Directors’ stock-purchases on stock performance: Evidence from Colombo Stock Exchange

https://doi.org/10.35912/ijfam.v3i4.777
Published: Mar 10, 2022

Abstract:

Purpose: This study examines how directors’ stock-purchase transactions would result in stock performance, assessing whether directors’ stock-purchase transactions are rapidly reflected in stock prices in Colombo Stock Exchange, Sri Lanka. Moreover, it studies how stock-purchase transactions based on directors’ gender, would result in stock performance.

Research Methodology: The analysis covers a period from March 2013 to March 2019, and includes 141 directors’ stock purchases. Research issues are investigated using an event-study methodology.

Results: Significant negative abnormal returns follow directors’ stock-purchase transactions, which indicates they are not rapidly reflected in stock prices. Gender-wise, male directors’ stock-purchase transactions result in significantly negative abnormal returns, whereas for its female counterpart, no significantly abnormal returns are observed. Further, both male and female directors’ stock-purchase transactions are not rapidly reflected in stock prices.

Limitation: The study does not consider the number of shares purchased. Certain director stock purchases have to be omitted due to a lack of data.

Contribution: Policy-makers could implement actions to prevent harmful trading activities and to improve the reporting timelines of directors' stock purchases. Consequently, the information asymmetry could be minimized. Hence, investors could engage in stock purchases confidently, which results in mitigating the company’s cost of capital.

Keywords:
1. Colombo Stock Exchange
2. Directors’ stocks-purchases
3. Female directors
4. Male directors
Authors:
1 . D. D. C Kavinda
School of Accounting and Business, The Institute of Chartered Accountants of Sri Lanka, Sri Lanka
2 . P. A. N. S Anuradha
Department of Finance, University of Sri Jayewardenepura, Sri Lanka
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How to Cite
Kavinda, D. D. C., & Anuradha, P. A. N. S. (2022). Directors’ stock-purchases on stock performance: Evidence from Colombo Stock Exchange. International Journal of Financial, Accounting, and Management, 3(4), 317–334. https://doi.org/10.35912/ijfam.v3i4.777
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Issue & Section
Vol. 3 No. 4 (2022): March
Articles
References

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    Anuradha, P.A.N.S., & Nimal, P.D. (2017). Momentum in stock returns and Investor behavior Evidence from Sri Lanka, International Academic Research Journal of Economics and Finance, 05(01), 34-44.

    Bajo, E. (2010), The Information Content of Abnormal Trading Volume, Journal of Business Finance and Accounting, 37(07-08), 950-978. https://doi.org/10.1111/j.1468-5957.2010.02197.x.

    Bajo, E., & Petracci, B. (2006). Do what insiders do: Abnormal performance after the release of insider’s relevant transactions. Studies in Economics and Finance, 23(2), 94–118. DOI: 10.1108/10867370610683905.

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    Baty, M. (2008), Insider trading as a signal used in investment decisions on the AltX: the influence of insider ownership and control. University of Pretoria.

    Berkman, H., Bradrania, R., Prodromu, T., & Westerholm, P. (2016) Insiders' profits in the Australian equities market, working Paper Series, University of Wollongon.

    Betz, M., Michael, O'Connell, L., & Shepard, J.M. (1989). Gender differences in proclivity for unethical behavior, Journal of Business Ethics, 08(05), 321-324.

    Betzer, A., & Theissen, E. (2009). Insider Trading and Corporate Governance - The Case of Germany, European Financial Management, 15 (02), 402–29. https://doi.org/10.1111/j.1468-036X.2007.00422.x.

    Bharath, S., Narayanan, M., & Seyhun, H. (2009). Are Women Executives Disadvantaged?. Retrieved from http://bit.ly/39Fa9w6.

    Brown, P., Foo, M., & Watson, I. (2003). Trading by Insiders in Australia: Evidence on the Profitability of Directors’ Trade, Company and Security Law Journal, 02(04), 248-261.

