Insider Trading, Ownership Structure, and the Market Assessment of Corporate Sell‐Offs
发现，市场对资产剥离的积极评估主要出现在股权集中且前期内幕净买入活跃的公司，说明内幕交易和所有权结构信息帮助投资者判断资产剥离的好坏。
ABSTRACT This paper finds that the generally favorable assessment of corporate sell‐off decisions is most apparent for closely held firms where insider net‐buy activity is prevalent during the prior six‐month period. This suggests that insider trader activity and ownership structure information are used by the market in the characterization of sell‐off decisions as favorable or unfavorable for investors.