Corporate Bankruptcy and Managers' Self‐Serving Behavior
研究破产企业内部人是否比非破产企业更少持股或减持股票，发现两者在破产前五年无显著差异，表明内部人持股和交易量不反映企业价值。
ABSTRACT We investigate whether insiders of bankrupt firms hold less stock or reduce their stockholdings compared to what we observed for insiders of similar firms that do not go bankrupt. We find little evidence of such time‐series and cross‐sectional differences in spite of the fact that the stock value of bankrupt firms falls by more than ninety percent in the five years preceding bankruptcy. One implication of our results is that the amount of stock owned and the magnitude of the trades undertaken by corporate insiders of both bankrupt and nonbankrupt firms appear to provide no information about firm value.