    Brown, P., & Foo, M. (1997). Insider trading in Australia: Evidence from directors' trades. Working paper, Department of Accounting and Finance, University of Western Australia.

    Carrel, J. (2018). Why Insider Buying Is Not the “Bull” Signal You Think It Is. Retrieved from https://bit.ly/3u9GaG0.

    Carter, D.A., Simkins, B.J., & Simpson, W.G. (2003). Corporate governance, board diversity, and firm value, The Financial Review, 38(01), 33–53. https://doi.org/10.1111/1540-6288.00034.

    Chen, G., Kim, K.A., Nofsinger, J.R., & Rui, O.M. (2004). Behavior and Performance of Emerging Market Investors: Evidence from China. Retrieved from https://bit.ly/3qw2Kq7.

    Chen, J. (2019). Frontier Markets. Retrieved from https://bit.ly/3a5tkjW.

    Chronopoulos, D., Mcmillan, D., Papadimitriou, F., & Tavakoli, M. (2018). Insider Trading and Future Stock Returns in Firms with Concentrated Ownership levels, European Journal of Finance, 25(02), 139-154. https://doi.org/10.1080/1351847X.2018.1487312.

    Dardas, K., & Guttler, A. (2011). Are directors’ dealings informative? Evidence from the European stock market, Financial Markets and Portfolio Management, 25(02), 111-148. https://doi:10.1007/s11408-011-0156-z.

    De Cabo, R. M., Gimeno, R., & Nieto, M. J. (2012). Gender diversity on European banks’ boards of directors. Journal of Business Ethics, 109(2), 145-162. DOI: 10.1007/s10551-011-1112-6.

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    Dissabandara, D.B.P.H., & Samarakoon, L. (2002). Dividend Announcements, Firm Size and Dividend Growth in the Sri Lankan Stock Market, Sri Lanka Journal of Management, 07, 228-245.

    Dobbin, F., Jung, J., & Kalev, A. (2011). Corporate Board Gender Diversity and Stock Performance: The Competence Gap or Institutional Investor Bias, North Carolina Law Review, 89(03), 809-838.

    Fidrmuc, J.P., Goergen, M., & Renneboog, L. (2006). Insider Trading, News Releases, and Ownership Concentration, The Journal of Finance, 61(06), 2931-2973. https://doi.org/10.1111/j.1540-6261.2006.01008.x.

    Filippin, A., & Crosetto, P. (2014). A Reconsideration of Gender Differences in Risk Attitudes, Management Science, 62(11), 3138-3160. https://doi.org/10.1287/mnsc.2015.2294.

    Financial Times. (n.d). Do women really make better investors than men?

    Gregory, A., Matatko, J., & Tonks, I. (1997). Detecting information from directors’ trades: Signal definition and variable size effects, Journal of Business Finance & Accounting, 24(03), 309–342. https://doi: 10.1111/1468-5957.00107.

    Gregory A., Tharyan, R., & Tonks, I. (2009). Stock market patterns around directors’ trades: effects of director category and gender on market timing, SSRN Electronic Journal.

    Gregory, A., Jeanes, E., Tharyan, R., & Tonks, I. (2012). Does the Stock Market Gender Stereotype Corporate Boards? Evidence from the Market’s Reaction to Directors’ Trades, British Journal of Management, 24(02),174-190. https://doi.org/10.1111/j.1467-8551.2011.00795.x.

    Gunawardena, K. (2017). Women Participation In Senior Management Positions In Licensed Commercial Banks In Sri Lanka, 02-14.

    Hossain, M.M., Heaney, R., & Yu, J. (2018). The information content of director trading: evidence from acquisition announcements in Australia, Global Finance Journal,44(c). https://doi.org/10.1016/j.gfj.2018.09.001.

    International Finance Corporation. (2018). Women On Boards Of Companies Listed On The Colombo Stock Exchange. Retrieved from https://bit.ly/39Omk9Z.

    International Finance Corporation. (2019). Women On Boards Of Companies Listed On The Colombo Stock Exchange. Retrieved from https://bit.ly/3nTPERr.

