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Seasoned Equity Offerings Managerial Opportunism And Insider Trading
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Book Synopsis Seasoned Equity Offerings, Managerial Opportunism, and Insider Trading by : Jan Jindra
Download or read book Seasoned Equity Offerings, Managerial Opportunism, and Insider Trading written by Jan Jindra and published by . This book was released on 2000 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: A major attribute of the United States capital markets is the separation of ownership and control. This separation gives insiders the opportunity to take advantage of private information not available to the market. The issue of whether insiders opportunistically take advantage of their private information is studied in two contexts: seasoned equity issues and earnings manipulation.
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.
Book Synopsis Earnings Management and Insider Trading Around Seasoned Equity Offerings by : Loretta Nartekie Baryeh
Download or read book Earnings Management and Insider Trading Around Seasoned Equity Offerings written by Loretta Nartekie Baryeh and published by ProQuest. This book was released on 2000 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Seasoned Equity Offerings, Insider Trading, the Signaling Hypothesis by : Young Hwan Lee
Download or read book Seasoned Equity Offerings, Insider Trading, the Signaling Hypothesis written by Young Hwan Lee and published by . This book was released on 1992 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Long-Run Performance and Insider Trading in Completed and Canceled Seasoned Equity Offerings by : Kathleen M. Kahle
Download or read book Long-Run Performance and Insider Trading in Completed and Canceled Seasoned Equity Offerings written by Kathleen M. Kahle and published by . This book was released on 2015 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides evidence on managerial motives for raising equity by examining long-run performance and insider trading around canceled and completed seasoned equity offerings (SEOs). Insider selling increases prior to completed and canceled SEOs, but declines afterward only for canceled offerings. For completed SEOs, pre-filing insider trading is related to long-run performance after completion. For canceled SEOs, pre-filing insider trading is related to stock performance between filing and cancellation. Finally, changes in insider trading around SEO filing effect the probability of cancellation. Overall, the evidence is consistent with insiders exploiting windows of opportunity by attempting to issue overvalued equity, and canceling theissue when the market reaction to the announcement eliminates the overvaluation.
Author :Craig G. (Craig Gordon) Dunbar Publisher :London : Richard Ivey School of Business, University of Western Ontario ISBN 13 :9780771421631 Total Pages :23 pages Book Rating :4.4/5 (216 download)
Book Synopsis Long-run Performance and Insider Trading in Completed Vs. Cancel[l]ed Seasoned Equity Offerings by : Craig G. (Craig Gordon) Dunbar
Download or read book Long-run Performance and Insider Trading in Completed Vs. Cancel[l]ed Seasoned Equity Offerings written by Craig G. (Craig Gordon) Dunbar and published by London : Richard Ivey School of Business, University of Western Ontario. This book was released on 1999 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Insider Trading written by Paul U. Ali and published by CRC Press. This book was released on 2008-08-22 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt: Insider trading has long been considered an endemic feature of the world's financial markets. It is unsurprising that the recent growth in mergers and acquisitions worldwide has been accompanied by a growth in insider trading, on a scale not witnessed since the 1980's takeovers boom. Insider Trading: Global Developments and Analysis brings together the latest law and finance research on insider trading. It provides expert coverage on the established US, European, and Asia-Pacific securities markets, as well as the key emerging markets of Brazil and the greater China region. Providing high interest and up-to-date content, the book features several recent cases, including that of Martha Stewart.
