معاملات داخلی و درک ورشکستگی بازار سهام

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.