Articlegreen2012

Why Do Insiders Sell Shares Following IPO Lockups?

Hsuan‐Chi Chen · Sheng‐Syan Chen · Chia‐Wei Huang

29 citations0/0 files storedFinancial Management

No readable copy stored yet — this record is metadata only.

No open-access location is known for this record yet.

Literature note Cite in a project Citation map

Financial Markets and Investment Strategies Corporate Finance and Governance Financial Analysis and Corporate Governance

Abstract

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.

Paper brief

Loading…

Cite this work

Citation unavailable for this work.

BibTeX RIS CSL-JSON

No public copy is stored for this record, so only the metadata is cited.

Citations in this library

Citation map →

Stored only when both papers are in the corpus — 29 citations exist upstream.

References

1979Prospect Theory: An Analysis of Decision under Risk 1993Common risk factors in the returns on stocks and bonds 1997On Persistence in Mutual Fund Performance 1985The Disposition to Sell Winners Too Early and Ride Losers Too Long: Theory and Evidence 1995The New Issues Puzzle 1991The Long‐Run Performance of initial Public Offerings 1990Initial Public Offerings and Underwriter Reputation 1998Earnings Management and the Long‐Run Market Performance of Initial Public Offerings

Explore the map →

Papers that cite the same references — the relational fallback while embeddings are still backfilling.

Imported from OpenAlex (CC0) — nothing here is generated.