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Do Swedish insiders trade on the basis of private information of goodwill impairments?
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Business Studies.
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Business Studies.
2014 (English)Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
Abstract [en]

We investigate whether Swedish insiders use an information advantage on future goodwill impairments to engage in net selling activity prior to public announcement. We further hypothesize greater insider net selling in impairment firms with a higher degree of goodwill in their balance sheets and in impairment firms in less transparent information environments. The insider trading is traced two years prior to the announcement of goodwill impairments in a sample between 2004-2012. Univariate and multivariate analyses are performed, comparing impairment firms with non-impairment firms. The results indicate that impairment firms engage in abnormal net selling up to six months prior to the announcement date. In addition, impairment firms with a higher degree of goodwill and with higher transparency are net selling to a higher extent up to six months prior to announcement date, although these findings only provide moderate predicting values. No significant results are discovered earlier than six months prior to announcement. These findings are incongruent with previous research.

Place, publisher, year, edition, pages
2014. , 41 p.
Keyword [en]
Insider trading, Goodwill, Impairments, IAS 36
National Category
Business Administration
Identifiers
URN: urn:nbn:se:uu:diva-217905OAI: oai:DiVA.org:uu-217905DiVA: diva2:694154
Educational program
Ekonomie kandidatprogrammet
Supervisors
Available from: 2014-02-06 Created: 2014-02-05 Last updated: 2014-02-06Bibliographically approved

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Do Swedish insiders trade on the basis of private information of goodwill impairments?(5604 kB)272 downloads
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CiteExportLink to record
Permanent link

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Cite
Citation style
  • apa
  • ieee
  • modern-language-association
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf