Financial analysts' earnings forecasts and insider trading Export

@article{citeulike:3326786, abstract = {The issue of whether a firm's insiders utilize their foreknowledge of forthcoming earnings when trading in their own firm's stock is considered. Insider trading patterns are analyzed both before and after earnings are announced. Financial analysts' earnings forecast revisions are also examined following insider trading. Test results show increased insider purchases (sales) prior to the announcement of good (bad) earnings news. The results also show that insiders delay the purchase (sale) of stocks until after bad (good) earnings news is announced. Finally, it is found that financial analysts' earnings forecast revisions are positively (negatively) related to insider purchases (sales). These results are consistent with insiders trading on private information about forthcoming earnings.}, author = {Lustgarten and Steven and Mande and Vivek}, citeulike-article-id = {3326786}, journal = {Journal of Accounting and Public Policy}, keywords = {advisors, analysis, earnings, forecasting, insider, investment, mathematical, models, regression, studies, trading}, number = {3}, pages = {233--262}, posted-at = {2008-09-24 02:17:22}, priority = {2}, title = {Financial analysts' earnings forecasts and insider trading}, volume = {14}, year = {1995} }

TY - JOUR ID - citeulike:3326786 L3 - citeulike-article-id:3326786 N2 - The issue of whether a firm's insiders utilize their foreknowledge of forthcoming earnings when trading in their own firm's stock is considered. Insider trading patterns are analyzed both before and after earnings are announced. Financial analysts' earnings forecast revisions are also examined following insider trading. Test results show increased insider purchases (sales) prior to the announcement of good (bad) earnings news. The results also show that insiders delay the purchase (sale) of stocks until after bad (good) earnings news is announced. Finally, it is found that financial analysts' earnings forecast revisions are positively (negatively) related to insider purchases (sales). These results are consistent with insiders trading on private information about forthcoming earnings. IS - 3 JF - Journal of Accounting and Public Policy EP - 262 TI - Financial analysts' earnings forecasts and insider trading VL - 14 SP - 233 KW - advisors KW - analysis KW - earnings KW - forecasting KW - insider KW - investment KW - mathematical KW - models KW - regression KW - studies KW - trading AU - Lustgarten AU - Steven AU - Mande AU - Vivek PY - 1995/// ER -