Insider trading returns and dividend signals
作者： Louis T.W. Cheng , Wallace N. Davidson , T.Y. Leung
DOI: 10.1016/J.IREF.2010.11.016
关键词: Economics 、 Enterprise value 、 Earnings 、 Insider trading 、 Insider 、 Dividend 、 Financial economics 、 Dividend policy 、 Information asymmetry 、 Proxy (statistics)
摘要: Abstract The literature shows that insider trading activities and dividends contain information content serve as signals to firm value. If return is a proxy for asymmetry, we should expect positive relation between returns. Using sample of unambiguous (good bad) news concerning earnings dividend announcements from Hong Kong firms, show asymmetry stronger bad firms with sales than good purchases. In addition, improve the methodology Khang King [Khang, K., & King, T. H. D. (2006). Does policy relate cross-sectional variation in asymmetry? Evidence returns trades. Financial Management , 35, 71–94] provide evidence credible signal measuring asymmetry.
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