References
- Aboody , D. and Lev , B. 2000 . Information asymmetry, R&D, and insider gains . The Journal of Finance , 55 ( 6 ) : 2747 – 2766 . (doi:10.1111/0022-1082.00305)
- AFM (2010) Insider dealing, http://nl.sitestat.com/afm/afm/s?afm.en.pdf.insider-dealing&ns_type=pdf&ns_url=http://www.afm.nl/layouts/afm/default.aspx~/media/files/brochures/2010/eng-market-manipulation/insider-dealing.ashx.
- Ali , A. , Hwang , L. S. and Trombley , M. A. 2003 . Residual-income-based valuation predicts future stock returns: Evidence on mispricing vs. risk explanations . The Accounting Review , 78 ( 2 ) : 377 (doi:10.2308/accr.2003.78.2.377)
- Ali , A. , Wei , K. D. and Zhou , Y. 2011 . Insider trading and option grant timing in response to fire sales (and purchases) of stocks by mutual funds . Journal of Accounting Research , 49 ( 3 ) : 595 – 632 . (doi:10.1111/j.1475-679X.2011.00406.x)
- Badertscher , B. , Hribar , P. and Jenkins , N. T. 2011 . Informed trading and the market reaction to accounting restatements . The Accounting Review , 86 ( 5 ) : 1519 – 1547 . (doi:10.2308/accr-10093)
- Baker , M. and Wurgler , J. 2002 . Market timing and capital structure . The Journal of Finance , 57 ( 1 ) : 1 – 32 . (doi:10.1111/1540-6261.00414)
- Barniv , R. , Hope , O.-K. , Myring , M. and Thomas , W. B. 2010 . International evidence on analyst stock recommendations, valuations, and returns . Contemporary Accounting Research , 27 ( 4 ) : 1131 – 1167 . (doi:10.1111/j.1911-3846.2010.01036.x)
- Bartov , E. and Mohanram , P. 2004 . Private information, earnings manipulations, and executive stock-option exercises . The Accounting Review , 79 ( 4 ) : 889 – 920 . (doi:10.2308/accr.2004.79.4.889)
- Beaver , W. H. and Ryan , S. G. 2005 . Conditional and unconditional conservatism: Concepts and modeling . Review of Accounting Studies , 10 ( 2 ) : 269 – 309 . (doi:10.1007/s11142-005-1532-6)
- Ben-David, I. and Roulstone, D.T. (2010) Idiosyncratic risk and corporate transactions. Working paper, Ohio State University.
- Bernard , V. L. and Thomas , J. K. 1989 . Post-earnings-announcement drift: Delayed price response or risk premium? . Journal of Accounting Research , 27 : 1 – 36 . (doi:10.2307/2491062)
- Bettis , C. , Coles , J. and Lemmon , M. L. 2000 . Corporate policies restricting trading by insiders . Journal of Financial Economics , 57 : 191 – 220 . (doi:10.1016/S0304-405X(00)00055-6)
- Betzer , A. and Theissen , E. 2009 . Insider trading and corporate governance: The case of Germany . European Financial Management , 15 ( 2 ) : 402 – 429 . (doi:10.1111/j.1468-036X.2007.00422.x)
- Bhattacharya , U. and Daouk , H. 2002 . The world price of insider trading . The Journal of Finance , 57 ( 1 ) : 75 – 108 . (doi:10.1111/1540-6261.00416)
- Bradshaw , M. T. 2004 . How do analysts use their earnings forecasts in generating stock recommendations? . The Accounting Review , 79 ( 1 ) : 25 – 50 . (doi:10.2308/accr.2004.79.1.25)
- Brav , A. , Graham , J. R. , Harvey , C. R. and Michaely , R. 2005 . Payout policy in the 21st century . Journal of Financial Economics , 77 ( 3 ) : 483 – 527 . (doi:10.1016/j.jfineco.2004.07.004)
- Brief , R. P. 2007 . Accounting valuation models: A short primer . Abacus , 43 ( 4 ) : 429 – 437 . (doi:10.1111/j.1467-6281.2007.00240.x)
- Brochet , F. 2010 . Information content of insider trades before and after the Sarbanes-Oxley Act . The Accounting Review , 85 ( 2 ) : 419 (doi:10.2308/accr.2010.85.2.419)
- Brown , J. and Pfeiffer , J. 2008 . Do investors under-react to information in analysts' earnings forecasts? . Journal of Business Finance & Accounting , 35 ( 7-8 ) : 889 – 911 . (doi:10.1111/j.1468-5957.2008.02084.x)
- Cheng , Q. and Lo , K. 2006 . Insider trading and voluntary disclosures . Journal of Accounting Research , 44 ( 5 ) : 815 – 848 . (doi:10.1111/j.1475-679X.2006.00222.x)
- Christensen, H.B., Hail, L. and Leuz, C. (2011) Capital-market effects of securities regulation: Hysteresis, implementation, and enforcement. Working paper, University of Chicago and University of Pennsylvania.
