Further Evidence on Insider Selling Prior to Seasoned Equity Offering Announcements: The Role of Growth Opportunities
Previous research documents significant abnormal net selling by insiders prior to seasoned equity offering announcements. This study documents that the abnormal net selling is significantly greater for growth firms than for mature firms. It also shows that growth firms experience poorer post-issue l...
Ausführliche Beschreibung
Gespeichert in:
| Autor*in: |
Gombola, Michael J. [verfasserIn] Lee, Hei Wai [verfasserIn] Liu, Feng-Ying [verfasserIn] |
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| Format: |
E-Artikel |
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| Erschienen: |
Oxford, UK and Boston, USA: Blackwell Publishers Ltd ; 1999 |
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| Schlagwörter: |
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| Umfang: |
Online-Ressource |
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| Reproduktion: |
2003 ; Blackwell Publishing Journal Backfiles 1879-2005 |
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| Übergeordnetes Werk: |
In: Journal of business finance & accounting - Oxford : Wiley-Blackwell, 1974, 26(1999), 5/6, Seite 0 |
| Übergeordnetes Werk: |
volume:26 ; year:1999 ; number:5/6 ; pages:0 |
| Links: |
|---|
| DOI / URN: |
10.1111/1468-5957.00269 |
|---|
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NLEJ243369433 |
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| 520 | |a Previous research documents significant abnormal net selling by insiders prior to seasoned equity offering announcements. This study documents that the abnormal net selling is significantly greater for growth firms than for mature firms. It also shows that growth firms experience poorer post-issue long-term price performance, which suggests greater overpricing for growth firms. Further analysis shows that greater insider selling prior to the offering announcement is associated with a greater price run-up prior to the announcement and is not associated with a more negative market reaction to the announcement. Overall, the results suggest that investors may be overly optimistic about future prospects of growth firms. | ||
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10.1111/1468-5957.00269 doi (DE-627)NLEJ243369433 DE-627 ger DE-627 rakwb Gombola, Michael J. verfasserin aut Further Evidence on Insider Selling Prior to Seasoned Equity Offering Announcements: The Role of Growth Opportunities Oxford, UK and Boston, USA Blackwell Publishers Ltd 1999 Online-Ressource nicht spezifiziert zzz rdacontent nicht spezifiziert z rdamedia nicht spezifiziert zu rdacarrier Previous research documents significant abnormal net selling by insiders prior to seasoned equity offering announcements. This study documents that the abnormal net selling is significantly greater for growth firms than for mature firms. It also shows that growth firms experience poorer post-issue long-term price performance, which suggests greater overpricing for growth firms. Further analysis shows that greater insider selling prior to the offering announcement is associated with a greater price run-up prior to the announcement and is not associated with a more negative market reaction to the announcement. Overall, the results suggest that investors may be overly optimistic about future prospects of growth firms. 2003 Blackwell Publishing Journal Backfiles 1879-2005 |2003|||||||||| insider trading Lee, Hei Wai verfasserin aut Liu, Feng-Ying verfasserin aut In Journal of business finance & accounting Oxford : Wiley-Blackwell, 1974 26(1999), 5/6, Seite 0 Online-Ressource (DE-627)NLEJ243927193 (DE-600)2020001-8 1468-5957 nnns volume:26 year:1999 number:5/6 pages:0 http://dx.doi.org/10.1111/1468-5957.00269 text/html Verlag Deutschlandweit zugänglich Volltext GBV_USEFLAG_U ZDB-1-DJB GBV_NL_ARTICLE AR 26 1999 5/6 0 |
