Cao, Charles; Field, Laura Casares; Hanka, Gordon - In: Journal of Financial and Quantitative Analysis 39 (2004) 01, pp. 25-46
We test the hypothesis that insider trading impairs market liquidity by analyzing intraday trades and quotes around 1,497 IPO lockup expirations in the period 1995–1999. We find that, while lockup expirations are associated with considerable insider trading for some IPO firms, they have little...
