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Why do insiders trade?: Evidence based on unique data on Swedish insiders
Department of Accounting and Finance, University of Oulu, Oulu, Finland.
Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
Umeå University, Faculty of Social Sciences, Department of Economics.
2009 (English)In: Journal of Accounting & Economics, ISSN 0165-4101, E-ISSN 1879-1980, Vol. 48, no 1, 37-53 p.Article in journal (Refereed) Published
Abstract [en]

In this paper, we examine if corporate insiders have other motives for trading besides exploitation of private information. Our results show that insiders’ portfolio re- balancing objectives, tax considerations and behavioral biases play the most important role in their trading decisions. We also find that insiders who have allocated a great (small) proportion of their wealth to insider stock sell more (less) before bad news earnings disclosures. Finally, insider selling is informative for future returns among those insiders who have the greatest proportion of wealth allocated to insider stocks.

Place, publisher, year, edition, pages
Elsevier , 2009. Vol. 48, no 1, 37-53 p.
Keyword [en]
Insider trading, Behavioral finance, Stock market
National Category
Business Administration Economics
Research subject
Economics; Business Studies
URN: urn:nbn:se:umu:diva-44236DOI: 10.1016/j.jacceco.2009.06.002OAI: diva2:419519
Available from: 2011-05-27 Created: 2011-05-27 Last updated: 2016-02-25Bibliographically approved

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Nilsson, HenrikHellström, Jörgen
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Umeå School of Business and Economics (USBE)Department of Economics
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