Cordial saludo, 

Este viernes 23 de noviembre  se llevará a cabo la Septuagésima tercera sesión del  Seminario Interno FEN donde se exponen trabajos en progreso de académicos y avances de tesis de estudiantes.

Datos de las presentación:

Título: Insider trading under different signals of sell-side analysts

Autores: Harold Contreras y Francisco Marcet

Presenta: Francisco Marcet.

Abstract: This study explores insider trading patterns after earnings announcements under different surprises. Specifically, we show that insiders trade differently depending on the type of analysts whose earnings forecasts are met or beaten. We define top and non-top analysts according to several dimensions associated with the importance of analysts' characteristics for investors. Moreover, we show that insiders trade heavily when top analysts' earnings forecasts are met or beaten, even though the stock price reaction after the earnings announcement is

similar when firms meat or beat top or non-top analyst. However, we show that post-abnormal returns are less affected by insider trading after positive surprises associated with top-analyst EPS forecasts. Overall, our results suggest that insiders strategically select momentswhen stock price impact and legal scrutiny is minimal. As a result, stock prices become less efficient as they adjust slowly to insider trades.

El seminario se llevará a cabo a las 13:00 horas en la sala T-1605 de la FEN, se solicita confirmar asistencia con Pamela Fuentes (pamfuent@fen.uchile.cl), a más tardar el día jueves 22 de noviembre hasta las 13:00 horas, ya que el seminario contempla almuerzo.

Quienes deseen inscribir presentaciones para futuras sesiones, por favor dirigirse a Joaquin Mayorga:jmayorga@fen.uchile.cl    

Saludos cordiales,

Dirección de Investigación FEN