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Insider Trading, Ownership Structure, and the Market Assessment of Corporate Sell-Offs

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  • Hirschey, Mark
  • Zaima, Janis K

Abstract

This paper finds that the generally favorable assessment of corporate sell-off decisions is most apparent for closely-held firms where insider net-buy activity is prevalent during the prior six-month period. This suggests that insider-trader activity and ownership-structure information are used by the market in the characterization of sell-off decisions as favorable or unfavorable for investors. Copyright 1989 by American Finance Association.

Suggested Citation

  • Hirschey, Mark & Zaima, Janis K, 1989. " Insider Trading, Ownership Structure, and the Market Assessment of Corporate Sell-Offs," Journal of Finance, American Finance Association, vol. 44(4), pages 971-980, September.
  • Handle: RePEc:bla:jfinan:v:44:y:1989:i:4:p:971-80
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    Cited by:

    1. repec:kap:jrefec:v:55:y:2017:i:3:d:10.1007_s11146-016-9584-x is not listed on IDEAS
    2. Ozlem Akin & Nicholas S. Coleman & Christian Fons-Rosen & José-Luis Peydró, 2016. "Political connections: Evidence from insider trading around TARP," Economics Working Papers 1542, Department of Economics and Business, Universitat Pompeu Fabra, revised Apr 2018.
    3. Robert Hull & Sungkyu Kwak & Rosemary Walker, 2012. "Explanation for market response to seasoned equity offerings," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 36(3), pages 634-661, July.
    4. Thomas Lorenz Steiner, 1997. "The Corporate Sell-Off Decision Of Diversified Firms," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 20(2), pages 231-241, June.
    5. Shams, Syed M.M. & Duong, Huu Nhan & Singh, Harminder, 2016. "Information content of directors' trading around acquisitions," Pacific-Basin Finance Journal, Elsevier, vol. 38(C), pages 177-193.

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