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  1. Corporate transactions in hard-to-value stocks
    Author: Ben-David, Itzhak; Kim, Byungwook; Moussawi, Hala; Roulstone, Darren
    Published: November 16, 2021
    Publisher:  The Ohio State University, Fisher College of Business, Charles A. Dice Center for Research in Financial Economics, [Columbus, Ohio]

    Hard-to-value stocks provide opportunities for managers to exploit their informational advantage through trading on their firms' and their own personal accounts. In contrast to the prediction that such transactions reflect private information about... more

    Access:
    Verlag (kostenfrei)

    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    Keine Rechte
    Inter-library loan:
    No inter-library loan

     

    Hard-to-value stocks provide opportunities for managers to exploit their informational advantage through trading on their firms' and their own personal accounts. In contrast to the prediction that such transactions reflect private information about future events, they are contrarian and heavily depend on past returns. Corporate transactions in hard-to-value stocks outperform those in easy-to-value stocks in the early part of our sample, but this difference disappears after 2002, coinciding with a general decline in the profitability of stock market anomalies. Our evidence is consistent with managers' perception of mispricing, rather than private information, being a key motivator of their transactions

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working papers series / Charles A. Dice Center for Research in Financial Economics ; WP 2021, 16
    Fisher College of Business working paper series ; WP 2021-03, 16
    Subjects: insiders; repurchases; seasoned equity offerings; private information; mispricing
    Scope: 1 Online-Ressource (circa 54 Seiten), Illustrationen
  2. Mavericks, universal, and common owners
    the largest shareholders of U.S. public firms
    Author: Amel-Zadeh, Amir; Kasperk, Fiona; Schmalz, Martin C.
    Published: September 2022
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    We construct a novel data set to show that, between 2003-2020, up to one-fifth of America's largest firms had a non-financial blockholder or insider as their largest shareholder. Blockholders and insiders tend to be less diversified than... more

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    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 63
    Inter-library loan:
    No inter-library loan

     

    We construct a novel data set to show that, between 2003-2020, up to one-fifth of America's largest firms had a non-financial blockholder or insider as their largest shareholder. Blockholders and insiders tend to be less diversified than institutional investors. Measures of "universal" and "common" ownership of firms are therefore lower than previously believed based on analyses of institutional investors' holdings alone, and the heterogeneity in ownership structures across firms is greater. Consolidation in the asset management industry increases universal ownership and common ownership of industry rivals. Extant results claiming indexing alone explains the rise of universal ownership cannot be confirmed with the new, more comprehensive data.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/265961
    Series: CESifo working paper ; no. 9926 (2022)
    Subjects: common ownership; institutional ownership; blockholders; insiders; antitrust; governance
    Scope: 1 Online-Ressource (circa 50 Seiten), Illustrationen
  3. Can insider power affect employment?
    Author: Díaz-Vázquez, Pilar; Snower, Dennis J.
    Published: 2009
    Publisher:  ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft, Kiel

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/2992
    Parent title: In: German economic review, ISSN: 1465-6485, Blackwell, Oxford, 2003, Volume: 4, Issue: 2, Pages: 139-150
    RVK Categories: QB 910
    Subjects: Lohnstruktur; Insider-Outsider-Theorie; Stellensuche; Reservationslohn; Marktmacht; Theorie
    Other subjects: (stw)Lohnstruktur; (stw)Insider-Outsider-Theorie; (stw)Arbeitsuche; (stw)Anspruchslohn; (stw)Marktmacht; (stw)Theorie; jel:J21; jel:J23; jel:J31; jel:J32; jel:J33; Employment; Wage determination; market power; insiders; hiring and firing costs; Lohnstruktur (STW); Insider-Outsider-Modell (STW); Arbeitsuche (STW); Anspruchslohn (STW); Marktmacht (STW); Theorie (STW); Arbeitspapier; Graue Literatur
    Scope: Online-Ressource
  4. Industry familiarity and trading
    evidence from the personal portfolios of industry insiders
    Author: Ben-David, Itzhak; Birru, Justin; Rossi, Andrea
    Published: [2016]
    Publisher:  The Ohio State University, Fisher College of Business, Charles A. Dice Center for Research in Financial Economics, [Columbus, Ohio]

    We study whether industry familiarity is an advantage in stock trading by exploring the trading patterns of industry insiders in their own personal portfolios. To do so, we identify accounts of industry insiders in a large dataset provided by a... more

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    Keine Speicherung
    Inter-library loan:
    No inter-library loan

     

    We study whether industry familiarity is an advantage in stock trading by exploring the trading patterns of industry insiders in their own personal portfolios. To do so, we identify accounts of industry insiders in a large dataset provided by a retail discount broker. We find that insiders trade firms from their own industry more frequently. Furthermore, they earn abnormal returns exclusively when trading own-industry stocks, especially obscure stocks (small, low analyst coverage, high volatility). In a battery of tests, we find no evidence of the use of private information. The results are most consistent with the interpretation that industry familiarity is an advantage in stock trading

     
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    Content information
    Volltext (kostenfrei)
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    Series: Working papers series / Charles A. Dice Center for Research in Financial Economics ; WP 2016, 8
    Charles A. Dice Working Paper ; No. 2016-8
    Fisher College of Business working paper series ; WP 2016-03-08
    Subjects: Retail trading; insiders; officers and directors; investor experience
    Scope: 1 Online-Ressource (circa 81 Seiten), Illustrationen