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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

Insider trading at the turn of the century: two essays

Boehmer, Ekkehart (contributor) - 2008

Insider trading may convey information to the market and promote accuratepricing of stocks. In this dissertation, I investigate insider trading at the turn of thecentury.In the first essay, I investigate insider trading activity in technology stocks duringthe high price - high volatility period...

Persistent link: https://www.econbiz.de/10009464877

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

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

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

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

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

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

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

Insider trading, growth opportunities and the market reaction to new financing announcements

Burton, Bruce; Lonie, A. Alasdair; Power, David - 2003

The paper examines three hypotheses about the effect of insider trading on the market response to new financing announcements (NFAs) using a sample of disclosures made by UK firms between 1989 and 1991. The study demonstrates first that no systematic relationships exist between the market...

Persistent link: https://www.econbiz.de/10009463537