Journal ArticleDOI
Pre-bid price run-ups and insider trading activity
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TLDR
This article examined the relationship between pre-bid price runups in target shares and insider trading activity and found that abnormal stock price performance at an early stage before the acquisition announcement is due to actual trading by corporate insiders.About:
This article is published in International Review of Financial Analysis.The article was published on 2000-02-01. It has received 58 citations till now. The article focuses on the topics: Mid price & Bid price.read more
Citations
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The PIN anomaly around M&A announcements
TL;DR: In this paper, the authors investigated the behavior of the probability of information-based trading (PIN) in a sample of merger and acquisition announcements that took place on Euronext Paris between 1995 and 2000.
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Prebid Run-Ups Ahead of Canadian Takeovers: How Big Is the Problem?
TL;DR: In this article, les auteurs examinent la maniere which evoluent le cours des actions and le volume des transactions aa l'approche d'une offre publique d'achat (OPA); leur echantillon englobe 420 entreprises canadiennes ayant ete l'objet de telles operations entre 1985 and 2002.
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Cross-Listing, Bonding Hypothesis and Corporate Governance
TL;DR: In this article, the authors examined the relationship between cross-listing and corporate governance for Canadian firms that were cross-listed on US stock exchanges during the period 1997-2003.
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International Cross-Listing and the Bonding Hypothesis
Michael R. King,Dan Segal +1 more
TL;DR: In this article, the authors describe a new view of cross-listing that links the impact on firm valuation to the firm's ability to develop an active secondary market for its shares in the U.S. markets.
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A gradient boosting decision tree approach for insider trading identification: An empirical model evaluation of China stock market
TL;DR: A combination approach of GBDT and DE is proposed to identify insider trading activities by using data of relevant indicators, demonstrating that it could be applied as an intelligent system to improve identification accuracy and efficiency for insider trading regulation in China stock market.
References
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Journal ArticleDOI
Valuation effects of security offerings and the issuance process
TL;DR: In this article, the authors examined the stock price effects of security offerings and investigated the nature of information inferred by investors from offering announcements, finding that changes in share price are unrelated to characteristics of offerings such as the net amount of new financing, relative offering size, and the quality rating of debt issues.
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Stealth trading and volatility. Which trades move prices
TL;DR: The authors examined the proportion of a stock's cumulative price change that occurs in each trade-size category, using transactions data for a sample of NYSE firms and found that most of the cumulative stock-price change is due to medium-size trades.
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Markup Pricing in Mergers and Acquisitions
TL;DR: In this article, the authors studied the relation between the premiums in takeover bids involving exchange-listed target firms from 1975-91 and the pre-announcement stock price runups.
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An Empirical Analysis of Illegal Insider Trading
TL;DR: This article found that the stock market detects the possibility of informed trading and impounds this information into the stock price, and almost half of the pre-announcement stock price run-up observed before takeovers occurs on insider trading days.
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Merger Announcements and Insider Trading Activity: An Empirical Investigation
TL;DR: In this article, the authors show that leakage of inside information is a pervasive problem occurring at a significant level up to 12 trading days prior to the first public announcement of a proposed merger.