Abstract

http://ssrn.com/abstract=415680
 
 

References (14)



 
 

Citations (6)



 


 



Evidence on Quasi-Private Information and Insider Trading


Martha L. Carter


Institutional Shareholder Services

Sattar Mansi


Virginia Polytechnic Institute & State University

David M. Reeb


National University of Singapore

March 24, 2009

Financial Analysts Journal, Vol. 59, No. 3, May/June 2003

Abstract:     
We investigated the informational content of corporate insider buying activity and concluded that the market impact of insider transactions varies with the length of interval between insider buy transactions and the disclosure of information to the public. Analysis of a sample obtained from the Washington Services Insider Trade database indicates that (1) the informational content of insider transactions leaks out prior to the U.S. SEC announcement, (2) information leakage is positively associated with the length of the interval between the insider buying activity and the SEC announcement, (3) information leakage for CEOs and other officers differs only marginally, and (4) those insiders with the longest delay in reporting have the greatest total impact on stock prices. Our findings suggest that insiders are able to use their disclosure timing to manipulate the stock-price impact of their buying activity.

Number of Pages in PDF File: 22

Keywords: Portfolio Management, equity strategies, Portfolio Management, trading and execution

Accepted Paper Series


Download This Paper

Date posted: September 30, 2003 ; Last revised: April 21, 2014

Suggested Citation

Carter, Martha L. and Mansi, Sattar and Reeb, David M., Evidence on Quasi-Private Information and Insider Trading (March 24, 2009). Financial Analysts Journal, Vol. 59, No. 3, May/June 2003. Available at SSRN: http://ssrn.com/abstract=415680

Contact Information

Martha L. Carter (Contact Author)
Institutional Shareholder Services ( email )
2099 Gaither Road, Suite 501
Rockville, MD 20850
United States
Sattar Mansi
Virginia Polytechnic Institute & State University ( email )
David M. Reeb
National University of Singapore ( email )
Mochtar Riady Building
15 Kent Ridge Drive
Singapore, 119245
Singapore
HOME PAGE: http://https://apps-bschool.nus.edu.sg/asp/staffprofile/cv.asp?id=2422
Feedback to SSRN


Paper statistics
Abstract Views: 821
Downloads: 82
Download Rank: 38,627
References:  14
Citations:  6

© 2014 Social Science Electronic Publishing, Inc. All Rights Reserved.  FAQ   Terms of Use   Privacy Policy   Copyright   Contact Us
This page was processed by apollo5 in 0.297 seconds