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来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP4399 |
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 |
URL | https://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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