If It's Good for the Firm, It's Good for Me: Insider Trading and Repurchases Motivated by Undervaluation
研究发现，内幕交易信息可识别被低估的回购公司；回购公告前内幕净买入高的公司，短期和长期股价及经营业绩均更优。
Abstract My findings suggest that information inherent in insider trading can be used to identify undervalued repurchasing firms. I examine the relation between insider trading and the performance of open market repurchase (OMR) firms. I show that firms with high net insider buying prior to OMR announcements not only earn abnormal stock returns in both the short‐ and long‐run, but also exhibit better operating performance. Overall, the evidence is consistent with insiders timing their trades prior to OMR announcements.