Skip to main content

Main menu

  • Home
  • Current Issue
  • Past Issues
  • Videos
  • Submit an article
  • More
    • About JFI
    • Editorial Board
    • Published Ahead of Print (PAP)
  • IPR Logo
  • About Us
  • Journals
  • Publish
  • Advertise
  • Videos
  • Webinars
  • More
    • Awards
    • Article Licensing
    • Academic Use
  • Follow IIJ on LinkedIn
  • Follow IIJ on Twitter

User menu

  • Sample our Content
  • Request a Demo
  • Log in

Search

  • ADVANCED SEARCH: Discover more content by journal, author or time frame
The Journal of Fixed Income
  • IPR Logo
  • About Us
  • Journals
  • Publish
  • Advertise
  • Videos
  • Webinars
  • More
    • Awards
    • Article Licensing
    • Academic Use
  • Sample our Content
  • Request a Demo
  • Log in
The Journal of Fixed Income

The Journal of Fixed Income

ADVANCED SEARCH: Discover more content by journal, author or time frame

  • Home
  • Current Issue
  • Past Issues
  • Videos
  • Submit an article
  • More
    • About JFI
    • Editorial Board
    • Published Ahead of Print (PAP)
  • Follow IIJ on LinkedIn
  • Follow IIJ on Twitter

Insider Stock Trading and the Bond Market

Andreas Oehler, Kuntara Pukthuanthong, Thomas J. Walker and Stefan Wendt
The Journal of Fixed Income Winter 2016, 25 (3) 74-91; DOI: https://doi.org/10.3905/jfi.2016.25.3.074
Andreas Oehler
is full professor and chair of finance at Bamberg University in Bamberg, Germany.
  • Find this author on Google Scholar
  • Find this author on PubMed
  • Search for this author on this site
  • For correspondence: andreas.oehler@uni-bamberg.de
Kuntara Pukthuanthong
is Robert Trulaske Jr. Professor of Finance and an associate professor in the Robert J. Trulaske Sr. College of Business at the University of Missouri in Columbia, MO.
  • Find this author on Google Scholar
  • Find this author on PubMed
  • Search for this author on this site
  • For correspondence: pukthuanthongk@missouri.edu
Thomas J. Walker
is an associate professor in the John Molson School of Business at Concordia University in Montreal, QC, Canada.
  • Find this author on Google Scholar
  • Find this author on PubMed
  • Search for this author on this site
  • For correspondence: thomas.walker@concordia.ca
Stefan Wendt
is an assistant professor in the School of Business at Reykjavik University in Reykjavik, Iceland.
  • Find this author on Google Scholar
  • Find this author on PubMed
  • Search for this author on this site
  • For correspondence: stefanwendt@ru.is
  • Article
  • Info & Metrics
  • PDF (Subscribers Only)
Loading

Click to login and read the full article.

Don’t have access? Click here to request a demo 
Alternatively, Call a member of the team to discuss membership options
US and Overseas: +1 646-931-9045
UK: 0207 139 1600

Abstract

Very little is known about how bond market participants react to insider stock trades. Our study attempts to fill this gap in the literature by analyzing the bond market reactions around insider transactions in U.S. firms during the period from 2002 to 2009. Our dataset covers 993 stock purchases and 6,562 stock sales by corporate insiders. We employ event study methodology to determine the cumulative abnormal bond price returns in a number of predetermined subperiods around the publication date and find that insider purchases negatively influence corporate bond prices, whereas insider sales appear to convey a positive signal to the bond market. The results for purchases are most obvious for financial firms and for investment-grade firms. The results for sales are larger in the subsamples including non-financial firms and non-investment-grade firms. For both purchases and sales, the effect is largest when the transactions are executed by insiders who are both corporate executive officers and chairmen or during the crisis period. The results of our regression analysis support the findings from the event study and reveal that purchases related to benefit plans transmit a less negative signal to the market than other purchases.

TOPICS: Fixed income and structured finance, statistical methods

  • © 2016 Pageant Media Ltd
View Full Text

Don’t have access? Click here to request a demo

Alternatively, Call a member of the team to discuss membership options

US and Overseas: +1 646-931-9045

UK: 0207 139 1600

Log in using your username and password

Forgot your user name or password?
PreviousNext
Back to top

Explore our content to discover more relevant research

  • By topic
  • Across journals
  • From the experts
  • Monthly highlights
  • Special collections

In this issue

The Journal of Fixed Income: 25 (3)
The Journal of Fixed Income
Vol. 25, Issue 3
Winter 2016
  • Table of Contents
  • Index by author
Print
Download PDF
Article Alerts
Sign In to Email Alerts with your Email Address
Email Article

Thank you for your interest in spreading the word on The Journal of Fixed Income.

NOTE: We only request your email address so that the person you are recommending the page to knows that you wanted them to see it, and that it is not junk mail. We do not capture any email address.

Enter multiple addresses on separate lines or separate them with commas.
Insider Stock Trading and the Bond Market
(Your Name) has sent you a message from The Journal of Fixed Income
(Your Name) thought you would like to see the The Journal of Fixed Income web site.
CAPTCHA
This question is for testing whether or not you are a human visitor and to prevent automated spam submissions.
Citation Tools
Insider Stock Trading and the Bond Market
Andreas Oehler, Kuntara Pukthuanthong, Thomas J. Walker, Stefan Wendt
The Journal of Fixed Income Dec 2015, 25 (3) 74-91; DOI: 10.3905/jfi.2016.25.3.074

Citation Manager Formats

  • BibTeX
  • Bookends
  • EasyBib
  • EndNote (tagged)
  • EndNote 8 (xml)
  • Medlars
  • Mendeley
  • Papers
  • RefWorks Tagged
  • Ref Manager
  • RIS
  • Zotero
Save To My Folders
Share
Insider Stock Trading and the Bond Market
Andreas Oehler, Kuntara Pukthuanthong, Thomas J. Walker, Stefan Wendt
The Journal of Fixed Income Dec 2015, 25 (3) 74-91; DOI: 10.3905/jfi.2016.25.3.074
del.icio.us logo Digg logo Reddit logo Twitter logo Facebook logo Google logo LinkedIn logo Mendeley logo
Tweet Widget Facebook Like LinkedIn logo

Jump to section

  • Article
    • Abstract
    • RELATED LITERATURE
    • DATA AND METHODOLOGY
    • RESULTS
    • CONCLUSIONS
    • ENDNOTES
    • References
  • Info & Metrics
  • PDF (Subscribers Only)
  • PDF (Subscribers Only)

Similar Articles

Cited By...

  • No citing articles found.
  • Google Scholar
LONDON
One London Wall, London, EC2Y 5EA
United Kingdom
+44 207 139 1600
 
NEW YORK
41 Madison Avenue, New York, NY 10010
USA
+1 646 931 9045
pm-research@pageantmedia.com
 

Stay Connected

  • Follow IIJ on LinkedIn
  • Follow IIJ on Twitter

MORE FROM PMR

  • Home
  • Awards
  • Investment Guides
  • Videos
  • About PMR

INFORMATION FOR

  • Academics
  • Agents
  • Authors
  • Content Usage Terms

GET INVOLVED

  • Advertise
  • Publish
  • Article Licensing
  • Contact Us
  • Subscribe Now
  • Log in
  • Update your Profile
  • Give us your feedback

© 2022 Pageant Media Ltd | All Rights Reserved | ISSN: 1059-8596 | E-ISSN: 2168-8648

  • Site Map
  • Terms & Conditions
  • Privacy Policy
  • Cookies