Insider Trading in Rumored Takeover Targets
Abstract
We examine insider trading surrounding takeover rumors in a sample of 1,642 publicly traded U.S. firms. Using difference-in-differences regressions, we find that insider net purchases increase within the year prior to the first publication of a takeover rumor, particularly when rumor articles are either accurate (lead to a takeover announcement) or informative (provide substantial justification for the rumor’s publication). Moreover, we find...
Paper Details
Title
Insider Trading in Rumored Takeover Targets
Published Date
Jul 10, 2020
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