    Jaffe, J.F. (1974). Special information and insider trading, Journal of Business, 47(03).

    Jeng, L.A., Metrick, A., & Zeckhauser, R. (2003). Estimating the Returns to Insider Trading: A Performance-Evaluation Perspective, The Review of Economics and Statistics,85(02), 453-471. https://dx.doi.org/10.2139/ssrn.146029.

    Konrad, A., Kramer, V., & Erkut, S. (2008). Critical Mass: The Impact of Three or More Women on Corporate Boards, Organizational Dynamaics, 37, 145-164.

    Kumar, S. (2019). Insider Buying Stocks: Is this a Good Indicator. Retrieved from https://bit.ly/3axg1cq.

    Lakonishok, J., & Lee, I. (1998). Are insiders' trades informative?. National Bureau of Economic Research Working Paper 6656. Retrieved from https://www.nber.org/papers/w6656.pdf

    Lakonishok, J., & Lee, I. (2001). Are insiders' trades informative?, The Review of Financial Studies, 14(01), 79-111. https://doi.org/10.1093/rfs/14.1.79

    Latif, M., Arshad, S., Fatima, M., & Farooq, S. (2011). Market Efficiency, Market Anomalies, Causes, Evidences, and Some Behavioral Aspects of Market Anomalies, Research Journal of Finance and Accounting, 2(09/10).

    Lee, M.H., & Bishara, H. (1989). Recent Canadian Experience on the Profitability of Insider Trades, The Financial Review, 24(02), 235-249.

    Lee, P.M., & James, E.H. (2003). She'-E-Os: Gender Effects and Stock Price Reactions to the Announcements of Top Executive Appointments, Strategic Management Journal, 28(3), 227-241. https://dx.doi.org/10.2139/ssrn.427083.

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    Mittal, V., He, X., & Inman, J.J. (2019). Why Are Male Investors More Inclined To Take Financial Risks than Female Investors?. Retrieved from https://bit.ly/3oLmwg9

    Mordant, N., & Muller, C. (2003). Profitability of directors' share dealings on the JSE, Investment Analysts Journal, 32(57), 17-31. https://doi.org/10.1080/10293523.2003.11082445

    Musah, A., & Adutwumwaa, M. Y. (2021). The effect of corporate governance on financial performance of rural banks in Ghana. International Journal of Financial, Accounting, and Management, 02(04), 305-319. https://doi.org/10.35912/ijfam.v2i4.336.

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    Patil, A.C., & Rastogi, S. (2019). Time-Varying Price–Volume Relationship and Adaptive Market Efficiency: A Survey of the Empirical Literature, Journal of Risk and Financial Management, 12(02),105. https://doi.org/10.3390/jrfm12020105

    Perera, K.L.U.D., & Nimal, P.D. (2014). Information Content of Insider Trading Volumes in Colombo Stock Exchange, 11th International Conference on Business Management

    Perera, K.L.U.D., & Nimal, P.D. (2017). Information Content of Insider Trading Volume: Evidence from Sri Lanka, Colombo Business Journal International Journal of Theory and Practice, 08(12), 01-17. https://doi:10.4038/cbj.v8i2.15

    Rossi, M. (2015). The efficient market hypothesis and calendar anomalies: A literature review, International Journal of Managerial and Financial Accounting, 07(03/04), 285-296. https://doi: 10.1504/IJMFA.2015.074905

    Shauketaly, F. (2012). Director’s Dealings Valuable Information Tool?. Retrieved from http://bit.ly/3atpKAc

    Solal, I., & Snellman, K. (2019). Women Don’t Mean Business? Gender Penalty in Board Composition. Retrieved from https://bit.ly/3xlOxPv

    Terjesen, S., Aguilera, R., & Lorenz, R. (2014). Legislating a Woman’s Seat on the Board: Institutional Factors Driving Gender Quotas for Boards of Directors, Journal of Business Ethics,50(02), http://doi:10.1007/S10551-014-2083-1