Book Synopsis Two Essays in Seasoned Equity Offerings by :
Download or read book Two Essays in Seasoned Equity Offerings written by and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Essay one investigates registered insider sales as stated in the final prospectus filed with the Securities and Exchange Commission (SEC) to test managerial market timing ability during the Seasoned Equity Offering (SEO) process. Using a comprehensive sample of 1,051 SEOs between 1997 and 2005, the findings suggest that the initial market reaction and the long-run post-issue performance of issuers are negatively related to C-level executive insider sales, but unrelated to sales by non-executive insiders. Overall, the findings are consistent with the notion that executive insiders are aware of the mispricing in their firm's securities and successfully time their sales by participating in the secondary components of SEOs. The implication is that SEOs with C-level executive sales are overvalued relative to both SEOs without insider sales and SEOs with only non-executive insider sales. In the second essay, we compare shareholder wealth effects of dual-class and single-class Seasoned Equity Offerings (SEOs) between 1997 and 2005. While there is no difference in pre-issue stock performance or the initial market reaction to the SEO announcements, dual-class issuers significantly underperform single-class issuers in the post-issue years. The mean three-year underperformance of dual-class firms relative to single-class is a significant 28.93% (30.45%) in buy-and-hold raw (abnormal) stock returns, and robust to alternative model specifications. We document that this relative long-run stock underperformance is related to differences in the impacts of post-issue capital expenditures and acquisitions for dual and single-class issuers. Similarly, post-issue corporate cash holdings also contribute less to the shareholder wealth for dual-class firms.
Book Synopsis Managerial Opportunism and Earnings Surprise: An Investigation of Insider Trading and Perceived Market Valuation Divergence by : Wen Yu
Download or read book Managerial Opportunism and Earnings Surprise: An Investigation of Insider Trading and Perceived Market Valuation Divergence written by Wen Yu and published by . This book was released on 2007 with total page 111 pages. Available in PDF, EPUB and Kindle. Book excerpt: The results of this study indicate managerial opportunism. When the market does not fully assess the valuation implication of accounting accruals, managerial insider trading (broadly conceived to include open market transactions and unscheduled stock-option grants) corresponds to buying or selling behavior associated with managers' private accounting information and the direction of market valuation divergence.
Book Synopsis Trading with the Insiders by : Jonathan Moreland
Download or read book Trading with the Insiders written by Jonathan Moreland and published by Bloomberg Press. This book was released on 2017-07-05 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: A detailed guide to profitably piggybacking on the trading moves made by corporate insiders Today, "insider data" is readily available for every publicly available stock. And while stories of illegal "insider trading" abound, the fact is that it is completely legal for corporate executives and directors to freely buy and sell shares of their own firm, as long as they report their transactions to the Securities and Exchange Commission (SEC). Given that company insiders presumably have a better handle on company performance and prospects than outside investors, these transactions may provide you with valuable clues about the future of the company's stock price. Now, in Trade with the Insiders, author Jonathan Moreland, an expert in the analysis of insider stock transaction data, reveals how you can use this information to improve your trading performance. This reliable resource will help investors track how "insiders" trade their own companies' shares by following the Form 4s filed at the SEC. Along the way, it will skillfully guide you through both the how's and why's of making the most of this profitable data stream. Describes how to distinguish between different types of insider transactions The author has used insider data as a major component in his stock recommendations, which have outperformed the S&P 500 index by more than fivefold over the last decade Discusses how to zero in on those transactions that are most likely indicative of a company's future prospects In today's dynamic market, actions speak louder than words. So if you want to improve your trading performance, look at the way corporate executives handle the shares of their company and turn those insights into profits for your portfolio.
Book Synopsis Does Insider Trading Always Increase Financial Friction? A Model of Equity Market with Information Asymmetry by : Ying Jiang
Download or read book Does Insider Trading Always Increase Financial Friction? A Model of Equity Market with Information Asymmetry written by Ying Jiang and published by . This book was released on 2017 with total page 10 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores the interaction between insider trading and seasoned equity offering in the context of Myers and Majluf (1984). Private information conveyed through trading activities may mitigate information asymmetry and improve capital market efficiency. Moreover, an insider has less incentive to hide information from the market as it may be revealed through the firm's financing decision.
