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Conference Paper: Insider trading and family firms

TitleInsider trading and family firms
Authors
Chan, LHLChen, TYHilary, G
Issue Date2010
PublisherAmerican Accounting Association.
Citation
The 2010 Annual Meeting of the American Accounting Association (AAA), San Francisco, CA., 31 July-4 August 2010. How to Cite?
AbstractCEOs of family firms in the S&P 1500, particularly those with founding CEOs, engage in more frequent insider trading, and make larger insider trades, than do the CEOs of non-family firms. Moreover, the trades made by founding CEOs 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/10722/127342

 

DC FieldValueLanguage
dc.contributor.authorChan, LHLen_HK
dc.contributor.authorChen, TYen_HK
dc.contributor.authorHilary, Gen_HK
dc.date.accessioned2010-10-31T13:19:55Z-
dc.date.available2010-10-31T13:19:55Z-
dc.date.issued2010en_HK
dc.identifier.citationThe 2010 Annual Meeting of the American Accounting Association (AAA), San Francisco, CA., 31 July-4 August 2010.en_HK
dc.identifier.urihttp://hdl.handle.net/10722/127342-
dc.description.abstractCEOs of family firms in the S&P 1500, particularly those with founding CEOs, engage in more frequent insider trading, and make larger insider trades, than do the CEOs of non-family firms. Moreover, the trades made by founding CEOs 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.publisherAmerican Accounting Association.-
dc.relation.ispartofAnnual Meeting of the American Accounting Association-
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.identifier.hkuros172296en_HK
dc.description.otherThe 2010 Annual Meeting of the American Accounting Association (AAA), San Francisco, CA., 31 July-4 August 2010.-

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