haku: @author Hyland, D. C. / yhteensä: 2
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| Tekijä: | Hyland, D. C. Sarkar, S. K. Tripathy, N. |
| Otsikko: | Insider Trading When an Underlying Option Is Present |
| Lehti: | Financial Analysts' Journal
2003 : MAY-JUN, VOL. 59:3, p. 69-77 |
| Asiasana: | PORTFOLIO MANAGEMENT DISCLOSURE INSIDER TRADING OPTIONS |
| Kieli: | eng |
| Tiivistelmä: | The authors analyze cross-sectional differences in insider trading patterns and stock price reactions to insider trades in optioned and nonoptioned stocks. Options markets provide several practical advantages to informed traders. They used insider trading data on optioned and nonoptioned stocks from the U.S. SEC's Ownership Reporting System summary files. The results indicate that, as a percentage of total trading volume, the average level of insider trading is lower in optioned stocks than in nonoptioned stocks. These results persisted even after differences in size and trading volume between the two samples had been accounted for. They also estimated and compared for optioned and nonoptioned stocks the excess returns in and after months with intensive insider trading. |
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