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Corporate Bankruptcy and Managers' Self-Serving Behavior

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  • Loderer, Claudio F
  • Sheehan, Dennis P
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    Abstract

    The authors investigate whether insiders of bankrupt firms hold less stock or reduce their stockholdings compared to what they observed for insiders of similar firms that do not go bankrupt. They find little evidence of such time-series and cross-sectional differences in spite of the fact that the stock value of bankrupt firms falls by more than 90 percent in the five years preceding bankruptcy. One implication of the results is that the amount of stock owned and the magnitude of the trades undertaken by corporate insiders of both bankrupt and nonbankrupt firms appear to provide no information about firm value. Copyright 1989 by American Finance Association.

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    Bibliographic Info

    Article provided by American Finance Association in its journal Journal of Finance.

    Volume (Year): 44 (1989)
    Issue (Month): 4 (September)
    Pages: 1059-75

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    Handle: RePEc:bla:jfinan:v:44:y:1989:i:4:p:1059-75

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    Cited by:
    1. Hubert Ooghe & Veerle De Vuyst, 2001. "The Anglo-Saxon versus the Continental European Corporate Governance Model: Empirical Evidence of Board Composition in Belgium," Vlerick Leuven Gent Management School Working Paper Series 2001-6, Vlerick Leuven Gent Management School.

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