Managers' Trading Around Stock Repurchases
分析经理人在要约收购式股票回购前后的个人公开市场交易，发现除荷兰式拍卖外，经理人会在回购公告前增加买入、减少卖出，暗示回购传递利好内幕信息。
We analyze personal open market trades by managers around stock repurchases by tender offer. With the exception of Dutch auction offers, managers trade their firm's shares prior to repurchase announcements as though repurchases convey favorable inside information to outsiders. Prior to fixed price repurchase offers that do not follow takeover-related events, managers increase their buying and reduce their selling of their firm's shares. Prior to repurchases that follow takeover-related events, only a decrease in selling is found. No abnormal trading precedes Dutch auction repurchase offers.