haku: @author John, K. / yhteensä: 20
viite: 9 / 20
| Tekijä: | John, K. Lang, L.H.P. |
| Otsikko: | Insider trading around dividend annoucements: theory and evidence |
| Lehti: | Journal of Finance
1991 : SEP, VOL. 46:4, p. 1361-1389 |
| Asiasana: | INSIDER TRADING DIVIDENDS SHARE PRICES |
| Kieli: | eng |
| Tiivistelmä: | The informational role of strategic insider trading around corporate dividend announcements is studied based on the efficient equilibrium in a signalling model with endogenous inside trading. Insider trading immediately prior to the announcement of dividend initiations has significant explanatory power. For firms with insider selling prior to the dividend initiation announcement, the excess returns are negative and significantly lower than for the remaining firms. Dividend increase may elicit a positive or negative stock price response depending on the firm's investment opportunities. |
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