Directors' Share Dealings and Company Financial Performance

Philip Hamill, Philip McIlkenny and Kwaku Opong ()

Journal of Management & Governance, 2002, vol. 6, issue 3, 215-234

Abstract: This paper examines the response of securityprices to the share dealings by directors ofsmall capitalised firms in the United Kingdomand tests as to whether the share dealingscontain information with regard to the firm'sfuture financial performance. The results ofthe study indicate that investors respondpositively to the information signals ofdirectors' equity purchases. We find littleevidence to suggest that directors' equitysales possess significant information content.The results suggest that there is a positiveassociation between financial performance andthe type of trade directors engage in. Copyright Kluwer Academic Publishers 2002

Keywords: directors; excess returns; financial performance; financial variables (search for similar items in EconPapers)
Date: 2002
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Citations: View citations in EconPapers (2)

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DOI: 10.1023/A:1019677230611

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