Insider trading activities before the simultaneous announcements of earnings and dividends

Tsz Wan Cheng, Ricky W.F. Szeto, T. Y. Leung

Research output: Journal article publicationJournal articleAcademic researchpeer-review

5 Citations (Scopus)


We employ a sample of 3,177 events from Hong Kong industrial firms during the 1993-1999 period to examine insider trading activities around earnings and dividends announcements. By controlling for earnings management, special dividends, and other firm level financial indicators, we find that the presence of insider trading, its trading direction, and its trading intensity are related to the signals of these simultaneous earnings and dividends announcements. Various tests show that our findings are robust regardless of the proxies used for measuring insider trading activities, earnings, and dividend changes. and Center for Pacific Basin Business, Economics and Finance Research.
Original languageEnglish
Pages (from-to)279-307
Number of pages29
JournalReview of Pacific Basin Financial Markets and Policies
Issue number2
Publication statusPublished - 1 Jun 2005


  • Dividends
  • Earnings management
  • Insider trading

ASJC Scopus subject areas

  • Finance
  • Economics and Econometrics


Dive into the research topics of 'Insider trading activities before the simultaneous announcements of earnings and dividends'. Together they form a unique fingerprint.

Cite this