A Comparison of the Information Content of Insider Trading and Management Earnings Forecasts Export

@article{citeulike:3319871, abstract = {In this paper, insider trading is viewed as a signal of managements' assessments of firms' future prospects and its information content is compared to that in managements' earnings forecasts. These forecasts are explicit statements of managements' assessments of future prospects. A number of measures of insider trading designed to capture the information aspect of trading are investigated. The results indicate that the insider trading measures do not capture the information conveyed in earnings forecasts, although there is evidence that insider trading measures that take into account the timing of trades relative to the date of the release of the forecast are informative.}, author = {Penman, Stephen H.}, citeulike-article-id = {3319871}, citeulike-linkout-0 = {http://dx.doi.org/10.2307/2330674}, citeulike-linkout-1 = {http://www.jstor.org/stable/2330674}, doi = {10.2307/2330674}, issn = {00221090}, journal = {The Journal of Financial and Quantitative Analysis}, keywords = {analysis, common, comparative, earnings, financial, forecasts, information, insider, insider-trading, measures, securities, statistical, stock, studies, trading}, number = {1}, pages = {1--17}, posted-at = {2008-09-23 11:24:53}, priority = {2}, publisher = {University of Washington School of Business Administration}, title = {A Comparison of the Information Content of Insider Trading and Management Earnings Forecasts}, url = {http://dx.doi.org/10.2307/2330674}, volume = {20}, year = {1985} }

TY - JOUR ID - citeulike:3319871 L3 - citeulike-article-id:3319871 N2 - In this paper, insider trading is viewed as a signal of managements' assessments of firms' future prospects and its information content is compared to that in managements' earnings forecasts. These forecasts are explicit statements of managements' assessments of future prospects. A number of measures of insider trading designed to capture the information aspect of trading are investigated. The results indicate that the insider trading measures do not capture the information conveyed in earnings forecasts, although there is evidence that insider trading measures that take into account the timing of trades relative to the date of the release of the forecast are informative. IS - 1 JF - The Journal of Financial and Quantitative Analysis SN - 00221090 EP - 17 TI - A Comparison of the Information Content of Insider Trading and Management Earnings Forecasts PB - University of Washington School of Business Administration VL - 20 SP - 1 KW - analysis KW - common KW - comparative KW - earnings KW - financial KW - forecasts KW - information KW - insider KW - insider-trading KW - measures KW - securities KW - statistical KW - stock KW - studies KW - trading AU - Penman, Stephen PY - 1985/// UR - http://dx.doi.org/10.2307/2330674 ER -