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Managers Opportunistic Trading Of Their Firms Shares
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Book Synopsis Managers' Opportunistic Trading of Their Firm's Shares by : John Scott Jordan
Download or read book Managers' Opportunistic Trading of Their Firm's Shares written by John Scott Jordan and published by . This book was released on 1997 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: Providing managers with stock in the firm may help ensure that managers act in the shareholders' interest. The level of managerial stock ownership, however, is not generally controlled by the firm's compensation committee. Rather, managers themselves determine the level of their stock holdings. To date, though, little evidence exists on managers' personal transactions and how these trades affect their overall equity holdings. This analysis provides insight on the trading practices of bank managers. I find that managers do not rely solely on the actions of a compensation committee to set their stock holdings. The assumption that managerial stock holdings are determined solely by the firm's compensation committee is shown to be inaccurate. I provide evidence that managerial open market purchases and sales are both primary determinants of the level of managerial stock holdings. I also show that managers alter their holdings in an opportunistic manner. In general, managers alter their stock holdings when their firm's prospects change. Managers consistently take advantage of private firm-specific information, earning positive abnormal returns on open market purchases while avoiding negative abnormal returns by making open market sales. Evidence suggests that opportunistic trading is most prevalent among managers who face the greatest exposure to their firm's nonsystematic risk. In general, managers appear to "fine tune" the proportion of their wealth that is sensitive to changes in firm value. In effect, this trading increases the rate of return and reduces the riskiness o.
Book Synopsis Managerial Insider Trading and Opportunism by : Mehmet Akbulut
Download or read book Managerial Insider Trading and Opportunism written by Mehmet Akbulut and published by . This book was released on 2007 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines whether managers engage in opportunistic insider trading by measuring how their net open market purchases and holdings of own company stock change around acquisitions, seasoned equity offerings and share repurchases after controlling for their share and option holdings and noninformational motives for trading. On average, managers abnormally increase sales and reduce holdings around stock acquisitions and seasoned equity offerings but not around cash acquisitions and share repurchases. However the typical manager does not experience an economically significant change in ownership; more material ownership changes are limited to the subsets of the sample. These results suggest that the evidence for managerial opportunism is modest in magnitude and not pervasive in the sample.
Download or read book Working Paper Series written by and published by . This book was released on 1999 with total page 536 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Are Outside Director Trades Informative? Evidence from Acquiring Firms by : Rachel Gordon
Download or read book Are Outside Director Trades Informative? Evidence from Acquiring Firms written by Rachel Gordon and published by . This book was released on 2019 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: I show that nonroutine premerger trades by acquirer outside directors contain a significant amount of private information and indicate opportunistic trading on the information. I find that outside directors sell shares before less valuable deals and purchase shares before more value enhancing deals. Mergers with selling (buying) beforehand are associated with 22% lower (41% higher) announcement returns. Their trades are more informative than trades by other insiders, appear concentrated in harder-to-value firms, and intensify when more directors trade. Further, more outside directors appear to trade opportunistically in firms where the CEO has significant power, suggesting agency problems may exist.
Book Synopsis Investment Intelligence from Insider Trading by : H. Nejat Seyhun
Download or read book Investment Intelligence from Insider Trading written by H. Nejat Seyhun and published by MIT Press. This book was released on 2000-02-28 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt: Learn how to profit from information about insider trading. The term insider trading refers to the stock transactions of the officers, directors, and large shareholders of a firm. Many investors believe that corporate insiders, informed about their firms' prospects, buy and sell their own firm's stock at favorable times, reaping significant profits. Given the extra costs and risks of an active trading strategy, the key question for stock market investors is whether the publicly available insider-trading information can help them to outperform a simple passive index fund. Basing his insights on an exhaustive data set that captures information on all reported insider trading in all publicly held firms over the past twenty-one years—over one million transactions!—H. Nejat Seyhun shows how investors can use insider information to their advantage. He documents the magnitude and duration of the stock price movements following insider trading, determinants of insiders' profits, and the risks associated with imitating insider trading. He looks at the likely performance of individual firms and of the overall stock market, and compares the value of what one can learn from insider trading with commonly used measures of value such as price-earnings ratio, book-to-market ratio, and dividend yield.
