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Managers' Trading Around Stock Repurchases

D. Scott Lee, Wayne H. Mikkelson and M. Megan Partch
The Journal of Finance
Vol. 47, No. 5 (Dec., 1992), pp. 1947-1961
Published by: Wiley for the American Finance Association
DOI: 10.2307/2329003
Stable URL: http://www.jstor.org/stable/2329003
Page Count: 15
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Managers' Trading Around Stock Repurchases
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Abstract

We analyze personal open market trades by managers around stock repurchases by tender offer. With the exception of Dutch auction offers, managers trade their firm's shares prior to repurchase announcements as though repurchases convey favorable inside information to outsiders. Prior to fixed price repurchase offers that do not follow takeover-related events, managers increase their buying and reduce their selling of their firm's shares. Prior to repurchases that follow takeover-related events, only a decrease in selling is found. No abnormal trading precedes Dutch auction repurchase offers.

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