JAGOLINZER, ALAN D.; MATSUNAGA, STEVEN R.; YEUNG, P. ERIC - In: Journal of Accounting Research 45 (2007) 5, pp. 1055-1079
<heading id="h1" level="1" implicit="yes" format="display">ABSTRACT</heading>This study examines firm performance surrounding insiders' prepaid variable forward (PVF) transactions to infer insiders' information when they enter these off-market contracts. PVFs allow insiders to hedge downside risk, share performance gains, and obtain immediate large-sum cash...