    Yassin, M.M., Ali, H., & Hamdella, M. (2015). The Relationship between Information Asymmetry and Stock Return in the Presence of Accounting Conservatism, International Journal of Business and Management,10(05), 126-133. http://doi:10.5539/ijbm.v10n5p126

    Whispernumber. (n.d). A Traders Guide to Anticipating Post Earnings Price Moves. Retrieved from https://bit.ly/3pwf3Bk

  1. Antoniadis, I., Gkasis, C., & Sormas, A. (2015). Insider trading and stock market prices in the Greek technology sector, Procedia Economics and Finance, 24, 60-67. https://doi: 10.1016/S2212-5671(15)00612-7.
  2. Anuradha, P.A.N.S., & Nimal, P.D. (2017). Momentum in stock returns and Investor behavior Evidence from Sri Lanka, International Academic Research Journal of Economics and Finance, 05(01), 34-44.
  3. Bajo, E. (2010), The Information Content of Abnormal Trading Volume, Journal of Business Finance and Accounting, 37(07-08), 950-978. https://doi.org/10.1111/j.1468-5957.2010.02197.x.
  4. Bajo, E., & Petracci, B. (2006). Do what insiders do: Abnormal performance after the release of insider’s relevant transactions. Studies in Economics and Finance, 23(2), 94–118. DOI: 10.1108/10867370610683905.
  5. Barber, B.M., & Odean, T. (2001). Boys will be Boys: Gender, Overconfidence, and Common Stock Investment, The Quarterly Journal of Economics, 116(01), 261–292. https://doi.org/10.1162/003355301556400.
  6. Baty, M. (2008), Insider trading as a signal used in investment decisions on the AltX: the influence of insider ownership and control. University of Pretoria.
  7. Berkman, H., Bradrania, R., Prodromu, T., & Westerholm, P. (2016) Insiders' profits in the Australian equities market, working Paper Series, University of Wollongon.
  8. Betz, M., Michael, O'Connell, L., & Shepard, J.M. (1989). Gender differences in proclivity for unethical behavior, Journal of Business Ethics, 08(05), 321-324.
  9. Betzer, A., & Theissen, E. (2009). Insider Trading and Corporate Governance - The Case of Germany, European Financial Management, 15 (02), 402–29. https://doi.org/10.1111/j.1468-036X.2007.00422.x.
  10. Bharath, S., Narayanan, M., & Seyhun, H. (2009). Are Women Executives Disadvantaged?. Retrieved from http://bit.ly/39Fa9w6.
  11. Brown, P., Foo, M., & Watson, I. (2003). Trading by Insiders in Australia: Evidence on the Profitability of Directors’ Trade, Company and Security Law Journal, 02(04), 248-261.
  12. Brown, P., & Foo, M. (1997). Insider trading in Australia: Evidence from directors' trades. Working paper, Department of Accounting and Finance, University of Western Australia.
  13. Carrel, J. (2018). Why Insider Buying Is Not the “Bull” Signal You Think It Is. Retrieved from https://bit.ly/3u9GaG0.
  14. Carter, D.A., Simkins, B.J., & Simpson, W.G. (2003). Corporate governance, board diversity, and firm value, The Financial Review, 38(01), 33–53. https://doi.org/10.1111/1540-6288.00034.
  15. Chen, G., Kim, K.A., Nofsinger, J.R., & Rui, O.M. (2004). Behavior and Performance of Emerging Market Investors: Evidence from China. Retrieved from https://bit.ly/3qw2Kq7.
  16. Chen, J. (2019). Frontier Markets. Retrieved from https://bit.ly/3a5tkjW.
  17. Chronopoulos, D., Mcmillan, D., Papadimitriou, F., & Tavakoli, M. (2018). Insider Trading and Future Stock Returns in Firms with Concentrated Ownership levels, European Journal of Finance, 25(02), 139-154. https://doi.org/10.1080/1351847X.2018.1487312.
