Why Do Insiders Sell Shares Following IPO Lockups?
研究发现，高管在IPO锁定期后的异常卖出与后续长期回报负相关，而其他内部人的卖出则主要出于分散投资目的。
We examine long run returns subsequent to the lockup expiration of firms having gone public. We find that returns are negatively associated with abnormal selling by senior executives but unrelated to selling by other insiders. Our results suggest that even though lockup expirations provide an initial opportunity for insiders to diversify their holdings by selling a firm's shares, sales by senior executives are still motivated in part by private information. Sales by other insiders, on the other hand, are consistent with portfolio diversification.