Insider Trading, Ownership Structure, and the Market Assessment of Corporate Sell-Offs
研究发现，市场对资产剥离的积极评估主要出现在股权集中且前期有内幕净买入的公司，表明内幕交易和所有权结构信息影响市场判断。
This paper finds that the generally favorable assessment of corporate sell-off decisions is most apparent for closely held firms where insider net-buy activity is prevalent during the prior six-month period. This suggests that insider trader activity and ownership structure information are used by the market in the characterization of sell-off decisions as favorable or unfavorable for investors.