The information content of sudden Insider Silence

@inproceedings{Hong2018TheIC,
  title={The information content of sudden Insider Silence},
  author={Claire Yurong Hong and Frank Weikai Li},
  year={2018}
}
This paper explores the information content of insider sudden silence. We hypothesize that insiders strategically choose to be silent when they possess private information not yet reflected in stock prices. Consistent with our hypothesis, insider silence following a routine selling (buying) schedule predicts positive (negative) future abnormal returns as well as earnings surprise. The return predictability of insider silence is stronger among firms with worse information environment and facing… CONTINUE READING
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