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Decomposing executive stock option exercises: Relative information and incentives to manage earnings
Veenman, David; Hodgson, Allan; van Praag, Bart; Zhang, Wei - 2011
This paper examines the information content of stock option exercises versus regular insider share trades by corporate executives. We argue that the asymmetric payoff structure of options makes managerial wealth - compared to holdings of shares - relatively more sensitive to stock price changes...
Persistent link: https://www.econbiz.de/10009448261
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Three Essays in Insider Trading.
Wang, Xuewu - 2008
This dissertation investigates insider trading around significant corporate information events. Chapter 1 tests the prediction of standard option pricing models that there is no relation between past stock returns and stock option prices. Using individual stock options data, we show that puts...
Persistent link: https://www.econbiz.de/10009476991
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Susijusių asmenų sandorių įtakos akcijų rinkos grąžai tyrimas: Lietuvos atvejis
Rumbutytė, Agnė - 2009
forthcoming in stock market fall period (2008). Insiders of large companies, managers and members of the executive board of non …-financial companies earn major abnormal return after their purchase transactions and insiders of small companies, managers and the …
Persistent link: https://www.econbiz.de/10009478894
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The interaction between informed and uninformed agents in securities markets
Wong, Brad - 2010
fund managers, regulators, market designers and, direct and indirect investors in securities markets.The first essay … examines the interaction between mutual fund managers and theinvestors that seek their services. Fund managers often incur …, primarily due to the fact that existing data on fund managers’ use of derivatives is imprecise. Using unique survey data which …
Persistent link: https://www.econbiz.de/10009480030
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Empirical Evidence on Economic and Financial Aspects of Intensive Insider Trading
Wisniewski, Tomasz Piotr - 2004
This thesis contributes to the literature by providing new insights into the patterns and market implications of insider trading. The inferences presented here are based on the insider trading reports filed with the Polish Securities and Exchange Commission and the New Zealand Exchange. First,...
Persistent link: https://www.econbiz.de/10009460738
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Cross-Listing, Close Bank-Firm Relationships and Ownership Structure: Empirical Evidence on Corporate Governance Mechanisms
Korczak, Adriana - 2006
Corporate governance aims to reduce expropriation of investors by managers. This thesis identifies and empirically … characteristic for emerging markets, including Poland, where large shareholders have the power to monitor managers and can act as a …
Persistent link: https://www.econbiz.de/10009460742
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Insider ownership and other explanations for the market response to seasoned equity offerings
Hull, Robert M.; Kwak, Sungkyu; Walker, Rosemary - 2010
Recent univariate seasoned equity offering (SEO) research investigates the valuation impact from the change in inside ownership levels that occurs when insiders use SEOs to lower their ownership levels. We extend this research by investigating if the change in inside ownership levels is a...
Persistent link: https://www.econbiz.de/10009462237
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Property transactions : a note on ethics
Robinson, Jon; Reed, Richard - 2003
Some activities that are applied in the property market to facilitate transactions have the potential to lead to unethical behaviour. Two conditions required for a sale price to be acceptable as market value are that the transaction is at arm’s length and the parties to the transaction are...
Persistent link: https://www.econbiz.de/10009484102
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Two essays on corporate finance
Parrino, Robert (contributor) - 2010
This dissertation consists of two essays on corporate finance. Essay one examines whether corporate governance affects firm performance after capital investments. I find that among firms with weak corporate governance, those with high abnormal capital investments have significantly lower stock...
Persistent link: https://www.econbiz.de/10009429353
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Evidence on UK directors' compliance with disclosure timing regulations
Balmforth, Brian; Burton, Bruce; Cross, Stuart; Power, David - 2007
Purpose – This study aims to examine the extent to which UK directors failed to report their share trading in the timeframe required by extant regulations in the run-up to the changes in insider trading law contained in the Financial Services and Markets Act. Design/methodology/approach –...
Persistent link: https://www.econbiz.de/10009463489