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Is 'not-trading' informative? Eviden...

DeVault, Luke.

Is 'not-trading' informative? Evidence from corporate insiders' portfolios.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Is 'not-trading' informative? Evidence from corporate insiders' portfolios.
Author:	DeVault, Luke.
Published:	Ann Arbor : ProQuest Dissertations & Theses, 2016
Description:	61 p.
Notes:	Source: Dissertation Abstracts International, Volume: 77-11(E), Section: A.
Notes:	Adviser: Richard Sias.
Contained By:	Dissertation Abstracts International77-11A(E).
Subject:	Finance.
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10116361
ISBN:	9781339778150

Is 'not-trading' informative? Evidence from corporate insiders' portfolios.
DeVault, Luke.

Is 'not-trading' informative? Evidence from corporate insiders' portfolios. - Ann Arbor : ProQuest Dissertations & Theses, 2016 - 61 p.

Source: Dissertation Abstracts International, Volume: 77-11(E), Section: A.

Thesis (Ph.D.)--The University of Arizona, 2016.

Some corporate insiders hold insider equity holdings in multiple companies (portfolio insiders). I hypothesize that information can be garnered not only from their trades (e.g., an insider sale of firm A on day t), but from their not-traded securities (e.g. the insider's decision not to sell firms B and C on day t). Specifically, an insider's decision not to sell (purchase) security B at the time of the sale (purchase) of security A, is a positive (negative) signal for security B, the not-sold (not-bought) security. The paper presents three major empirical findings. First, portfolio insider not-sold securities following a sale earn large risk-adjusted returns outperforming the not-purchased securities following a purchase. Second, portfolio insiders' purchases are more informative than single-firm insiders' purchases. Finally, the results suggest that abnormal returns associated with insider purchases result from markets reacting to the revelation of the insider purchase while abnormal returns associated with not-sold securities appear to result from insiders delaying sales prior to positive firm-specific events.

ISBN: 9781339778150Subjects--Topical Terms:

183252
Finance.

Is 'not-trading' informative? Evidence from corporate insiders' portfolios.
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