Is there information content from insider trading activities preceding earnings and dividend announcements in Hong Kong?

被引：10
作者：
Cheng, Louis T. W. [1 ]
Leung, T. Y. [2 ]
机构：
[1] Hong Kong Polytech Univ, Sch Accounting & Finance, Kowloon, Hong Kong, Peoples R China
[2] City Univ Hong Kong, Dept Accountancy, Kowloon, Hong Kong, Peoples R China
来源：
ACCOUNTING AND FINANCE | 2008年 / 48卷 / 03期
关键词：
dividends; earnings; insider trading; corporate governance;
D O I：
10.1111/j.1467-629x.2008.00258.x
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study examines whether insiders (directors) exploit information advantage of their firms by trading stocks before the simultaneous earnings and dividend announcements in Hong Kong. Our findings show that there are significant net-insider-buying activities before the announcements of good news ('Earnings-Dividend Increase') and significant net-insider-selling activities before bad news ('Earnings-Dividend Decrease' and 'Earnings Decrease-Dividend Zero'). In addition, our regression results provide some support for the hypothesis that there is a predictive relation between pre-event insider trading activity and the abnormal return of the announcements.
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页码：417 / 437
页数：21
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