: Volume and Price Variability [J].