Insider trading may alleviate financing constraints by conveying value-relevant information to the market (the information effect) or may exacerbate financing constraints by impairing market liquidity and distorting insiders’ incentives to disclose value-relevant information (the confidence effect). We examine the significance of these two contrasting effects by investigating the link between insider trading and financing constraints as measured by the investment-cash flow sensitivity. We find that, overall insider trading exacerbates financing constraints; however the information effect dominates the confidence effect for insider purchases. Only trades by executive directors are significantly related to financing constraints
This article characterizes insider trading as an agency problem in firms that have a controlling sha...
Much insider trading literature focuses on the redistribution of monetary rents. This focus has led ...
This thesis presents three empirical studies investigating the capital market effects of the interp...
Insider trading may alleviate financing constraints by conveying value‐relevant information to the m...
In this paper we show, in an incomplete contracts framework that combines asymmetric information and...
The article presents a simple agency model of the relationship between corporate valuation and insid...
Using a sample of 2,827 firms from 21 countries we examine whether insider trading laws achieve the ...
This paper examines insiders' informational privilege by studying the nexus between aggregated self-...
This paper shows that real decisions depend not only on the total amount of information in prices, b...
This study investigates the managerial incentive of insider trading. A research subject that has not...
We examine the impact of aggregate insider trading on market returns in the UK. We find that, on agg...
We investigate the investment-cash flow sensitivity of a large sample of the UK listed firms and con...
This paper investigates the market's reaction to U.K. insider transactions and analyzes whether the ...
This study investigates the managerial incentive of insider trading. A research subject that has not...
This article characterizes insider trading as an agency problem in firms that have a controlling sha...
Much insider trading literature focuses on the redistribution of monetary rents. This focus has led ...
This thesis presents three empirical studies investigating the capital market effects of the interp...
Insider trading may alleviate financing constraints by conveying value‐relevant information to the m...
In this paper we show, in an incomplete contracts framework that combines asymmetric information and...
The article presents a simple agency model of the relationship between corporate valuation and insid...
Using a sample of 2,827 firms from 21 countries we examine whether insider trading laws achieve the ...
This paper examines insiders' informational privilege by studying the nexus between aggregated self-...
This paper shows that real decisions depend not only on the total amount of information in prices, b...
This study investigates the managerial incentive of insider trading. A research subject that has not...
We examine the impact of aggregate insider trading on market returns in the UK. We find that, on agg...
We investigate the investment-cash flow sensitivity of a large sample of the UK listed firms and con...
This paper investigates the market's reaction to U.K. insider transactions and analyzes whether the ...
This study investigates the managerial incentive of insider trading. A research subject that has not...
This article characterizes insider trading as an agency problem in firms that have a controlling sha...
Much insider trading literature focuses on the redistribution of monetary rents. This focus has led ...
This thesis presents three empirical studies investigating the capital market effects of the interp...