The Information Content of Sudden Insider Silence

Weikai Li    Weikai Li, Claire Yurong Hong,
11 Aug 2018
Categories: Regulation, Equity Investments, Behavioral Finance

Country or region: Asia Pacific (Overall)

We present evidence of investors underreacting to the absence of events in financial markets. Routine-based insiders strategically choose to be silent when they possess private information not yet reflected in stock prices. Consistent with our hypothesis, insider silence following routine sell (buy) predict positive (negative) future return as well as ......

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