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10.1111/1468-5957.00269 doi (DE-627)NLEJ243369433 DE-627 ger DE-627 rakwb Gombola, Michael J. verfasserin aut Further Evidence on Insider Selling Prior to Seasoned Equity Offering Announcements: The Role of Growth Opportunities Oxford, UK and Boston, USA Blackwell Publishers Ltd 1999 Online-Ressource nicht spezifiziert zzz rdacontent nicht spezifiziert z rdamedia nicht spezifiziert zu rdacarrier Previous research documents significant abnormal net selling by insiders prior to seasoned equity offering announcements. This study documents that the abnormal net selling is significantly greater for growth firms than for mature firms. It also shows that growth firms experience poorer post-issue long-term price performance, which suggests greater overpricing for growth firms. Further analysis shows that greater insider selling prior to the offering announcement is associated with a greater price run-up prior to the announcement and is not associated with a more negative market reaction to the announcement. Overall, the results suggest that investors may be overly optimistic about future prospects of growth firms. 2003 Blackwell Publishing Journal Backfiles 1879-2005 |2003|||||||||| insider trading Lee, Hei Wai verfasserin aut Liu, Feng-Ying verfasserin aut In Journal of business finance & accounting Oxford : Wiley-Blackwell, 1974 26(1999), 5/6, Seite 0 Online-Ressource (DE-627)NLEJ243927193 (DE-600)2020001-8 1468-5957 nnns volume:26 year:1999 number:5/6 pages:0 http://dx.doi.org/10.1111/1468-5957.00269 text/html Verlag Deutschlandweit zugänglich Volltext GBV_USEFLAG_U ZDB-1-DJB GBV_NL_ARTICLE AR 26 1999 5/6 0 |
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10.1111/1468-5957.00269 doi (DE-627)NLEJ243369433 DE-627 ger DE-627 rakwb Gombola, Michael J. verfasserin aut Further Evidence on Insider Selling Prior to Seasoned Equity Offering Announcements: The Role of Growth Opportunities Oxford, UK and Boston, USA Blackwell Publishers Ltd 1999 Online-Ressource nicht spezifiziert zzz rdacontent nicht spezifiziert z rdamedia nicht spezifiziert zu rdacarrier Previous research documents significant abnormal net selling by insiders prior to seasoned equity offering announcements. This study documents that the abnormal net selling is significantly greater for growth firms than for mature firms. It also shows that growth firms experience poorer post-issue long-term price performance, which suggests greater overpricing for growth firms. Further analysis shows that greater insider selling prior to the offering announcement is associated with a greater price run-up prior to the announcement and is not associated with a more negative market reaction to the announcement. Overall, the results suggest that investors may be overly optimistic about future prospects of growth firms. 2003 Blackwell Publishing Journal Backfiles 1879-2005 |2003|||||||||| insider trading Lee, Hei Wai verfasserin aut Liu, Feng-Ying verfasserin aut In Journal of business finance & accounting Oxford : Wiley-Blackwell, 1974 26(1999), 5/6, Seite 0 Online-Ressource (DE-627)NLEJ243927193 (DE-600)2020001-8 1468-5957 nnns volume:26 year:1999 number:5/6 pages:0 http://dx.doi.org/10.1111/1468-5957.00269 text/html Verlag Deutschlandweit zugänglich Volltext GBV_USEFLAG_U ZDB-1-DJB GBV_NL_ARTICLE AR 26 1999 5/6 0 |
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10.1111/1468-5957.00269 doi (DE-627)NLEJ243369433 DE-627 ger DE-627 rakwb Gombola, Michael J. verfasserin aut Further Evidence on Insider Selling Prior to Seasoned Equity Offering Announcements: The Role of Growth Opportunities Oxford, UK and Boston, USA Blackwell Publishers Ltd 1999 Online-Ressource nicht spezifiziert zzz rdacontent nicht spezifiziert z rdamedia nicht spezifiziert zu rdacarrier Previous research documents significant abnormal net selling by insiders prior to seasoned equity offering announcements. This study documents that the abnormal net selling is significantly greater for growth firms than for mature firms. It also shows that growth firms experience poorer post-issue long-term price performance, which suggests greater overpricing for growth firms. Further analysis shows that greater insider selling prior to the offering announcement is associated with a greater price run-up prior to the announcement and is not associated with a more negative market reaction to the announcement. Overall, the results suggest that investors may be overly optimistic about future prospects of growth firms. 2003 Blackwell Publishing Journal Backfiles 1879-2005 |2003|||||||||| insider trading Lee, Hei Wai verfasserin aut Liu, Feng-Ying verfasserin aut In Journal of business finance & accounting Oxford : Wiley-Blackwell, 1974 26(1999), 5/6, Seite 0 Online-Ressource (DE-627)NLEJ243927193 (DE-600)2020001-8 1468-5957 nnns volume:26 year:1999 number:5/6 pages:0 http://dx.doi.org/10.1111/1468-5957.00269 text/html Verlag Deutschlandweit zugänglich Volltext GBV_USEFLAG_U ZDB-1-DJB GBV_NL_ARTICLE AR 26 1999 5/6 0 |
