Insider trading and performance of seasoned equity offering firms after controlling for exogenous trading needs |
| |
| Institution: | 1. University of Graz, Institute of Banking and Finance, Universitätsstrasse 15, Graz 8010, Austria;2. MCI The Entrepreneurial School, Department Business & Management, Universitätsstrasse 15, Innsbruck 6020, Austria;3. University of Graz, Institute of Banking and Finance, Universitätsstrasse 15, Graz 8010, Austria;1. University of Hamburg, Faculty of Business, Moorweidenstrasse 18, 20148 Hamburg, Germany;2. University of Vienna, Faculty of Business, Economics, and Statistics, Oskar-Morgenstern-Platz 1, 1090 Vienna, Austria;1. Division of Finance and Accounting, College of Economics and Management, South China Agricultural University, Guangzhou, China;2. Department of Applied Finance, Macquarie University, NSW 2109, Australia;3. School of Accountancy, QUT Business, Australia |
| |
| Abstract: | Insiders trade not only because they have private information about their companies but also because of other exogenous reasons. Therefore, it is important to control for exogenous trading needs in empirical studies regarding insider trading. Lee (1997) shows that insider trading is not closely related to the long-term performance of primary seasoned equity offering firms. This paper examines whether the results hold after controlling for exogenous needs to trade by using an inequality test with instrumental-variables technique. |
| |
| Keywords: | |
| 本文献已被 ScienceDirect 等数据库收录！ |
|
