معاملات داخلی و درک ورشکستگی بازار سهام
|کد مقاله||سال انتشار||مقاله انگلیسی||ترجمه فارسی||تعداد کلمات|
|48901||2002||11 صفحه PDF||سفارش دهید||4495 کلمه|
Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)
Journal : Journal of Economics and Business, Volume 54, Issue 5, September–October 2002, Pages 525–535
There is evidence that the stock market’s first perception of a bankruptcy, indicated by a decrease in the mean of stock returns, may occur in advance of the actual filing date. In this paper, we examine insider transactions around the month when the market anticipates the bankruptcy and then around the month when the bankruptcy filing is announced. Our results show that the insiders sell their shareholdings prior to the anticipation of the bankruptcy by the investors. We also find that insiders do not sell around the filing month for firms that are perceived to be bankrupt well in advance.