Do Corporate Insiders Use Stock Buybacks for Personal Gain?

Author(s):  
Lenore Palladino



Author(s):  
Guanming He ◽  
Helen Mengbing Ren ◽  
Richard Taffler

Abstract We explore whether firm managers trade on future stock price crash risk. This depends on managers’ ability to assess future crash risk, and on whether the expected payoff is greater than the expected costs associated with potential reputation loss and litigation risk. We find that insider sales are positively associated with future crash risk, which is consistent with managers’ trading on crash risk for personal gain. We also find that managers take advantage of high information opacity to pursue crash-risk-based insider sales more aggressively, but are less able to capitalize on this in the case of financial constraints or post-SOX.



Author(s):  
Terrence Blackburne ◽  
John D. Kepler ◽  
Phillip J. Quinn ◽  
Daniel Taylor

One of the hallmarks of the Security and Exchange Commision's (SEC's) investigative process is that it is shrouded in secrecy––only the SEC staff, high-level managers of the company being investigated, and outside counsel are typically aware of active investigations. We obtain novel data on all investigations closed by the SEC between 2000 and 2017––data that were heretofore nonpublic––and find that such investigations predict economically material declines in future firm performance. Despite evidence that the vast majority of these investigations are economically material, firms are not required to disclose them, and only 19% of investigations are initially disclosed. We examine whether corporate insiders exploit the undisclosed nature of these investigations for personal gain. Despite the undisclosed and economically material nature of these investigations, we find that insiders are not abstaining from trading. In particular, we find a pronounced spike in insider selling among undisclosed investigations with the most severe negative outcomes; and that abnormal selling activity appears highly opportunistic and earns significant abnormal returns. Our results suggest that SEC investigations are often undisclosed, economically material nonpublic events, and that insiders are trading in conjunction with these events. This paper was accepted by Suraj Srinivasan, accounting.





Author(s):  
Eva Gonzalez Calvo ◽  
Meziane Lasfer
Keyword(s):  


2008 ◽  
Author(s):  
Erik Theissen ◽  
André Betzer
Keyword(s):  


Author(s):  
Allan Hepburn

Muriel Spark gave sustained attention to the problem of evil. In her view, people committed evil acts gratuitously, merely for the sake of causing suffering. By the same token, novels are virtually unthinkable without some degree of evil—or evil in its lesser forms, such as mischief, wickedness, or wanton cruelty. Using previously untapped archival materials, this chapter focuses on manifestations of evil in two of Spark’s novels: The Comforters, in which evil is an intrusion on privacy, and Memento Mori, in which the evil characters, Mabel Pettigrew and Eric Colston, manipulate, blackmail, and threaten others for personal gain. Spark’s speculations on evil must be understood in terms of philosophical and theological discussions at mid-century. For Spark, evil was not a psychological issue so much as a moral one. In this regard, her novels can be profitably read alongside works about evil by C. E. M. Joad, Jean Nabert, and Hannah Arendt.



2021 ◽  
Vol 23 (4) ◽  
pp. 780-795
Author(s):  
Eva Theunissen ◽  
Paolo Silvio Harald Favero

Focusing on male transgender cammers on adult web page Chaturbate, this article goes into depth with issues of labour, archiving and in/visibility. The article starts by examining the production processes that characterize adult camming and argues that much of the labour involved is hidden behind the live screen. Next, we will look into the archival procedures that accompany camming shows. We suggest that adult camming is characterized by a tension between the ephemerality of live-streamed images and their ‘endurance’ caused by automated archival procedures. The second part of the article focuses on the strategies two male transgender cammers deploy for navigating these tensions. Their experiences highlight how, in this context, pleasure and personal gain can only be achieved by exercising a degree of control on the dialectic between human agency and machine-driven automation. Controlling the scope of visibility on the live screen is crucial in this process and can be understood as a form of labour in and of itself.



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