Book Synopsis Corporate Governance in Banking and Investor Protection by : Belén Díaz Díaz
Download or read book Corporate Governance in Banking and Investor Protection written by Belén Díaz Díaz and published by Springer. This book was released on 2018-01-02 with total page 348 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the status quo of corporate governance in banking and investor protection from both theoretical and practical perspectives. Bringing together original conclusions with a regional and international focus, it provides a timely and comprehensive overview of the effectiveness of corporate governance in the financial sector and an assessment of investor protection. It also includes a number of examples and case studies to illustrate the findings. The book compares corporate governance in the banking and financial industries before and after the financial crisis, and helps to evaluate the effect of the recommendations and regulations that have been developed in the interim.
Book Synopsis Advances in Quantitative Analysis of Finance and Accounting (New Series) Vol．14 by : Cheng F. Lee
Download or read book Advances in Quantitative Analysis of Finance and Accounting (New Series) Vol．14 written by Cheng F. Lee and published by Center for PBBEFR & Airiti Press. This book was released on 2016-01-01 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Advances in Quantitative Analysis of Finance and Accounting (New Series) is an annual publication designed to disseminate developments in the quantitative analysis of finance and accounting. The publication is a forum for statistical and quantitative analyses of issues in finance and accounting as well as applications of quantitative methods to problems in financial management, financial accounting, and business management. The objective is to promote interaction between academic research in finance and accounting and applied research in the financial community and the accounting profession.
Book Synopsis Corporate Fraud Exposed by : H. Kent Baker
Download or read book Corporate Fraud Exposed written by H. Kent Baker and published by Emerald Group Publishing. This book was released on 2020-10-09 with total page 323 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate Fraud Exposed uncovers the motivations and drivers of fraud including agency theory, executive compensation, and organizational culture. It delves into the consequences of fraud for various firm stakeholders, and its spillover effects on other corporations, the political environment, and financial market participants.
Book Synopsis Employee Stock Option Compensation by : Florian Wolff
Download or read book Employee Stock Option Compensation written by Florian Wolff and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 263 pages. Available in PDF, EPUB and Kindle. Book excerpt: Florian Wolff analyses how executives perceive their stock options and how their personal expectations and risk preferences affect the value they assign to them. He shows that stock options may be worth their money because people behave irrationally.
Download or read book Kiplinger's Personal Finance written by and published by . This book was released on 2004-08 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: The most trustworthy source of information available today on savings and investments, taxes, money management, home ownership and many other personal finance topics.
Book Synopsis Morality, Competition, and the Firm by : Joseph Heath
Download or read book Morality, Competition, and the Firm written by Joseph Heath and published by Oxford University Press. This book was released on 2014 with total page 425 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The essays by Joseph Heath collected in this volume collectively present a program in business ethics that he calls the "market failures" approach. They develop a theoretical framework that lies between two opposing positions in business ethics -- on one hand the "stakeholder" theory, which identifies moral obligations within an organization by identifying its key groups, and the self-explanatory "shareholder primacy" theory. Heath's "market failures" approach lies between these approaches and argues that firms should be guided by the ideal of a perfectly competitive market, and that ethical behavior in this context consists primarily in refraining from taking advantage of imperfections in existing markets. Heath's approach puts particular emphasis on the market as a competitively structured interaction, with different duties owed to individuals inside and outside the firm, and explains why business managers cannot have fiduciary responsibilities toward every stakeholder group. His theory draws on recent work in adversarial ethics, welfare economics, agency theory, and the theory of the ferm, in order to provide an account of business ethics that can be integrated with recent thinking about corporate law and the normative basis of state regulation of the economy"--
Book Synopsis The Fruits of Opportunism by : Le Lin