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10.1111/1468-5957.00269 doi (DE-627)NLEJ243369433 DE-627 ger DE-627 rakwb Gombola, Michael J. verfasserin aut Further Evidence on Insider Selling Prior to Seasoned Equity Offering Announcements: The Role of Growth Opportunities Oxford, UK and Boston, USA Blackwell Publishers Ltd 1999 Online-Ressource nicht spezifiziert zzz rdacontent nicht spezifiziert z rdamedia nicht spezifiziert zu rdacarrier Previous research documents significant abnormal net selling by insiders prior to seasoned equity offering announcements. This study documents that the abnormal net selling is significantly greater for growth firms than for mature firms. It also shows that growth firms experience poorer post-issue long-term price performance, which suggests greater overpricing for growth firms. Further analysis shows that greater insider selling prior to the offering announcement is associated with a greater price run-up prior to the announcement and is not associated with a more negative market reaction to the announcement. Overall, the results suggest that investors may be overly optimistic about future prospects of growth firms. 2003 Blackwell Publishing Journal Backfiles 1879-2005 |2003|||||||||| insider trading Lee, Hei Wai verfasserin aut Liu, Feng-Ying verfasserin aut In Journal of business finance & accounting Oxford : Wiley-Blackwell, 1974 26(1999), 5/6, Seite 0 Online-Ressource (DE-627)NLEJ243927193 (DE-600)2020001-8 1468-5957 nnns volume:26 year:1999 number:5/6 pages:0 http://dx.doi.org/10.1111/1468-5957.00269 text/html Verlag Deutschlandweit zugänglich Volltext GBV_USEFLAG_U ZDB-1-DJB GBV_NL_ARTICLE AR 26 1999 5/6 0 |
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Further Evidence on Insider Selling Prior to Seasoned Equity Offering Announcements: The Role of Growth Opportunities |
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Previous research documents significant abnormal net selling by insiders prior to seasoned equity offering announcements. This study documents that the abnormal net selling is significantly greater for growth firms than for mature firms. It also shows that growth firms experience poorer post-issue long-term price performance, which suggests greater overpricing for growth firms. Further analysis shows that greater insider selling prior to the offering announcement is associated with a greater price run-up prior to the announcement and is not associated with a more negative market reaction to the announcement. Overall, the results suggest that investors may be overly optimistic about future prospects of growth firms. |
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Previous research documents significant abnormal net selling by insiders prior to seasoned equity offering announcements. This study documents that the abnormal net selling is significantly greater for growth firms than for mature firms. It also shows that growth firms experience poorer post-issue long-term price performance, which suggests greater overpricing for growth firms. Further analysis shows that greater insider selling prior to the offering announcement is associated with a greater price run-up prior to the announcement and is not associated with a more negative market reaction to the announcement. Overall, the results suggest that investors may be overly optimistic about future prospects of growth firms. |
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Previous research documents significant abnormal net selling by insiders prior to seasoned equity offering announcements. This study documents that the abnormal net selling is significantly greater for growth firms than for mature firms. It also shows that growth firms experience poorer post-issue long-term price performance, which suggests greater overpricing for growth firms. Further analysis shows that greater insider selling prior to the offering announcement is associated with a greater price run-up prior to the announcement and is not associated with a more negative market reaction to the announcement. Overall, the results suggest that investors may be overly optimistic about future prospects of growth firms. |
