Leveraged Buyouts and Insider Nontrading
研究管理层收购和第三方杠杆收购前12个月内公司高管和董事的交易行为，检验内部人是否利用信息优势在收购前增持股票以获利。
This paper examines trading by corporate officers and directors (insiders) in the 12 months prior to management buyouts (MBOs) and third-party leveraged buyouts (LBOs). The investigation is motivated by the widely held belief that, in a management buyout, the firm's managers exploit shareholders by acting on inside information not possessed by the shareholders. Specifically, insiders may increase their purchases of shares prior to a buyout either to subsequently sell at the higher post-announcement price or to reduce the number of shares that must be purchased at the buyout price to complete the transaction.