Insider Trading, Ownership Structure, and the Market Assessment of Corporate Sell-Offs
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.
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Volume (Year): 44 (1989)
Issue (Month): 4 (September)
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