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dc.contributor.authorLambe, Brendanen
dc.date.accessioned2017-11-02T10:28:08Z
dc.date.available2017-11-02T10:28:08Z
dc.date.issued2016-05-16
dc.identifier.citationLambe, B. (2016) An Unreliable Canary: Insider Trading, the Cash Flow Hypothesis and the Financial Crisis. International Review of Financial Analysis. 46, pp. 151-158en
dc.identifier.urihttp://hdl.handle.net/2086/14810
dc.description.abstractThis paper investigates whether measures of aggregated insider trading could have predicted the wider economic change that occurred in the UK around the time of the financial crisis. Seyhun's (1988, 1992) cash flow hypothesis is the underpinning rationale driving the investigation. Within a vector auto-regressive framework, this study disentangles the relationship between returns and the activities of insiders in UK listed firms in order to validate Seyhun's assertions in this context. Findings suggest that, unlike the US, the relationship is not present. Instead, aggregate measures of trading decisions showthat insiders aremore likely driven by public perception than by private information.en
dc.language.isoenen
dc.publisherElsevieren
dc.subjectinsider tradingen
dc.subjectcash flow hypothesisen
dc.titleAn Unreliable Canary: Insider Trading, the Cash Flow Hypothesis and the Financial Crisis’en
dc.typeArticleen
dc.identifier.doihttps://doi.org/10.1016/j.irfa.2016.05.005
dc.peerreviewedYesen
dc.fundern/aen
dc.projectidn/aen
dc.cclicenceN/Aen
dc.date.acceptance2016-05-13en
dc.exception.reasonprev. insten
dc.researchinstituteFinance and Banking Research Group (FiBRe)en


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