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How directors trade and learn during takeovers

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  • Chang, Millicent
  • Yu, Jing
  • Adamson, William

Abstract

•Compared to schemes, target directors engage in less buying in bids•Compared to schemes, acquirer directors engage in less selling in bids•Payment method does not affect preannouncement director trading•Directors learn from market reaction and target director trading in bid withdrawal

Suggested Citation

  • Chang, Millicent & Yu, Jing & Adamson, William, 2018. "How directors trade and learn during takeovers," Pacific-Basin Finance Journal, Elsevier, vol. 51(C), pages 184-197.
    • Handle: RePEc:eee:pacfin:v:51:y:2018:i:c:p:184-197
    DOI: 10.1016/j.pacfin.2018.07.001
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