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    Title: Insider Trading and Firm Performance Following Open Market Share Repurchase Announcements
    Authors: 陳聖賢;黃嘉威
    Chen, Hsuan-Chi
    Chen, Sheng-Syan
    Huang, Chia-Wei
    Schatzberg, John D.
    Contributors: 財管系
    Keywords: open market repurchases (OMR);insider trading;long-run performance
    Date: 2014-01
    Issue Date: 2018-06-11 18:20:53 (UTC+8)
    Abstract: The long‐run performance of equity securities subsequent to announcements of open market repurchases (OMR) remains a contentious topic. In this paper we propose the “dichotomous expectations hypothesis” which posits that insider trading following share repurchase announcements reveals private information concerning the future operating performance of announcing firms. In particular, insider abnormal purchases (abnormal sales) should predict an improvement (decline) in operating performance that leads to higher (lower) long‐run stock returns. Our hypothesis offers a credible economic link between insider trading and subsequent long‐run stock performance through the intervening variable of operating performance. The empirical results show consistency with this linkage.
    Relation: Journal of Business Finance and Accounting, Vol.41, No.1&2, pp.156-184
    Data Type: article
    DOI link: http://dx.doi.org/10.1111/jbfa.12059
    DOI: 10.1111/jbfa.12059
    Appears in Collections:[Department of Finance] Periodical Articles

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