Bankruptcy and Insider Trading: Differences Between Exchange‐Listed and OTC Firms
研究发现，在破产公告前两年，场外交易公司的内幕交易显著多于非破产公司，而交易所上市公司则无此现象；场外交易公司内幕卖出在公告前五个月增加，且公告期股价跌幅最大的公司内幕卖出比例更高。
ABSTRACT Over the two‐year period prior to the bankruptcy announcement, insider trading is significantly greater for OTC bankrupt firms, but not for exchange‐listed firms, than for an industry‐size matched sample of nonbankrupt firms. In addition, the level of insider selling increases over the final five months leading to the first public announcement of OTC firms. Finally, firms displaying the most negative price reaction over the announcement period are found to have a significantly larger proportion of insider selling than other firms.