https://scholars.lib.ntu.edu.tw/handle/123456789/631116
標題: | Why Do insiders sell shares following IPO lockups? | 作者: | Chen, Hsuan Chi SHENG-SYAN CHEN Huang, Chia Wei |
關鍵字: | LONG-RUN PERFORMANCE; INITIAL PUBLIC OFFERINGS; EARNINGS MANAGEMENT; INFORMATION-CONTENT; MARKET; BANKRUPTCY; EXPIRATION; COMPANIES; DECISION; RETURNS | 公開日期: | 十二月-2012 | 出版社: | WILEY | 卷: | 41 | 期: | 4 | 起(迄)頁: | 813-847 | 來源出版物: | Financial Management | 摘要: | We examine long run returns subsequent to the lockup expiration of firms having gone public. We find that returns are negatively associated with abnormal selling by senior executives but unrelated to selling by other insiders. Our results suggest that even though lockup expirations provide an initial opportunity for insiders to diversify their holdings by selling a firm's shares, sales by senior executives are still motivated in part by private information. Sales by other insiders, on the other hand, are consistent with portfolio diversification. © 2012 Financial Management Association International. |
URI: | https://scholars.lib.ntu.edu.tw/handle/123456789/631116 | ISSN: | 00463892 | DOI: | 10.1111/j.1755-053X.2012.01217.x |
顯示於: | 財務金融學系 |
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