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Author: | Hirschey, M. Zaima, J. K. |
Title: | Insider trading, ownership structure, and the market assessment of corporate sell-offs. |
Journal: | Journal of Finance
1989 : SEP, VOL. 44:4, p. 971-980 |
Index terms: | INSIDER TRADING COMPANY OWNERSHIP TENDER OFFERS FINANCIAL ANALYSIS |
Language: | eng |
Abstract: | It is found that the generally favourable assessment of corporate sell-off decisions is most apparent for closely held firms where insider net-buy activity is prevalent during the prior six-month period. This evidence suggests that insider trader activity and ownership structure information are used by the market in characterization of sell-off decisions as favourable or unfavourable to investors. |
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