search query: @author Bradley, Michael / total: 1
reference: 1 / 1
« previous | next »
| Author: | Seyhun, H. Nejat Bradley, Michael |
| Title: | Corporate bankruptcy and insider trading |
| Journal: | Journal of Business
1997 : APR, VOL. 70:2, p. 189-216 |
| Index terms: | BANKRUPTCY INSIDER TRADING |
| Language: | eng |
| Abstract: | The article documents that corporate insiders engage in significant sales of their firms' stock in the months and even years preceding a bankruptcy filing and thereby avoid significant capital losses. Selling is more intense for top executives and officers and insiders in general systematically sell stock before prices fall and buy stock after prices have fallen. Although trading may simply reflect an implicit compensation arrangement between insiders and stockholders, the significant sell-off does raise questions regarding managements' incentives to maximize shareholder wealth thorough the Chapter 11 process. |
« previous | next »
SCIMA