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<?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>01000caa a22002652 4500</leader><controlfield tag="001">NLEJ243369433</controlfield><controlfield tag="003">DE-627</controlfield><controlfield tag="005">20210707180152.0</controlfield><controlfield tag="007">cr uuu---uuuuu</controlfield><controlfield tag="008">120427s1999 xx |||||o 00| ||und c</controlfield><datafield tag="024" ind1="7" ind2=" "><subfield code="a">10.1111/1468-5957.00269</subfield><subfield code="2">doi</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-627)NLEJ243369433</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-627</subfield><subfield code="b">ger</subfield><subfield code="c">DE-627</subfield><subfield code="e">rakwb</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Gombola, Michael J.</subfield><subfield code="e">verfasserin</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Further Evidence on Insider Selling Prior to Seasoned Equity Offering Announcements: The Role of Growth Opportunities</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Oxford, UK and Boston, USA</subfield><subfield code="b">Blackwell Publishers Ltd</subfield><subfield code="c">1999</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">Online-Ressource</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="a">nicht spezifiziert</subfield><subfield code="b">zzz</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="a">nicht spezifiziert</subfield><subfield code="b">z</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="a">nicht spezifiziert</subfield><subfield code="b">zu</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="520" ind1=" " ind2=" "><subfield code="a">Previous research documents significant abnormal net selling by insiders prior to seasoned equity offering announcements. This study documents that the abnormal net selling is significantly greater for growth firms than for mature firms. It also shows that growth firms experience poorer post-issue long-term price performance, which suggests greater overpricing for growth firms. Further analysis shows that greater insider selling prior to the offering announcement is associated with a greater price run-up prior to the announcement and is not associated with a more negative market reaction to the announcement. Overall, the results suggest that investors may be overly optimistic about future prospects of growth firms.</subfield></datafield><datafield tag="533" ind1=" " ind2=" "><subfield code="d">2003</subfield><subfield code="f">Blackwell Publishing Journal Backfiles 1879-2005</subfield><subfield code="7">|2003||||||||||</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">insider trading</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Lee, Hei Wai</subfield><subfield code="e">verfasserin</subfield><subfield code="4">aut</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Liu, Feng-Ying</subfield><subfield code="e">verfasserin</subfield><subfield code="4">aut</subfield></datafield><datafield tag="773" ind1="0" ind2="8"><subfield code="i">In</subfield><subfield code="t">Journal of business finance & accounting</subfield><subfield code="d">Oxford : Wiley-Blackwell, 1974</subfield><subfield code="g">26(1999), 5/6, Seite 0</subfield><subfield code="h">Online-Ressource</subfield><subfield code="w">(DE-627)NLEJ243927193</subfield><subfield code="w">(DE-600)2020001-8</subfield><subfield code="x">1468-5957</subfield><subfield code="7">nnns</subfield></datafield><datafield tag="773" ind1="1" ind2="8"><subfield code="g">volume:26</subfield><subfield code="g">year:1999</subfield><subfield code="g">number:5/6</subfield><subfield code="g">pages:0</subfield></datafield><datafield tag="856" ind1="4" ind2="0"><subfield code="u">http://dx.doi.org/10.1111/1468-5957.00269</subfield><subfield code="q">text/html</subfield><subfield code="x">Verlag</subfield><subfield code="z">Deutschlandweit zugänglich</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_USEFLAG_U</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-1-DJB</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_NL_ARTICLE</subfield></datafield><datafield tag="951" ind1=" " ind2=" "><subfield code="a">AR</subfield></datafield><datafield tag="952" ind1=" " ind2=" "><subfield code="d">26</subfield><subfield code="j">1999</subfield><subfield code="e">5/6</subfield><subfield code="h">0</subfield></datafield></record></collection>
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