View Item 

Show simple item record

Insider Trading after Repurchase Tender Offer Announcements: Timing versus Informed Trading
dc.contributor.authorLouis, Henocken_US
dc.contributor.authorSun, Amy X.en_US
dc.contributor.authorWhite, Halen_US
dc.date.accessioned2011-01-31T17:34:08Z
dc.date.available2011-05-04T18:52:58Zen_US
dc.date.issued2010-03en_US
dc.identifier.citationLouis, Henock; Sun, Amy X.; White, Hal; (2010). "Insider Trading after Repurchase Tender Offer Announcements: Timing versus Informed Trading." Financial Management 39(1): 301-322. <http://hdl.handle.net/2027.42/79151>en_US
dc.identifier.issn0046-3892en_US
dc.identifier.issn1755-053Xen_US
dc.identifier.urihttps://hdl.handle.net/2027.42/79151
dc.description.abstractAbnormally high net insider selling is commonly observed after repurchase tender offer (RTO) announcements although, on average, firms experience positive abnormal returns in the years after the repurchases. We explore two potential explanations: liquidity trade timing and informed trading. Consistent with the notion that fixed price RTOs are more likely than Dutch-auction RTOs to signal undervaluation, the results suggest that insider selling after fixed price RTO announcements are driven largely by insiders who time their trades with the repurchase announcements. In contrast, selling after Dutch-auction RTOs seems to be driven primarily by informed traders who exploit mispricing associated with the repurchase announcements.en_US
dc.format.extent191298 bytes
dc.format.extent3106 bytes
dc.format.mimetypeapplication/pdf
dc.format.mimetypetext/plain
dc.publisherBlackwell Publishing Asiaen_US
dc.titleInsider Trading after Repurchase Tender Offer Announcements: Timing versus Informed Tradingen_US
dc.typeArticleen_US
dc.rights.robotsIndexNoFollowen_US
dc.subject.hlbsecondlevelEconomicsen_US
dc.subject.hlbtoplevelBusinessen_US
dc.description.peerreviewedPeer Revieweden_US
dc.contributor.affiliationumHal White is an Assistant Professor of Accounting at the University of Michigan in Ann Arbor, MI.en_US
dc.contributor.affiliationotherHenock Louis is an Associate Professor of Accounting at Pennsylvania State University in University Park, PA.en_US
dc.contributor.affiliationotherAmy X. Sun is an Assistant Professor of Accounting at Pennsylvania State University in University Park, PA.en_US
dc.description.bitstreamurlhttp://deepblue.lib.umich.edu/bitstream/2027.42/79151/1/j.1755-053X.2010.01074.x.pdf
dc.identifier.doi10.1111/j.1755-053X.2010.01074.xen_US
dc.identifier.sourceFinancial Managementen_US
dc.owningcollnameInterdisciplinary and Peer-Reviewed


Files in this item

Name:
j.1755-053X.2010.01074.x.pdf
Size:
186.8KB
Format:
PDF
View/Open

Show simple item record

Remediation of Harmful Language

The University of Michigan Library aims to describe library materials in a way that respects the people and communities who create, use, and are represented in our collections. Report harmful or offensive language in catalog records, finding aids, or elsewhere in our collections anonymously through our metadata feedback form. More information at Remediation of Harmful Language.

Accessibility

If you are unable to use this file in its current format, please select the Contact Us link and we can modify it to make it more accessible to you.