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Article: Are corporate managers savvy about their stock price? Evidence from insider trading after earnings announcements

TitleAre corporate managers savvy about their stock price? Evidence from insider trading after earnings announcements
Authors
KeywordsInsider Trading
Market Timing
Post-Earnings Announcement Drift
Underreaction Anomolies
Issue Date2010
PublisherElsevier Inc. The Journal's web site is located at http://www.elsevier.com/locate/jaccpubpol
Citation
Journal Of Accounting And Public Policy, 2010, v. 29 n. 1, p. 27-44 How to Cite?
AbstractWe find that insiders trade as if they exploit market underreaction to earnings news, buying (selling) after good (bad) earnings announcements when the price reaction to the announcement is low (high). We also find that insider trades attributable to public information about earnings and the price reaction generate abnormal returns. By demonstrating that managers spot market underreaction to earnings news, our results imply that managers are savvy about their company's stock price. © 2009.
Persistent Identifierhttp://hdl.handle.net/10722/178041
ISSN
2015 Impact Factor: 1.317
2015 SCImago Journal Rankings: 1.030
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authorKolasinski, Aen_US
dc.contributor.authorLi, Xen_US
dc.date.accessioned2012-12-19T09:41:39Z-
dc.date.available2012-12-19T09:41:39Z-
dc.date.issued2010en_US
dc.identifier.citationJournal Of Accounting And Public Policy, 2010, v. 29 n. 1, p. 27-44en_US
dc.identifier.issn0278-4254en_US
dc.identifier.urihttp://hdl.handle.net/10722/178041-
dc.description.abstractWe find that insiders trade as if they exploit market underreaction to earnings news, buying (selling) after good (bad) earnings announcements when the price reaction to the announcement is low (high). We also find that insider trades attributable to public information about earnings and the price reaction generate abnormal returns. By demonstrating that managers spot market underreaction to earnings news, our results imply that managers are savvy about their company's stock price. © 2009.en_US
dc.languageengen_US
dc.publisherElsevier Inc. The Journal's web site is located at http://www.elsevier.com/locate/jaccpubpolen_US
dc.relation.ispartofJournal of Accounting and Public Policyen_US
dc.subjectInsider Tradingen_US
dc.subjectMarket Timingen_US
dc.subjectPost-Earnings Announcement Driften_US
dc.subjectUnderreaction Anomoliesen_US
dc.titleAre corporate managers savvy about their stock price? Evidence from insider trading after earnings announcementsen_US
dc.typeArticleen_US
dc.identifier.emailLi, X: xuli1@hku.hken_US
dc.identifier.authorityLi, X=rp01615en_US
dc.description.naturelink_to_subscribed_fulltexten_US
dc.identifier.doi10.1016/j.jaccpubpol.2009.10.004en_US
dc.identifier.scopuseid_2-s2.0-73849145368en_US
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-73849145368&selection=ref&src=s&origin=recordpageen_US
dc.identifier.volume29en_US
dc.identifier.issue1en_US
dc.identifier.spage27en_US
dc.identifier.epage44en_US
dc.identifier.eissn1873-2070-
dc.identifier.isiWOS:000274649100002-
dc.publisher.placeUnited Statesen_US
dc.identifier.scopusauthoridKolasinski, A=25936384700en_US
dc.identifier.scopusauthoridLi, X=42961803500en_US
dc.identifier.citeulike6477691-

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