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Impact Of The Galleon Case On Informed Trading Before Merger Announcements

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  • Inga Chira
  • Jeff Madura

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  • Inga Chira & Jeff Madura, 2013. "Impact Of The Galleon Case On Informed Trading Before Merger Announcements," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 36(3), pages 325-346, September.
    • Handle: RePEc:bla:jfnres:v:36:y:2013:i:3:p:325-346
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    File URL: http://hdl.handle.net/10.1111/j.1475-6803.2013.12013.x
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    References listed on IDEAS

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    1. Michael R. King, 2009. "Prebid Run‐Ups Ahead of Canadian Takeovers: How Big Is the Problem?," Financial Management, Financial Management Association International, vol. 38(4), pages 699-726, December.
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    3. Acharya, Viral V. & Johnson, Timothy C., 2010. "More insiders, more insider trading: Evidence from private-equity buyouts," Journal of Financial Economics, Elsevier, vol. 98(3), pages 500-523, December.
    4. Chakravarty, Sugato & McConnell, John J., 1999. "Does Insider Trading Really Move Stock Prices?," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 34(2), pages 191-209, June.
    5. Keown, Arthur J & Pinkerton, John M, 1981. "Merger Announcements and Insider Trading Activity: An Empirical Investigation," Journal of Finance, American Finance Association, vol. 36(4), pages 855-869, September.
    6. Schwert, G. William, 1996. "Markup pricing in mergers and acquisitions," Journal of Financial Economics, Elsevier, vol. 41(2), pages 153-192, June.
    7. White, Halbert, 1980. "A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity," Econometrica, Econometric Society, vol. 48(4), pages 817-838, May.
    8. Jayaraman, Narayanan & Frye, Melissa B & Sabherwal, Sanjiv, 2001. "Informed Testing around Merger Announcements: An Empirical Test Using Transaction Volume and Open Interest in Options Markets," The Financial Review, Eastern Finance Association, vol. 36(2), pages 45-74, May.
    9. Robert M. Bushman & Joseph D. Piotroski & Abbie J. Smith, 2005. "Insider Trading Restrictions and Analysts' Incentives to Follow Firms," Journal of Finance, American Finance Association, vol. 60(1), pages 35-66, February.
    10. Jabbour, Alain R. & Jalilvand, Abolhassan & Switzer, Jeannette A., 2000. "Pre-bid price run-ups and insider trading activity: Evidence from Canadian acquisitions," International Review of Financial Analysis, Elsevier, vol. 9(1), pages 21-43, February.
    11. Leland, Hayne E, 1992. "Insider Trading: Should It Be Prohibited?," Journal of Political Economy, University of Chicago Press, vol. 100(4), pages 859-887, August.
    12. Meulbroek, Lisa K, 1992. "An Empirical Analysis of Illegal Insider Trading," Journal of Finance, American Finance Association, vol. 47(5), pages 1661-1699, December.
    13. Jayaraman, Sudarshan, 2012. "The effect of enforcement on timely loss recognition: Evidence from insider trading laws," Journal of Accounting and Economics, Elsevier, vol. 53(1), pages 77-97.
    14. Gupta, Atul & Misra, Lalatendu, 1988. "Illegal Insider Trading: Is It Rampant before Corporate Takeovers?," The Financial Review, Eastern Finance Association, vol. 23(4), pages 453-464, November.
    15. Chen, Hsuan-Chi & Hao, (Grace) Qing, 2011. "Insider trading law enforcement and gross spreads of ADR IPOs," Journal of Banking & Finance, Elsevier, vol. 35(8), pages 1907-1917, August.
    16. Brigida, Matthew & Madura, Jeff, 2012. "Sources of target stock price run-up prior to acquisitions," Journal of Economics and Business, Elsevier, vol. 64(2), pages 185-198.
    17. N. Asli Ascioglu & Thomas H. McInish & Robert A. Wood, 2002. "Merger Announcements and Trading," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 25(2), pages 263-278, June.
    18. Joseph K. Tanimura & Eric W. Wehrly, 2012. "The Effects Of Insider Trading Restrictions: Evidence From Historical Dividend Initiations And Omissions," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 35(1), pages 1-28, March.
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    Cited by:

    1. Chira, Inga & Volkov, Nikanor, 2017. "The choice of sale method and its consequences in mergers and acquisitions," The Quarterly Review of Economics and Finance, Elsevier, vol. 63(C), pages 170-184.
    2. Madura, Jeff & Marciniak, Marek, 2014. "Bidder country characteristics and informed trading in U.S. targets," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 29(C), pages 256-284.
    3. Yang, Ann Shawing, 2020. "Misinformation corrections of corporate news: Corporate clarification announcements," Pacific-Basin Finance Journal, Elsevier, vol. 61(C).
    4. Zheng, Weiting & Zheng, Yaqin & Yi, Jingtao & Shaheer, Noman & Li, Sali, 2024. "Context matters: The signaling role of foreign bidders’ reputation in cross-border acquisition contests," Journal of World Business, Elsevier, vol. 59(4).

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