| Popis: |
A number of previous studies have assessed whether insider trades convey information to the market. Whilst lots of research has been undertaken in the past three decades, the issue is still contentious and there is ongoing debate concerning the legality and profitability of insider trading. Regulators restrict insider trading before any material news announcements, so that insider cannot take advantage of private information. Motivated by the studies in individual and aggregate insider trading, the objective of this thesis is to understand the role of signals that insiders send to the financial market about their companies when they trade, in general and to assess the role of insider trading in the context of initial public offerings (IPOs), particularly under lockup restrictions and the high information asymmetries inherent in IPOs. |
