The Dog That Did Not Bark: Insider Trading and Crashes  

Oleh:

Marin, Jose M. ; Olivier, Jacques P.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 63 no. 5 (Oct. 2008), page 2429-2476.
Topik: Insider Trading; Crashes; The Individual Stock Level; Stock Price
Fulltext: p 2429.pdf (340.1KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

Lihat Detail Induk

Isi artikel

This paper documents that at the individual stock level, insiders' sales peak many months before a large drop in the stock price, while insiders' purchases peak only the month before a large jump. We provide a theoretical explanation for thuis phenomenon based on trading constraints and asymmetric information. A key feature of our theory is that rational uninformed investors may react more strongly to the absence of insider sales than to their presence (the "dog that did not bark" effect). We test our hypothesis against competing stories, such as insiders timing their trades to evade prosecution.

Opini Anda

Klik untuk menuliskan opini Anda tentang koleksi ini!

Kembali