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Are corporate managers savvy about their stock price? Evidence from insider trading after earnings announcements
16 references·3 citing·39 second hop
Are corporate managers savvy about their stock price? Evidence from insider trading after earnings announcements (2009)Are corporate managers savvy about their …The Influence of Analysts, Institutional Investors, and Insiders on the Incorporation of Market, Industry, and Firm-Specific Information into Stock Prices (2004)The Influence of Analysts, In…What insiders know about future earnings and how they use it: Evidence from insider trades (2003)What insiders know about futu…Stock market driven acquisitions (2003)Stock market driven acquisiti…Estimating the Returns to Insider Trading: A Performance-Evaluation Perspective (2003)Estimating the Returns to Ins…Characteristics of a firm's information environment and the information asymmetry between insiders and outsiders (2003)Characteristics of a firm's i…Market Timing and Capital Structure (2002)Market Timing and Capital Str…EARNINGS RELEASES, ANOMALIES, AND THE BEHAVIOR OF SECURITY RETURNS (2001)EARNINGS RELEASES, ANOMALIES,…Capital markets research in accounting (2001)Capital markets research in a…Are Insider Trades Informative? (2001)Are Insider Trades Informativ…Industry costs of equity (1997)Industry costs of equityEvidence that stock prices do not fully reflect the implications of current earnings for future earnings (1990)Evidence that stock prices do…Post-Earnings-Announcement Drift: Delayed Price Response or Risk Premium? (1989)Post-Earnings-Announcement Dr…Insiders' profits, costs of trading, and market efficiency (1986)Insiders' profits, costs of t…Earnings Releases, Anomalies, and the Behavior of Security Returns. (1984)Earnings Releases, Anomalies,…Special Information and Insider Trading (1974)Special Information and Insid…An Empirical Evaluation of Accounting Income Numbers (1968)An Empirical Evaluation of Ac…Sell-side analyst heterogeneity and insider trading (2020)Sell-side analyst heterogenei…Insider Trading and the Post-Earnings Announcement Drift (2017)Insider Trading and the Post-…Insightful Insiders? Insider Trading and Stock Return around Debt Covenant Violation Disclosures (2014)Insightful Insiders? Insider …Editor's Choice Digesting Anomalies: An Investment ApproachRisk, Return, and Equilibrium: Empirical Tests (1973)Mean reversion in stock prices (1988)Market efficiency, long-term returns, and behavioral finance1The comments of Brad Barber, David Hirshleifer, S.P. Kothari, Owen Lamont, Mark Mitchell, Hersh Shefrin, Robert Shiller, Rex Sinquefield, Richard Thaler, Theo Vermaelen, Robert Vishny, Ivo Welch, and a referee have been helpful. Kenneth French and Jay Ritter get special thanks.1 (1998)Investor Psychology and Asset Pricing (2001)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Cross-Section of Expected Stock Returns (1992)Common risk factors in the returns on stocks and bonds (1993)Multifactor Explanations of Asset Pricing Anomalies (1996)Measuring Mutual Fund Performance with Characteristic‐Based Benchmarks (1997)Conditional Skewness in Asset Pricing Tests (2000)Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency (1993)Stock price reaction to news and no-news: drift and reversal after headlines (2003)Decoding Inside Information (2012)Corporate financing and investment decisions when firms have information that investors do not have (1984)Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers (1986)What Do Returns to Acquiring Firms Tell Us? Evidence from Firms That Make Many Acquisitions (2002)Firm size and the gains from acquisitions (2004)Who makes acquisitions? CEO overconfidence and the market's reaction☆ (2008)The Influence of Institutional Investors on Myopic R&D Investment Behavior (1998)The information content of stock markets: why do emerging markets have synchronous stock price movements? (2000)Stock price synchronicity and analyst coverage in emerging markets (2005)Does board gender diversity improve the informativeness of stock prices? (2011)Stock price synchronicity, crash risk, and institutional investors (2013)Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Capital Structure Decisions: Which Factors Are Reliably Important? (2007)Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches (2008)Does Corporate Social Responsibility Affect the Cost of Capital? (2010)Judgment under Uncertainty: Heuristics and Biases (1974)Econometrics of Event Studies**We thank Espen Eckbo, Jon Lewellen, Adam Kolasinski, and Jay Ritter for insightful comments, and Irfan Safdar and Alan Wancier for research assistance. (2007)Driven to Distraction: Extraneous Events and Underreaction to Earnings News (2009)Investor Inattention and Friday Earnings Announcements (2009)Efficient Capital Markets: II (1991)Market Efficiency, Long-Term Returns, and Behavioral Finance (1997)More Than Words: Quantifying Language to Measure Firms' Fundamentals (2008)Does the stock market fully value intangibles? Employee satisfaction and equity prices (2011)EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK* (1970)Using daily stock returns (1985)Efficient Capital Markets: II (1991)
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References

  • 1968An Empirical Evaluation of Accounting Income Numbers6,384 cited
  • 1997Industry costs of equity5,793 cited
  • 2002Market Timing and Capital Structure3,804 cited
  • 2001Capital markets research in accounting2,575 cited
  • 1989Post-Earnings-Announcement Drift: Delayed Price Response or Risk Premium?2,314 cited
  • 2003Stock market driven acquisitions2,093 cited
  • 1990Evidence that stock prices do not fully reflect the implications of current earnings for future earnings2,010 cited
  • 2004The Influence of Analysts, Institutional Investors, and Insiders on the Incorporation of Market, Industry, and Firm-Specific Information into Stock Prices1,250 cited
  • 1974Special Information and Insider Trading1,236 cited
  • 2001Are Insider Trades Informative?1,229 cited
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  • 2003Characteristics of a firm's information environment and the information asymmetry between insiders and outsiders783 cited
  • 2003What insiders know about future earnings and how they use it: Evidence from insider trades626 cited
  • 2003Estimating the Returns to Insider Trading: A Performance-Evaluation Perspective554 cited
  • 1984Earnings Releases, Anomalies, and the Behavior of Security Returns.

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552 cited
  • 2001EARNINGS RELEASES, ANOMALIES, AND THE BEHAVIOR OF SECURITY RETURNS512 cited
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    • 2014Insightful Insiders? Insider Trading and Stock Return around Debt Covenant Violation Disclosures29 cited
    • 2020Sell-side analyst heterogeneity and insider trading28 cited
    • 2017Insider Trading and the Post-Earnings Announcement Drift26 cited