Book Synopsis Opportunism as a Firm and Managerial Trait by : Usman Ali
Download or read book Opportunism as a Firm and Managerial Trait written by Usman Ali and published by . This book was released on 2018 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: These slides summarize a paper on opportunism by corporate insiders. We show that opportunistic insiders can be identified through the profitability of their trades prior to quarterly earnings announcements (QEAs), and that opportunistic trading is associated with various kinds of firm/managerial misconduct. A value-weighted trading strategy based on (not necessarily pre-QEA) trades of opportunistic insiders earns monthly 4-factor alphas of over 1% -- much higher than in past insider trading literature and substantial/significant even on the short side. Firms with opportunistic insiders have higher levels of earnings management, restatements, SEC enforcement actions, shareholder litigation, and executive compensation. These findings suggest that opportunism is a domain-general trait.See paper at a href="https://ssrn.com/abstract=2635257"https://ssrn.com/abstract=2635257
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 Introduction to Earnings Management by : Malek El Diri
Download or read book Introduction to Earnings Management written by Malek El Diri and published by Springer. This book was released on 2017-08-20 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides researchers and scholars with a comprehensive and up-to-date analysis of earnings management theory and literature. While it raises new questions for future research, the book can be also helpful to other parties who rely on financial reporting in making decisions like regulators, policy makers, shareholders, investors, and gatekeepers e.g., auditors and analysts. The book summarizes the existing literature and provides insight into new areas of research such as the differences between earnings management, fraud, earnings quality, impression management, and expectation management; the trade-off between earnings management activities; the special measures of earnings management; and the classification of earnings management motives based on a comprehensive theoretical framework.
Book Synopsis Proceedings of the 3rd International Conference on Economic Development and Business Culture (ICEDBC 2023) by : Shehnaz Tehseen
Download or read book Proceedings of the 3rd International Conference on Economic Development and Business Culture (ICEDBC 2023) written by Shehnaz Tehseen and published by Springer Nature. This book was released on 2023-10-27 with total page 821 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is an open access book.The 3rd International Conference on Economic Development and Business Culture (ICEDBC 2023) will be held in Dali on June 30–July 2, 2023. ICEDBC 2023 is annual conference since 2021. It was held in Xiamen, Dali from 2021 to 2022. Every year, there are many attendees from Asia, Europe, America, etc., and quite a few well-known experts give plenary speeches. Business culture is an organic and important part of the social culture system, it is the comprehensive reflection and expression of national culture and modern consciousness in business behavior, and is formed under the influence of national culture and modern consciousness with modern business characteristics and group consciousness as well as the behavior norms generated by this consciousness. For business, one hand on the economy, the other on culture, will certainly promote China's business towards modernization in a big step. The day when business culture is flourishing is the day when business economy is flourishing. Business culture plays a fundamental and decisive role in economic development, providing adequate basic support and supporting services for business activities. Business culture regulates business behavior, regulates business relationships, and influences the way of thinking in economic operation. Business culture promotes economic development through the shaping of people's pattern realm, entrepreneurship and integrity spirit. Business culture plays the role of "adhesive, catalyst and lubricant" for economic development by constructing and practicing value creation in business management and business transactions. ICEDBC2023 aims to explore the role of business culture in promoting economic development and to thoroughly analyze how to use its economic functions more effectively. ICEDBC 2023 warmly invite you to participate in and look forward to seeing you in Dali, China.
Book Synopsis Earnings Management by : Joshua Ronen
Download or read book Earnings Management written by Joshua Ronen and published by Springer Science & Business Media. This book was released on 2008-08-06 with total page 587 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a study of earnings management, aimed at scholars and professionals in accounting, finance, economics, and law. The authors address research questions including: Why are earnings so important that firms feel compelled to manipulate them? What set of circumstances will induce earnings management? How will the interaction among management, boards of directors, investors, employees, suppliers, customers and regulators affect earnings management? How to design empirical research addressing earnings management? What are the limitations and strengths of current empirical models?
Book Synopsis Dissertation Abstracts International by :
Download or read book Dissertation Abstracts International written by and published by . This book was released on 2000 with total page 630 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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