Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/16590
Title: The effects of insider trading on liquidity
Authors: Cheng, L 
Firth, M
Leung, TY
Rui, O
Keywords: Depth
Insider trading
Liquidity
Spread
Issue Date: 2006
Publisher: Elsevier
Source: Pacific basin finance journal, 2006, v. 14, no. 5, p. 467-483 How to cite?
Journal: Pacific basin finance journal 
Abstract: This study examines the impacts of directors' dealings on firm liquidity. Consistent with the information asymmetry hypothesis, spread widens and depth falls on insider trading days as compared to non-insider trading days. This result suggests that increased share trading by insiders impairs liquidity. In addition, the spread (depth) measures are positively (negatively) related to how heavily the shares are transacted by informed traders; that is, the greater the number of shares traded by the directors, the wider (narrower) the spread (depth).
URI: http://hdl.handle.net/10397/16590
ISSN: 0927-538X
DOI: 10.1016/j.pacfin.2006.01.006
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