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Conference Paper: Insider trading and family firms

TitleInsider trading and family firms
Authors
Issue Date2010
PublisherEuropean Finance Association.
Citation
The 37th Annual Meeting of the European Finance Association (EFA), Frankfurt, Germany, 25-28 August 2010. How to Cite?
AbstractWe find that CEOs of S&P 1500 family firms, founding CEOs in particular, are more active stock traders than are the CEOs of non-family firms. Importantly, the stock trades made by founding CEOs (and, to a lesser extent, those made by founders’ descendants) are more profitable than those made by the CEOs of non-family firms. This finding is more pronounced for family firms that are difficult to value or that have poor corporate governance. Founding CEOs’ excess stock trading returns arise both from trades made before earnings surprises and those made outside earnings announcement periods. Finally, founding CEOs’ trades forecast their company’s future stock returns better than those made by the CEOs of non-family firms.
Persistent Identifierhttp://hdl.handle.net/10722/127341

 

DC FieldValueLanguage
dc.contributor.authorChan, LHLen_HK
dc.contributor.authorChen, TYen_HK
dc.contributor.authorHilary, Gen_HK
dc.date.accessioned2010-10-31T13:19:51Z-
dc.date.available2010-10-31T13:19:51Z-
dc.date.issued2010en_HK
dc.identifier.citationThe 37th Annual Meeting of the European Finance Association (EFA), Frankfurt, Germany, 25-28 August 2010.en_HK
dc.identifier.urihttp://hdl.handle.net/10722/127341-
dc.description.abstractWe find that CEOs of S&P 1500 family firms, founding CEOs in particular, are more active stock traders than are the CEOs of non-family firms. Importantly, the stock trades made by founding CEOs (and, to a lesser extent, those made by founders’ descendants) are more profitable than those made by the CEOs of non-family firms. This finding is more pronounced for family firms that are difficult to value or that have poor corporate governance. Founding CEOs’ excess stock trading returns arise both from trades made before earnings surprises and those made outside earnings announcement periods. Finally, founding CEOs’ trades forecast their company’s future stock returns better than those made by the CEOs of non-family firms.-
dc.languageengen_HK
dc.publisherEuropean Finance Association.-
dc.relation.ispartofAnnual Meeting of the European Finance Association-
dc.rightsCreative Commons: Attribution 3.0 Hong Kong License-
dc.titleInsider trading and family firmsen_HK
dc.typeConference_Paperen_HK
dc.identifier.emailChan, LHL: lchan@business.hku.hken_HK
dc.identifier.emailChen, TY: acty@ust.hk-
dc.identifier.emailHilary, G: hilary@hec.fr-
dc.identifier.authorityChan, LHL=rp01048en_HK
dc.description.naturepostprint-
dc.identifier.hkuros172654en_HK
dc.description.otherThe 37th Annual Meeting of the European Finance Association (EFA), Frankfurt, Germany, 25-28 August 2010.-

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