Insider Trading and Firm Performance Following Open Market Share Repurchase Announcements
研究提出二分预期假说，认为回购公告后的内幕交易揭示了公司未来经营业绩的私有信息，内幕买入预示业绩改善和长期高回报，卖出则相反，实证支持这一关联。
Abstract The long‐run performance of equity securities subsequent to announcements of open market repurchases (OMR) remains a contentious topic. In this paper we propose the “dichotomous expectations hypothesis” which posits that insider trading following share repurchase announcements reveals private information concerning the future operating performance of announcing firms. In particular, insider abnormal purchases (abnormal sales) should predict an improvement (decline) in operating performance that leads to higher (lower) long‐run stock returns. Our hypothesis offers a credible economic link between insider trading and subsequent long‐run stock performance through the intervening variable of operating performance. The empirical results show consistency with this linkage.