Insider Trading in the OTC Market

JI‐CHAI ‐C LIN, JOHN S. HOWE

研究成果: 雜誌貢獻期刊論文同行評審

181 引文 斯高帕斯(Scopus)

摘要

In this paper, we examine the profitability of insider trading in firms whose securities trade in the OTC/NASDAQ market. Although the evidence suggests timing and forecasting ability on the part of insiders, high transaction costs (especially bid‐ask spreads) appear to eliminate the potential for positive abnormal returns from active trading. By implication, outside investors who mimic the trading of insiders are also precluded from earning abnormal profits. In addition, we provide evidence on the determinants of insiders' profits. The data suggest that insiders closer to the firm trade on more valuable information than insiders removed from the firm. 1990 The American Finance Association

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頁(從 - 到)1273-1284
頁數12
期刊The Journal of Finance
45
發行號4
DOIs
出版狀態已出版 - 9月 1990

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