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Abnormal returns on Canadian insider purchases before press releases

机译：新闻发布之前加拿大内幕人士购买的异常回报

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摘要

Purpose - This study aims to examine whether insider purchases made within 30 days prior to the publication of various kinds of press releases earn higher abnormal returns (AR) than those in the absence of such announcements. It also attempts to identify the factors that explain ARs. Design/methodology/approach - This study considers data for Canadian insider purchases made on the Toronto Stock Exchange 60 Index. An event study methodology is used to calculate AR, and a mixed regression model is used to evaluate the effect of corporate news on AR. Findings - The empirical results indicate that insiders achieve greater ARs when they purchase stock prior to press releases; findings also show that these returns are specifically related to purchases made before the announcements of mergers and acquisitions, ongoing projects, financial structure, financial results and asset disposals. This is because of the firm effect Practical implications - These findings have important implications for Canadian market regulatory authorities, especially the Ontario Securities Commission and other market participants who are interested in corporate governance, such as boards of directors and shareholders. Originality/value - The present findings show that regulatory bodies must work with companies to raise awareness of improper insider trading.
机译：目的-这项研究旨在检验在发布各种新闻稿之前的30天内进行的内部购买是否比没有发布此类新闻的内部购买产生更高的异常收益（AR）。它还尝试确定解释AR的因素。设计/方法/方法-这项研究考虑了在多伦多证券交易所60指数进行的加拿大内部人员购买的数据。事件研究方法用于计算AR，混合回归模型用于评估企业新闻对AR的影响。调查结果-实证结果表明，内部人员在新闻发布之前购买股票时会获得更大的应收账款；调查结果还表明，这些收益与并购公告宣布之前的购买，正在进行的项目，财务结构，财务结果和资产处置特别相关。这是因为产生了实效。实际意义-这些发现对加拿大市场监管机构，特别是安大略证券委员会和对公司治理感兴趣的其他市场参与者（例如董事会和股东）具有重要意义。原创性/价值-目前的发现表明，监管机构必须与公司合作，以提高对不当内幕交易的认识。

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