Michael S. Rozeff (School of Management, University at Buffalo SUNY,) Mir A. Zaman (College of Business Administration, University of Northern Iowa)
Abstract
Insider transactions are not random across growth and value stocks. We find that insider buying climbs as stocks change from growth to value categories. Insider buying also is greater after low stock returns, and lower after high stock returns. These findings are consistent with a version of overreaction which says that prices of value stocks tend to lie below fundamental values, and prices of growth stocks tend to lie above fundamental values. Copyright The American Finance Association 1998.
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