- Core , J. E. , Guay , W. , Richardson , S. and Verdi , R. 2006 . Stock market anomalies: What can we learn from repurchases and insider trading? . Review of Accounting Studies , 11 ( 1 ) : 49 – 70 . (doi:10.1007/s11142-006-6395-y)
- Cziraki, P., De Goeij, P. and Renneboog, L. (2011) Corporate governance rules and insider trading profits. Working paper, Tilburg University.
- Dardas , K. and Güttler , A. 2011 . Are directors' dealings informative? Evidence from European stock markets . Financial Markets and Portfolio Management , 25 ( 2 ) : 111 – 148 . (doi:10.1007/s11408-011-0156-z)
- Degryse, H., De Jong, F. and Lefebvre, J. (2009) An empirical analysis of legal insider trading in the Netherlands. Working paper, Tilburg University.
- Dong , M. , Hirshleifer , D. , Richardson , S. and Teoh , S. H. 2006 . Does investor misvaluation drive the takeover market? . The Journal of Finance , 61 ( 2 ) : 725 – 762 . (doi:10.1111/j.1540-6261.2006.00853.x)
- Easton , P. D. 2004 . PE ratios, PEG ratios, and estimating the implied expected rate of return on equity capital . The Accounting Review , 79 ( 1 ) : 73 – 95 . (doi:10.2308/accr.2004.79.1.73)
- Edwards , E. O. and Bell , P. W. 1961 . The Theory and Measurement of Business Income , Berkeley : University of California Press .
- Fama , E. F. and French , K. R. 1992 . The cross-section of expected stock returns . The Journal of Finance , 47 ( 2 ) : 427 – 465 . (doi:10.1111/j.1540-6261.1992.tb04398.x)
- Fidrmuc , J. P. , Goergen , M. and Renneboog , L. 2006 . Insider trading, news releases, and ownership concentration . The Journal of Finance , 61 ( 6 ) : 2931 – 2973 . (doi:10.1111/j.1540-6261.2006.01008.x)
- Fidrmuc, J.P., Korczak, A. and Korczak, P. (2011) Why are abnormal returns after insider transactions larger in better investor protection countries? Working paper, Warwick Business School and University of Bristol.
