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Informed trading around biotech M&As

机译：有关生物技术并购的知情交易

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Purpose - This paper aims to test the extent to which downward bias due to a floating-point exception in probability of informed trading (PIN) estimates obtained using the Easley, Hvidkjaer and O'Hara (EHO; 2002) method is remedied using the Yan and Zhang (YZ; 2012) method. The paper also aims to test the sample-size sensitivity of EHO PIN and identify PIN determinants for acquirers and targets in the biotech sector. Design/methodology/approach - EHO and YZ PIN performances are compared for US biotech acquirers and targets around their mergers and acquisition (M&A) announcements. The sampling method of Kryzanowski and Lazrak (2007) is used to assess sample-size sensitivity of announcement window EHO PIN estimates. Cross-sectional regressions are estimated to identify PIN determinants. Findings - EHO and YZ PIN are not significantly different. EHO PIN exhibits significant sample-size sensitivity. Information leakage prior to M&A announcements is strongly affected by some firm characteristics. Significant determinants of PIN behavior around M&A announcements include insider and institutional holdings and research and development (R&D) expense. Research limitations/implications - Findings imply that PIN partially reflects the activities of insiders and other informed investors about takeover intentions. Subsequent research can examine PIN behavior around pre-announcement rumors for M&As in the same or other industries and for potential targets that are peers of the M&A targets. Originality/value - This paper contributes to the ongoing debate in the empirical finance literature on whether PIN measures informed trading by examining its behavior and the importance of some methodological issues associated with its use in examining market behavior around M&A announcements.
机译：目的-本文旨在测试使用Easley，Hvidkjaer和O'Hara（EHO; 2002）方法获得的知情交易概率（PIN）估计中的浮点异常导致的向下偏差在多大程度上得到纠正和Zhang（YZ; 2012）方法。本文还旨在测试EHO PIN的样本大小敏感性，并为生物技术领域的收购方和目标确定PIN决定因素。设计/方法/方法-比较美国生物技术收购方的EHO和YZ PIN绩效，以及围绕其并购（M＆A）公告的目标。 Kryzanowski和Lazrak（2007）的抽样方法用于评估公告窗口EHO PIN估计的样本大小敏感性。估计横截面回归以识别PIN决定因素。调查结果-EHO和YZ PIN没有明显不同。 EHO PIN具有明显的样本大小敏感性。并购公告之前的信息泄漏受到某些公司特征的强烈影响。并购公告中PIN行为的重要决定因素包括内部人员和机构持股以及研发（R＆D）费用。研究的局限性/含义-研究结果表明PIN部分反映了内部人员和其他知情投资者关于收购意图的活动。随后的研究可以检查同一行业或其他行业中并购的公告前谣言周围的PIN行为，以及与并购目标同级的潜在目标。原创性/价值-本文为经验金融文献中有关PIN是否通过检查其行为来衡量交易是否为知情交易以及与使用其在并购公告周围检查市场行为相关的一些方法学问题的重要性提供了持续的辩论。

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