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Why do insiders trade?: Evidence based on unique data on Swedish insiders
Department of Accounting and Finance, University of Oulu, Oulu, Finland.
Umeå universitet, Samhällsvetenskapliga fakulteten, Handelshögskolan vid Umeå universitet (USBE).
Umeå universitet, Samhällsvetenskapliga fakulteten, Institutionen för nationalekonomi.
2009 (engelsk)Inngår i: Journal of Accounting & Economics, ISSN 0165-4101, E-ISSN 1879-1980, Vol. 48, nr 1, s. 37-53Artikkel i tidsskrift (Fagfellevurdert) Published
Abstract [en]

In this paper, we examine if corporate insiders have other motives for trading besides exploitation of private information. Our results show that insiders’ portfolio re- balancing objectives, tax considerations and behavioral biases play the most important role in their trading decisions. We also find that insiders who have allocated a great (small) proportion of their wealth to insider stock sell more (less) before bad news earnings disclosures. Finally, insider selling is informative for future returns among those insiders who have the greatest proportion of wealth allocated to insider stocks.

sted, utgiver, år, opplag, sider
Elsevier , 2009. Vol. 48, nr 1, s. 37-53
Emneord [en]
Insider trading, Behavioral finance, Stock market
HSV kategori
Forskningsprogram
nationalekonomi; företagsekonomi
Identifikatorer
URN: urn:nbn:se:umu:diva-44236DOI: 10.1016/j.jacceco.2009.06.002OAI: oai:DiVA.org:umu-44236DiVA, id: diva2:419519
Tilgjengelig fra: 2011-05-27 Laget: 2011-05-27 Sist oppdatert: 2018-06-08bibliografisk kontrollert

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