dc.contributor.author | Fjesme, Sturla Lyngnes | |
dc.date.accessioned | 2020-05-05T08:52:57Z | |
dc.date.accessioned | 2020-05-18T08:33:18Z | |
dc.date.available | 2020-05-05T08:52:57Z | |
dc.date.available | 2020-05-18T08:33:18Z | |
dc.date.issued | 2019-05-12 | |
dc.identifier.citation | Fjesme SLF. Informed trading by non-financial companies. Applied Economics Letters. 2019 | en |
dc.identifier.issn | 1350-4851 | |
dc.identifier.issn | 1350-4851 | |
dc.identifier.issn | 1466-4291 | |
dc.identifier.issn | 1466-4291 | |
dc.identifier.uri | https://hdl.handle.net/10642/8610 | |
dc.description.abstract | It is well documented in the finance literature how share prices go up when companies increase dividend payouts. The long-term trend, however, is that more companies now retain excess cash rather than paying dividends. In this paper I investigate if companies retain cash to invest on private information in domestic stock markets. I look at 20,620 domestic non-financial companies trading shares on the Oslo Stock Exchange (OSE) over the period 1993 to 2006. I find that companies earn excess risk-adjusted-returns from active trading. I conclude that companies retain at least some cash to take advantage of private information. | en |
dc.language.iso | en | en |
dc.publisher | Taylor & Francis | en |
dc.relation.ispartofseries | Applied Economics Letters;Volume 27, 2020 - Issue 3 | |
dc.rights | This is an Accepted Manuscript of an article published by Taylor & Francis in Applied Economics Letters 12/05/2019, available online:
https://www.tandfonline.com/doi/full/10.1080/13504851.2019.1613489 | en |
dc.subject | Companies | en |
dc.subject | Portfolio choices | en |
dc.subject | Portfolio performances | en |
dc.title | Informed trading by non-financial companies | en |
dc.type | Journal article | en |
dc.type | Peer reviewed | en |
dc.date.updated | 2020-05-05T08:52:57Z | |
dc.description.version | acceptedVersion | en |
dc.identifier.doi | http://dx.doi.org/10.1080/13504851.2019.1613489 | |
dc.identifier.cristin | 1697450 | |
dc.source.journal | Applied Economics Letters | |