- Fishman , M. J. and Hagerty , K. M. 1990 . The optimal amount of discretion to allow in disclosure . The Quarterly Journal of Economics , 105 ( 2 ) : 427 – 444 . (doi:10.2307/2937794)
- Francis , J. , Olsson , P. and Oswald , D. R. 2000 . Comparing the accuracy and explainability of dividend, free cash flow, and abnormal earnings equity value estimates . Journal of Accounting Research , 38 ( 1 ) : 45 – 70 . (doi:10.2307/2672922)
- Frankel , R. and Lee , C. M. C. 1998 . Accounting valuation, market expectation, and cross-sectional stock returns . Journal of Accounting and Economics , 25 ( 3 ) : 283 – 319 . (doi:10.1016/S0165-4101(98)00026-3)
- Frankel , R. and Li , X. 2004 . Characteristics of a firm's information environment and the information asymmetry between insiders and outsiders . Journal of Accounting and Economics , 37 ( 2 ) : 229 – 259 . (doi:10.1016/j.jacceco.2003.09.004)
- Friederich , S. , Gregory , A. , Matatko , J. and Tonks , I. 2002 . Short-run returns around the trades of corporate insiders on the London Stock Exchange . European Financial Management , 8 ( 1 ) : 7 – 30 . (doi:10.1111/1468-036X.00174)
- Gode , D. and Mohanram , P. 2003 . Inferring the cost of capital using the Ohlson–Juettner model . Review of Accounting Studies , 8 ( 4 ) : 399 – 431 . (doi:10.1023/A:1027378728141)
- Gow , I. D. , Ormazabal , G. and Taylor , D. J. 2010 . Correcting for cross-sectional and time-series dependence in accounting research . The Accounting Review , 85 ( 2 ) : 483 (doi:10.2308/accr.2010.85.2.483)
- Graham , J. R. and Harvey , C. R. 2001 . The theory and practice of corporate finance: Evidence from the field . Journal of Financial Economics , 60 ( 2-3 ) : 187 – 243 . (doi:10.1016/S0304-405X(01)00044-7)
- Grullon , G. and Ikenberry , D. L. 2000 . What do we know about stock repurchases? . Journal of Applied Corporate Finance , 13 ( 1 ) : 31 – 51 . (doi:10.1111/j.1745-6622.2000.tb00040.x)
- Heath , C. , Huddart , S. J. and Lang , M. 1999 . Psychological factors and stock option exercise . Quarterly Journal of Economics , 114 ( 2 ) : 601 – 627 . (doi:10.1162/003355399556089)
- Huddart , S. J. and Ke , B. 2007 . Information asymmetry and cross-sectional variation in insider trading . Contemporary Accounting Research , 24 ( 1 ) : 195 – 232 . (doi:10.1506/0277-1110-4434-M627)
- Huddart , S. J. , Ke , B. and Shi , C. 2007 . Jeopardy, non-public information, and insider trading around SEC 10-K and 10-Q filings . Journal of Accounting and Economics , 43 ( 1 ) : 3 – 36 . (doi:10.1016/j.jacceco.2006.06.003)
- Isidro , H. , O'Hanlon , J. and Young , S. 2006 . Dirty surplus accounting flows and valuation errors . Abacus , 42 ( 3/4 ) : 302 – 344 . (doi:10.1111/j.1467-6281.2006.00203.x)
- Jagolinzer , A. D. , Larcker , D. F. and Taylor , D. J. 2011 . Corporate governance and the information content of insider trades . Journal of Accounting Research , 49 ( 5 ) : 1249 – 1274 . (doi:10.1111/j.1475-679X.2011.00424.x)
- Jeng , L. A. , Metrick , A. and Zeckhauser , R. 2003 . Estimating the returns to insider trading: A performance-evaluation perspective . Review of Economics and Statistics , 85 ( 2 ) : 453 – 471 . (doi:10.1162/003465303765299936)
- Jenter , D. 2005 . Market timing and managerial portfolio decisions . The Journal of Finance , 60 ( 4 ) : 1903 – 1949 . (doi:10.1111/j.1540-6261.2005.00783.x)
