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    ASIA unversity > 管理學院 > 財務金融學系 > 會議論文 >  Item 310904400/63668

    Please use this identifier to cite or link to this item: http://asiair.asia.edu.tw/ir/handle/310904400/63668

    Title: Insider Trading and Long-Run Performance Following IPO Lockup Expiration
    Authors: Hsuan-Chi Chen, Sheng-Syan Chen,Chia-Wei Huang
    Contributors: Anderson School of Management University,Department of Finance National Taiwan University
    Keywords: Lockup;Initial public offerings;Insider trading
    Date: 2010
    Issue Date: 2013-08-07 09:24:18 (UTC+8)
    Publisher: Anderson School of Management University,Department of Finance
    National Taiwan University
    Abstract: We examine the long-run stock performance of IPO firms subsequent to lockup expiration,
    when insiders are allowed to release their shares, from the perspectives of two alternative
    hypotheses. The first hypothesis, the “informative selling hypothesis,” predicts that insider
    sales, particularly sales by senior corporate insiders, will convey unfavorable signals to
    investors, and that IPO firms with aggressive post-lockup insider sales can thus be expected
    to exhibit poor long-run performance following lockup expiration. The second hypothesis,
    “the diversification hypothesis,” notes that corporate insiders may simply desire to
    diversify their portfolios or meet their liquidity needs, and that insiders may therefore sell
    their shares when they are allowed to do so without conveying material information by their
    action. Accordingly, this hypothesis predicts that insider selling does not necessarily have
    predictive power for the subsequent long-run performance of IPO stocks following lockup
    expiration. We find that IPO firms with aggressive insider selling after lockup expiration,
    particularly selling by high-ranking corporate insiders, exhibit poor long-run stock returns.
    The findings are consistent with the informative selling hypothesis
    Relation: 2010中部學術財金研討會 論文發表
    Appears in Collections:[財務金融學系] 會議論文

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