Stephen Penman

Insider Trading and the Dissemination of Firms' Forecast Information

Abstract:
Evidence is given in this paper which indicates that corporate insiders time their trades in their firms' stock relative to the date of the disclosure of their forecasts of annual earnings. Further, insiders earn abnormal returns to their joint trading and information dissemination activities, and the paper provides measures of these returns.

Exact Citation:
Penman, Stephen. "Insider Trading and the Dissemination of Firms' Forecast Information." Journal of Business 55, no. 4 (October 1982): 479-503.
Volume: 55
Number: 4
Pages: 479-503
Date: 10 1982