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  1. Corporate transactions in hard-to-value stocks
    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

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    Verlag (kostenfrei)
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    No inter-library loan
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Keine Rechte
    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