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Corporate Insiders and the Death of the Firm: Evidence on the Incidence of Insider Trading in Corporate Dissolutions

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  • Eyssell, Thomas H

Abstract

To date, little attention has been devoted to the relationship between the transactions of corporate insiders in the periods preceding corporate dissolutions and the form of dissolution taken. This study examines the transactions of corporate insiders preceding two forms of dissolution: bankruptcy and voluntary liquidation. The evidence suggests that prior to voluntary liquidations corporate insiders have been heavy net purchasers of their firms' shares. In contrast, heavy selling by corporate insiders was observed for a sample of firms that filed for bankruptcy. Copyright 1991 by MIT Press.

Suggested Citation

  • Eyssell, Thomas H, 1991. "Corporate Insiders and the Death of the Firm: Evidence on the Incidence of Insider Trading in Corporate Dissolutions," The Financial Review, Eastern Finance Association, vol. 26(4), pages 517-533, November.
    • Handle: RePEc:bla:finrev:v:26:y:1991:i:4:p:517-33
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    Cited by:

    1. Thomas H. Eyssell & James P. Reburn, 1993. "The Effects Of The Insider Trading Sanctions Act Of 1984: The Case Of Seasoned Equity Offerings," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 16(2), pages 161-170, June.
    2. Marsden, James R. & Alex Tung, Y., 1997. "Asymmetric information A laboratory experimental analysis," European Journal of Operational Research, Elsevier, vol. 99(2), pages 256-266, June.
    3. Jasmine Yur‐Austin, 1998. "Can insiders bail themselves out before private renegotiation?," Review of Financial Economics, John Wiley & Sons, vol. 7(2), pages 197-211.
    4. Tung, Y. Alex & Marsden, James R., 1998. "Test of market efficiencies using experimental electronic markets," Journal of Business Research, Elsevier, vol. 41(2), pages 145-151, February.
    5. Yur-Austin, Jasmine, 1998. "Can insiders bail themselves out before private renegotiation?," Review of Financial Economics, Elsevier, vol. 7(2), pages 197-211.

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