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Journal Article

Insider Trading and the Dissemination of Firms' Forecast Information

Stephen H. Penman
The Journal of Business
Vol. 55, No. 4 (Oct., 1982), pp. 479-503
Stable URL: http://www.jstor.org/stable/2352989
Page Count: 25
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
Insider Trading and the Dissemination of Firms' Forecast Information
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Abstract

Evidence is given in this paper which indicates that corporate insiders time their trades in their firms' stock relative to the date of the disclosure of their forecasts of annual earnings. Further, insiders earn abnormal returns to their joint trading and information dissemination activities, and the paper provides measures of these returns.

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