Insider Trading and the Dissemination of Firms' Forecast Information

摘要: It is generally supposed that corporate insiders have access to information superior of outsiders. Empirical work on insider trading by Jaffe (1974) and Finnerty (1976a, 1976b) has found do earn higher returns their shareholdings than outsiders, average. Further, in different managerial positions appear differential abnormal (Baesel Stein 1979).1 Investors subscribe services which summarize activity2 act the released SEC's Official Summary Insider Trading (Jaffe 1974). This evidence suggests indeed use firms' securities. paper investigates more directly link between observed also information-dissemination activities. The tests reported here examine security around time they make public announcements about