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Managerial Opportunism and Earnings Surprises: An investigation of insider trading and perceived market valuation divergence - Softcover
This study explores managerial insider trading as a function of differences between managers’ and the market’s assessment of company earning components – specifically operating cash flows and accruals. It builds a perspective of managers as sophisticated investors who, while engaging in earnings management, ultimately make insider trading decisions based on the divergence between their private valuation of earnings components and the market’s. The study applies the methodological framework of the Mishkin (1983) test. It finds supporting evidence that insider buying behavior is consistent with the predictions of managerial insider trading based on a contemporaneous market valuation divergence of both operating cash flows and accruals. Although insider selling is not indicative about a contemporaneous market overvaluation, the findings by examining and comparing the market valuation divergence in the period of insider selling and in the following period, suggest that insiders do time their sales in the period of higher excess returns.
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About the Author:
Dr. Wen Yu's work is motivated by the desire to better understand the role of corporate disclosure and managerial finance decisions in the allocation of resources in a capital market economy. Her research articles have been published in Journal of Financial Economics, Journal of Financial Markets, and Financial Markets and Portfolio Management.
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- PublisherScholars' Press
- Publication date2015
- ISBN 10 3639760840
- ISBN 13 9783639760842
- BindingPaperback
- Number of pages104
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Managerial Opportunism and Earnings Surprises
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Book Description Taschenbuch. Condition: Neu. This item is printed on demand - it takes 3-4 days longer - Neuware -This study explores managerial insider trading as a function of differences between managers and the market s assessment of company earning components specifically operating cash flows and accruals. It builds a perspective of managers as sophisticated investors who, while engaging in earnings management, ultimately make insider trading decisions based on the divergence between their private valuation of earnings components and the market s. The study applies the methodological framework of the Mishkin (1983) test. It finds supporting evidence that insider buying behavior is consistent with the predictions of managerial insider trading based on a contemporaneous market valuation divergence of both operating cash flows and accruals. Although insider selling is not indicative about a contemporaneous market overvaluation, the findings by examining and comparing the market valuation divergence in the period of insider selling and in the following period, suggest that insiders do time their sales in the period of higher excess returns. 104 pp. Englisch. Seller Inventory # 9783639760842
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Managerial Opportunism and Earnings Surprises : An investigation of insider trading and perceived market valuation divergence
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Book Description Taschenbuch. Condition: Neu. nach der Bestellung gedruckt Neuware - Printed after ordering - This study explores managerial insider trading as a function of differences between managers and the market s assessment of company earning components specifically operating cash flows and accruals. It builds a perspective of managers as sophisticated investors who, while engaging in earnings management, ultimately make insider trading decisions based on the divergence between their private valuation of earnings components and the market s. The study applies the methodological framework of the Mishkin (1983) test. It finds supporting evidence that insider buying behavior is consistent with the predictions of managerial insider trading based on a contemporaneous market valuation divergence of both operating cash flows and accruals. Although insider selling is not indicative about a contemporaneous market overvaluation, the findings by examining and comparing the market valuation divergence in the period of insider selling and in the following period, suggest that insiders do time their sales in the period of higher excess returns. Seller Inventory # 9783639760842
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Managerial Opportunism and Earnings Surprises An investigation of insider trading and perceived market valuation divergence
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ISBN 13: 9783639760842
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Managerial Opportunism and Earnings Surprises
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Book Description Condition: New. Dieser Artikel ist ein Print on Demand Artikel und wird nach Ihrer Bestellung fuer Sie gedruckt. Autor/Autorin: Yu WenDr. Wen Yu s work is motivated by the desire to better understand the role of corporate disclosure and managerial finance decisions in the allocation of resources in a capital market economy. Her research articles have been pub. Seller Inventory # 11329393
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