| Paper Number | KCB-PP-2015-050 |
|---|---|
| Title | Informed Traders: Linking Legal Insider Trading and Share Repurchases |
| Title(Other) | |
| Author | Chan, Konan ; Ikenberry, David L. ; Lee, Inmoo ; Wang, Yanzhi |
| Publisher | CFA Institute |
| Abstract | Logic suggests that a link might exist between insider trades and share repurchases because of their potential to signal mispricing when market prices deviate from fair value; both events emanate from essentially the same set of decision makers. Using the overall repurchase sample, adding insider-trading information is generally not helpful. For "value" buyback companies, however, where perceived mispricing may be a more important factor, insider trading provides a strong complement to the repurchase signal. |
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