G2TT
来源类型Discussion paper
规范类型论文
来源IDDP4399
DP4399 On the Efficacy of Reforms: Policy Tinkering, Institutional Change and Entrepreneurship
Dani Rodrik; Murat Iyigun
发表日期2004-06-23
出版年2004
语种英语
摘要We study the stock price response to announcements of share purchases by corporate insiders over the period 1994 through 1999. The cross-sectional variability in the response is consistent with a curvilinear relation between firm value and insider ownership, where the value of the firm first increases, then decreases as insider ownership increases. These results are consistent with a causal interpretation of the relationship between insider ownership and firm value. The results of further tests are inconsistent with an interpretation that the firms in our sample are moving toward a new equilibrium ownership level or that insiders are purchasing shares to signal that the firm is undervalued.
主题Financial Economics
关键词Insider ownership Firm value Executive stock purchases
URLhttps://cepr.org/publications/dp4399
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/533353
推荐引用方式
GB/T 7714
Dani Rodrik,Murat Iyigun. DP4399 On the Efficacy of Reforms: Policy Tinkering, Institutional Change and Entrepreneurship. 2004.
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