"Net operating working capital captures multiple dimensions of firms' adjustments to operating and financial conditions. Sales growth, uncertainty of sales, costly external financing, and financial distress encourage firms to pursue more aggressive working capital strategies. Firms with greater...

type="main" <p>This paper investigates the information content of registered insider sales in the Seasoned Equity Offering (SEO) process from 1997 to 2009. We find that initial market reactions and long-run post-issue stock performance are negatively related to C-level executive insider sales, but...</p>