Download or read book The Fruits of Opportunism written by Le Lin and published by University of Chicago Press. This book was released on 2022-10-07 with total page 255 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Like many parents in the US, parents in China, increasingly concerned with their children's academic performance, are turning to for-profit businesses to help their children get ahead in school. China's educational testing industry (ETI) is now the world's largest and most vibrant for-profit education market, with almost one-tenth of China's enormous population attending ETI classes every year. We see the results in the US higher education system, as more than 70% of Chinese students studying in American universities have taken test-preparation classes for overseas standardized tests, such as the Test of English as a Foreign Language (TOEFL) and the Graduate Record Examination (GRE). In addition to telling an interesting educational story, sociologist Le Lin also tells a fascinating organizational one. A former insider at a Chinese ETI business, Lin shows how and why the Chinese educational testing industry evolved to become a for-profit industry dominated by private, formal, nationally operating, and globally financed corporations, despite restrictions the Chinese state placed on the industry. In addition to unpacking the industry-level evolution, he also probes the transformation at the organizational level: why do some organizations thrive while others fail during the transition to market capitalism? Lin answers these questions by looking closely at the opportunistic organizations that were founded by marginal entrepreneurs. He found that the more opportunistic practices, even those that did not always follow the law, thrived in this initially ambiguous industry. The marginal and opportunistic operators in the ETI implemented aggressive firing and hiring policies that kept a wide range of instructors available and even innovated new teaching practices that led to better student performance. The organizations that broke the rules were the ones that most often won the day. Ultimately, Lin shows that state policies against opportunistic practices unintentionally facilitated the domination of opportunists. As opportunists became rule-makers and diffused their practices across the industry, they pushed privatization and marketization from below. The case of Chinese ETI terrifically illustrates how opportunism is often destructive, but it can also be productive to the formation and function of a market"--
Book Synopsis Research on Professional Responsibility and Ethics in Accounting by : Tara J. Shawver
Download or read book Research on Professional Responsibility and Ethics in Accounting written by Tara J. Shawver and published by Emerald Group Publishing. This book was released on 2023-03-30 with total page 174 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 25th edition of Research on Professional Responsibility and Ethics in Accounting explores many aspects across professional responsibility and ethics in accounting, including balancing values vs profits, whistleblowing, earnings management, ethical financial reporting, and moral identity.
Book Synopsis Efficiently Inefficient by : Lasse Heje Pedersen
Download or read book Efficiently Inefficient written by Lasse Heje Pedersen and published by Princeton University Press. This book was released on 2019-09-17 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt: Efficiently Inefficient describes the key trading strategies used by hedge funds and demystifies the secret world of active investing. Leading financial economist Lasse Heje Pedersen combines the latest research with real-world examples and interviews with top hedge fund managers to show how certain trading strategies make money - and why they sometimes don't. -- from back cover.
Book Synopsis SEC Docket by : United States. Securities and Exchange Commission
Download or read book SEC Docket written by United States. Securities and Exchange Commission and published by . This book was released on 2012 with total page 1456 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Inter-Organizational Information Systems and Business Management: Theories for Researchers by : Vaidya, Kishor
Download or read book Inter-Organizational Information Systems and Business Management: Theories for Researchers written by Vaidya, Kishor and published by IGI Global. This book was released on 2011-10-31 with total page 381 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This book highlights the most influential organizational theories and their applications in inter-organizational information systems, providing theories that have been consistently tested and proven to be valid over time"--
Book Synopsis Do-It-Yourself Hedge Funds by : Wayne Weddington
Download or read book Do-It-Yourself Hedge Funds written by Wayne Weddington and published by Business Plus. This book was released on 2009-01-09 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: Even with the recent upheaval and turmoil on Wall Street, it's still currently estimated that the hedge fund industry exceeds one trillion dollars in assets, and continues to expand. Hedge funds are all over the news, as their managers become multi-millionaires and seemingly come up with new, increasingly ostentatious ways to spend their massive fortunes. And until now, the average investor has been kept out of this world, being led to believe that one needs a MBA from a top university and millions of dollars to invest. In Do it Yourself Hedge Funds Wayne Weddington, a senior portfolio manager of one of the world's top hedge funds, demonstrates how one can learn to play this high-stakes game. In these times of uncertainty, everybody is looking for a way to maximum their investing strategies, and in Do it Yourself Hedge Funds, Weddington breaks down the complicated rules of hedging using easy-to-understand, real-life examples that can help you gain an investing edge. Weddington explains the basics of hedge funds in layman's terms, defines the words investors need to know, and lays out the necessary steps for investing in hedge funds. And even more importantly, he shows the ways in which hedge funds can go wrong. If you've ever wondered how these guys make their millions, Do it Yourself Hedge Funds is must reading.
