Evidence of strategic information uncertainty around opportunistic insider purchases

被引：6

作者：

Rahman, Dewan ^{[1
]}

Oliver, Barry ^{[1
]}

Faff, Robert ^{[1
]}

机构：

[1] Univ Queensland, Business Sch, Brisbane, Qld 4072, Australia

来源：

JOURNAL OF BANKING & FINANCE | 2020年 / 117卷

关键词：

Insider trading; Information uncertainty; Opportunistic CEOs; CROSS-SECTION; NEWS; TONE; PERFORMANCE; RETURNS; OPINION;

D O I：

10.1016/j.jbankfin.2020.105821

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We investigate whether CEOs strategically increase information uncertainty surrounding their insider stock purchases. We find that in the month before and during CEO stock purchases, information uncertainty in their news releases increases, which correlates with lower stock prices. This finding is not evident in the month after insider purchases and thus suggests CEOs' strategic behavior. Our key findings of strategic information uncertainty are confirmed using multi-faceted fixed effects regressions, a quasi-natural experimental design, and numerous other robustness checks. (C) 2020 Elsevier B.V. All rights reserved.

引用

页数：14

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