- Jiang , X. and Lee , B. S. 2005 . An empirical test of the accounting-based residual income model and the traditional dividend discount model . Journal of Business , 78 ( 4 ) : 1465 – 1504 . (doi:10.1086/430866)
- Jorgensen , B. N. , Lee , Y. G. and Yoo , Y. K. 2011 . The valuation accuracy of equity value estimates inferred from conventional empirical implementations of the abnormal earnings growth model: US evidence . Journal of Business Finance & Accounting , 38 ( 3-4 ) : 446 – 471 . (doi:10.1111/j.1468-5957.2011.02241.x)
- Kabir , R. and Vermaelen , T. 1996 . Insider trading restrictions and the stock market: Evidence from the Amsterdam Stock Exchange . European Economic Review , 40 ( 8 ) : 1591 – 1603 . (doi:10.1016/0014-2921(95)00037-2)
- Kallunki , J.-P. , Nilsson , H. and Hellström , J. 2009 . Why do insiders trade? Evidence based on unique data on Swedish insiders . Journal of Accounting and Economics , 48 ( 1 ) : 37 – 53 . (doi:10.1016/j.jacceco.2009.06.002)
- Ke , B. , Huddart , S. J. and Petroni , K. 2003 . What insiders know about future earnings and how they use it: Evidence from insider trades . Journal of Accounting and Economics , 35 ( 3 ) : 315 – 346 . (doi:10.1016/S0165-4101(03)00036-3)
- Kolasinski , A. and Li , X. 2010 . Are corporate managers savvy about their stock price? Evidence from insider trading after earnings announcements . Journal of Accounting and Public Policy , 29 ( 1 ) : 27 – 44 . (doi:10.1016/j.jaccpubpol.2009.10.004)
- Lakonishok , J. and Lee , I. 2001 . Are insider trades informative? . Review of Financial Studies , 14 ( 1 ) : 79 – 11 . (doi:10.1093/rfs/14.1.79)
- La Porta , R. , Lopez-De-Silanes , F. , Shleifer , A. and Vishny , R. 1998 . Law and finance . Journal of Political Economy , 106 : 1113 – 1155 . (doi:10.1086/250042)
- Lee , C. M. C. and Swaminathan , B. 1999 . Valuing the Dow: A bottom-up approach . Financial Analysts Journal , 55 ( 5 ) : 4 (doi:10.2469/faj.v55.n5.2295)
- Lee , C. M. C. , Myers , J. and Swaminathan , B. 1999 . What is the intrinsic value of the Dow? . The Journal of Finance , 54 ( 5 ) : 1693 – 1741 . (doi:10.1111/0022-1082.00164)
- Lundholm , R. and O'Keefe , T. 2001 . Reconciling value estimates from the discounted cash flow model and the residual income model . Contemporary Accounting Research , 18 ( 2 ) : 311 – 335 . (doi:10.1506/W13B-K4BT-455N-TTR2)
- Manne , H. G. 1966 . Insider Trading and the Stock Market , New York : Free Press .
- Ofek , E. and Yermack , D. 2000 . Taking stock: Equity-based compensation and the evolution of managerial ownership . The Journal of Finance , 55 ( 3 ) : 1367 – 1384 . (doi:10.1111/0022-1082.00250)
- Ohlson , J. A. 1995 . Earnings, book values, and dividends in security valuation . Contemporary Accounting Research , 11 : 661 – 687 . (doi:10.1111/j.1911-3846.1995.tb00461.x)
- Ohlson , J. A. 2005 . On accounting-based valuation formulae . Review of Accounting Studies , 10 ( 2 ) : 323 – 347 . (doi:10.1007/s11142-005-1534-4)
- Ohlson , J. A. and Juettner-Nauroth , B. E. 2005 . Expected EPS and EPS growth as determinants of value . Review of Accounting Studies , 10 ( 2 ) : 349 – 365 . (doi:10.1007/s11142-005-1535-3)
- Palepu , K. G. , Healy , P. M. , Bernard , V. L. and Peek , E. 2007 . Business Analysis and Valuation: IFRS Edition - Text and Cases: Using Financial Statements , 1 , Thomson Learning .
