Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/17512
Title: Is there information content from insider trading activities preceding earnings and dividend announcements in Hong Kong?
Authors: Cheng, LTW 
Leung, TY
Keywords: Corporate governance
Dividends
Earnings
Insider trading
Issue Date: 2008
Publisher: Wiley-Blackwell
Source: Accounting and finance, 2008, v. 48, no. 3, p. 417-437 How to cite?
Journal: Accounting and finance 
Abstract: 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.
URI: http://hdl.handle.net/10397/17512
ISSN: 0810-5391
EISSN: 1467-629X
DOI: 10.1111/j.1467-629X.2008.00258.x
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