Publication in refereed journal
香港中文大学研究人员 ( 现职)
| 卓敏贤女士 (金融学系) |
| 苏伟文博士 |
| 范健强教授 (工商管理学院) |
全文
| 数位物件识别号 (DOI) http://dx.doi.org/10.1016/j.pacfin.2005.06.002 |
引用次数
Scopushttp://aims.cuhk.edu.hk/converis/portal/Publication/13Scopus source URL
其它资讯
摘要This paper examines the characteristics and price movements of legal insider transactions in Hong Kong. Abnormal returns are analyzed for intensive trading, as well as for samples grouped by industry classification, firm size, book-to-market ratio, price-earnings ratio, and relative trading volume of the insider transactions. Results show that insiders are able to earn abnormal profits from both buying and selling activities. The magnitude of and duration for abnormal profits depend significantly on firm-specific and transaction-specific factors. We also document the persistence of abnormal returns associated with insider sales, while abnormal profits associated with insider purchases are concentrated in certain transactions. ? 2005 Elsevier B.V. All rights reserved.
着者Cheuk M.-Y., Fan D.K., So R.W.
期刊名称Pacific-Basin Finance Journal
出版年份2006
月份1
日期1
卷号14
期次1
出版社Elsevier BV
出版地Netherlands
页次73 - 90
国际标準期刊号0927-538X
电子国际标準期刊号1879-0585
语言英式英语
关键词Hong Kong, Information asymmetry, Insider trading