- Peasnell , K. 1982 . Some formal connections between economic values and yields and accounting numbers . Journal of Business Finance & Accounting , 9 : 361 – 381 . (doi:10.1111/j.1468-5957.1982.tb01001.x)
- Penman , S. H. 2001 . On comparing cash flow and accrual accounting models for use in equity valuation: A response to Lundholm and O'Keefe . Contemporary Accounting Research , 18 ( 4 ) : 681 – 692 . (doi:10.1506/DT0R-JNEG-QL60-7CBP)
- Penman , S. H. 2005 . Discussion of ‘On accounting-based valuation formulae’ and ‘Expected EPS and EPS growth as determinants of value,’ . Review of Accounting Studies , 10 ( 2 ) : 367 – 378 . (doi:10.1007/s11142-005-1536-2)
- Penman , S. and Sougiannis , T. 1998 . A comparison of dividend, cash flow, and earnings approaches to equity valuation . Contemporary Accounting Research , 15 ( 3 ) : 343 – 383 . (doi:10.1111/j.1911-3846.1998.tb00564.x)
- Petersen , M. A. 2009 . Estimating standard errors in finance panel data sets: Comparing approaches . Review of Financial Studies , 22 ( 1 ) : 435 – 480 . (doi:10.1093/rfs/hhn053)
- Piotroski , J. D. 2000 . Value investing: The use of historical financial statement information to separate winners from losers . Journal of Accounting Research , 38 : 1 – 41 . (doi:10.2307/2672906)
- Piotroski , J. D. and Roulstone , D. T. 2005 . Do insider trades reflect both contrarian beliefs and superior knowledge about future cash flow realizations? . Journal of Accounting and Economics , 39 ( 1 ) : 55 – 81 . (doi:10.1016/j.jacceco.2004.01.003)
- Pope , P. F. , Morris , R. C. and Peel , D. A. 1990 . Insider trading: Some evidence on market efficiency and directors' share dealings in Great Britain . Journal of Business Finance & Accounting , 17 ( 3 ) : 359 – 380 . (doi:10.1111/j.1468-5957.1990.tb01191.x)
- Roychowdhury , S. and Watts , R. L. 2007 . Asymmetric timeliness of earnings, market-to-book and conservatism in financial reporting . Journal of Accounting and Economics , 44 ( 1-2 ) : 2 – 31 . (doi:10.1016/j.jacceco.2006.12.003)
- Rozeff , M. S. and Zaman , M. A. 1998 . Overreaction and insider trading: Evidence from growth and value portfolios . The Journal of Finance , 53 ( 2 ) : 701 – 716 . (doi:10.1111/0022-1082.275500)
- Seyhun , H. N. 1986 . Insiders' profits, costs of trading, and market efficiency . Journal of Financial Economics , 16 ( 2 ) : 189 – 212 . (doi:10.1016/0304-405X(86)90060-7)
- Seyhun , H. N. 1990 . Do bidder managers knowingly pay too much for target firms? . The Journal of Business , 63 ( 4 ) : 439 – 464 . (doi:10.1086/296516)
- Seyhun , H. N. 1998 . Investment Intelligence from Insider Trading , The MIT Press .
- Seyhun , H. N. and Bradley , M. 1997 . Corporate bankruptcy and insider trading . The Journal of Business , 70 ( 2 ) : 189 – 216 . (doi:10.1086/209715)
- Sivakumar , K. and Waymire , G. 1994 . Insider trading following material news events: Evidence from earnings . Financial Management , 23 ( 1 ) : 23 – 32 . (doi:10.2307/3666053)
- Skaife, H.A., Veenman, D. and Wangerin, D.D. (2011). Internal control over financial reporting and managerial rent extraction: Evidence from the profitability of insider trading. Working paper University of Wisconsin, Erasmus University, and Michigan State University.
- Skinner , D. and Sloan , R. 2002 . Earnings surprises, growth expectations, and stock returns or Don't let an earnings torpedo sink your portfolio . Review of Accounting Studies , 7 ( 2 ) : 289 – 312 . (doi:10.1023/A:1020294523516)
- Sougiannis , T. and Yaekura , T. 2001 . The accuracy and bias of equity values inferred from analysts' earnings forecasts . Journal of Accounting, Auditing & Finance , 16 ( 4 ) : 331 – 362 .
- Veenman , D. 2012 . Disclosures of insider purchases and the valuation implications of past earnings signals . The Accounting Review , 87 ( 1 ) : 313 – 342 . (doi:10.2308/accr-10162)
- Welch , J. , Pannier , M. , Barrachino , E. , Bernd , J. and Ledeboer , P. 2005 . Comparative implementation of EU directives (I) – Insider dealing and market abuse . British Institute of International Law and Comparative Law ,
- Zhang , X. F. 2006 . Information uncertainty and stock returns . The Journal of Finance , 61 ( 1 ) : 105 – 137 . (doi:10.1111/j.1540-6261.2006.00831.x)
- Zingg , A. , Lang , S. and Wyttenbach , D. 2007 . Insider trading in the Swiss stock market . Schweizerische Zeitschrift für Volkswirtschaft und Statistik , 143 ( 3 ) : 331 – 362 .