Bankruptcy and Insider Trading: Differences between Exchange-Listed and OTC Firms

Thomas Gosnell, Arthur J Keown and John M Pinkerton

Journal of Finance, 1992, vol. 47, issue 1, 349-62

Abstract: Over the two-year period prior to the bankruptcy announcement, insider trading is significantly greater for over-the-counter bankrupt firms, but not for exchange-listed firms, than for an industry-size matched sample of nonbankrupt firms. In addition, the level of insider selling increases over the final five months leading to the first public announcement of over-the-counter firms. Finally, firms displaying the most negative price reaction over the announcement period are found to have a significantly larger proportion of insider selling than other firms. Copyright 1992 by American Finance Association.

Date: 1992
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