Corporate Transactions in Hard-to-Value Stocks
研究发现，在难以估值的股票中，公司经理利用信息优势进行反向交易，这种交易在早期跑赢易估值股票，但2002年后优势消失，表明经理交易更多源于对错误定价的感知而非私有信息。
Abstract Hard-to-value stocks provide opportunities for managers to exploit their informational advantage through trading on their firms’ and their own personal accounts. In contrast to the prediction that such transactions reflect private information about future events, they are contrarian and heavily depend on past returns. Corporate transactions in hard-to-value stocks outperform those in easy-to-value stocks in the early part of our sample, but this difference disappears after 2002, coinciding with a general decline in the profitability of stock market anomalies. Our evidence is consistent with managers’ perception of mispricing, rather than private information, being a key motivator of their transactions.