کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5084212 1477836 2008 15 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Lockup expiration, insider selling and bid-ask spreads
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Lockup expiration, insider selling and bid-ask spreads
چکیده انگلیسی

Contrary to our expectation that lockup expiration should result in an exacerbation of the information asymmetry problem faced by market makers, we find an improvement in secondary market liquidity in the post-expiration period. For the subset of firms with reported insider sales during the 10-day post-lockup expiration period, bid-ask spreads reduce by a larger percentage - mainly due to a decline in the adverse selection component. VC-backed firms also experience a decline in quoted and effective spreads in the post-lockup period as compared to non-VC firms. Our empirical results show that insider selling and VC unwinding both improve liquidity after unlock day. However, only insider selling is associated with a reduction in the adverse selection component of spread.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: International Review of Economics & Finance - Volume 17, Issue 2, 2008, Pages 230-244
نویسندگان
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