The Reaction of Investors and Stock Prices to Insider Trading
分析1982年安海斯-布希对坎贝尔·塔加特的收购要约中，公司内部人及其消息接收者的交易行为，发现内幕交易显著影响股价，但市场流动性反而改善，内部人获得更优订单执行。
ABSTRACT Trading by corporate insiders and their tippees is analyzed in Anheuser‐Busch's 1982 tender offer for Campbell Taggart. Court records that identify insider transactions are used to disentangle the individual insider trades from liquidity trades. Consistent with previous studies, insider trading was found to have had a significant impact on the price' of Campbell Taggart. However, the impact of informed trading on the market is complicated. Trading volume net of insider purchases rose. Contrary to the broad implications of adverse selection models, Campbell Taggart's liquidity improved when the insiders were active in the market, and the insiders received superior execution for their orders.