The dog that did not bark: Insider trading and crashes
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- dc.contributor.author Marín, José M.ca
- dc.contributor.author Olivier, Jacques P.ca
- dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
- dc.date.accessioned 2017-07-26T10:50:22Z
- dc.date.available 2017-07-26T10:50:22Z
- dc.date.issued 2006-03-01
- dc.date.modified 2017-07-23T02:10:26Z
- dc.description.abstract This paper documents that at the individual stock level insiders sales peak many months before a large drop in the stock price, while insiders purchases peak only the month before a large jump. We provide a theoretical explanation for this phenomenon based on trading constraints and asymmetric information. We test our hypothesis against competing stories such as patterns of insider trading driven by earnings announcement dates, or insiders timing their trades to evade prosecution. Finally we provide new evidence regarding crashes and the degree of information asymmetry.
- dc.format.mimetype application/pdfca
- dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=948
- dc.identifier.uri http://hdl.handle.net/10230/817
- dc.language.iso eng
- dc.relation.ispartofseries Economics and Business Working Papers Series; 948
- dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
- dc.rights.accessRights info:eu-repo/semantics/openAccess
- dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
- dc.subject.keyword insider trading
- dc.subject.keyword rational expectations equilibrium
- dc.subject.keyword trading constraints
- dc.subject.keyword volatility
- dc.subject.keyword crashes
- dc.subject.keyword Finance and Accounting
- dc.title The dog that did not bark: Insider trading and crashesca
- dc.type info:eu-repo/semantics/workingPaper