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政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 > Item 140.119/117576

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/117576

Title:	Insider Trading and Firm Performance Following Open Market Share Repurchase Announcements
Authors:	陳聖賢;黃嘉威 Chen, Hsuan-Chi Chen, Sheng-Syan Huang, Chia-Wei Schatzberg, John D.
Contributors:	財管系
Keywords:	open market repurchases (OMR);insider trading;long-run performance
Date:	2014-01
Issue Date:	2018-06-11 18:20:53 (UTC+8)
Abstract:	The long‐run performance of equity securities subsequent to announcements of open market repurchases (OMR) remains a contentious topic. In this paper we propose the “dichotomous expectations hypothesis” which posits that insider trading following share repurchase announcements reveals private information concerning the future operating performance of announcing firms. In particular, insider abnormal purchases (abnormal sales) should predict an improvement (decline) in operating performance that leads to higher (lower) long‐run stock returns. Our hypothesis offers a credible economic link between insider trading and subsequent long‐run stock performance through the intervening variable of operating performance. The empirical results show consistency with this linkage.
Relation:	Journal of Business Finance and Accounting, Vol.41, No.1&2, pp.156-184
Data Type:	article
DOI 連結:	http://dx.doi.org/10.1111/jbfa.12059
DOI:	10.1111/jbfa.12059
Appears in Collections:	[財務管理學系] 期刊論文

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