  18. Dardas, K., & Guttler, A. (2011). Are directors’ dealings informative? Evidence from the European stock market, Financial Markets and Portfolio Management, 25(02), 111-148. https://doi:10.1007/s11408-011-0156-z.
  19. De Cabo, R. M., Gimeno, R., & Nieto, M. J. (2012). Gender diversity on European banks’ boards of directors. Journal of Business Ethics, 109(2), 145-162. DOI: 10.1007/s10551-011-1112-6.
  20. Dickgießer, C.P.S. (2010). Directors’ Dealings, Market Efficiency, and Strategic Insider Trading in the German Stock Market, Technical University of Munich.
  21. Dissabandara, D.B.P.H. (2000). Dividend Signaling, Market Response to Dividend Change & Capital Market Efficiency: An Empirical Analysis, Annual Research Sessions.
  22. Dissabandara, D.B.P.H., & Samarakoon, L. (2002). Dividend Announcements, Firm Size and Dividend Growth in the Sri Lankan Stock Market, Sri Lanka Journal of Management, 07, 228-245.
  23. Dobbin, F., Jung, J., & Kalev, A. (2011). Corporate Board Gender Diversity and Stock Performance: The Competence Gap or Institutional Investor Bias, North Carolina Law Review, 89(03), 809-838.
  24. Fidrmuc, J.P., Goergen, M., & Renneboog, L. (2006). Insider Trading, News Releases, and Ownership Concentration, The Journal of Finance, 61(06), 2931-2973. https://doi.org/10.1111/j.1540-6261.2006.01008.x.
  25. Filippin, A., & Crosetto, P. (2014). A Reconsideration of Gender Differences in Risk Attitudes, Management Science, 62(11), 3138-3160. https://doi.org/10.1287/mnsc.2015.2294.
  26. Financial Times. (n.d). Do women really make better investors than men?
  27. Gregory, A., Matatko, J., & Tonks, I. (1997). Detecting information from directors’ trades: Signal de?nition and variable size e?ects, Journal of Business Finance & Accounting, 24(03), 309–342. https://doi: 10.1111/1468-5957.00107.
  28. Gregory A., Tharyan, R., & Tonks, I. (2009). Stock market patterns around directors’ trades: effects of director category and gender on market timing, SSRN Electronic Journal.
  29. Gregory, A., Jeanes, E., Tharyan, R., & Tonks, I. (2012). Does the Stock Market Gender Stereotype Corporate Boards? Evidence from the Market’s Reaction to Directors’ Trades, British Journal of Management, 24(02),174-190. https://doi.org/10.1111/j.1467-8551.2011.00795.x.
  30. Gunawardena, K. (2017). Women Participation In Senior Management Positions In Licensed Commercial Banks In Sri Lanka, 02-14.
  31. Hossain, M.M., Heaney, R., & Yu, J. (2018). The information content of director trading: evidence from acquisition announcements in Australia, Global Finance Journal,44(c). https://doi.org/10.1016/j.gfj.2018.09.001.
  32. International Finance Corporation. (2018). Women On Boards Of Companies Listed On The Colombo Stock Exchange. Retrieved from https://bit.ly/39Omk9Z.
  33. International Finance Corporation. (2019). Women On Boards Of Companies Listed On The Colombo Stock Exchange. Retrieved from https://bit.ly/3nTPERr.
  34. Jaffe, J.F. (1974). Special information and insider trading, Journal of Business, 47(03).
  35. Jeng, L.A., Metrick, A., & Zeckhauser, R. (2003). Estimating the Returns to Insider Trading: A Performance-Evaluation Perspective, The Review of Economics and Statistics,85(02), 453-471. https://dx.doi.org/10.2139/ssrn.146029.
  36. Konrad, A., Kramer, V., & Erkut, S. (2008). Critical Mass: The Impact of Three or More Women on Corporate Boards, Organizational Dynamaics, 37, 145-164.
  37. Kumar, S. (2019). Insider Buying Stocks: Is this a Good Indicator. Retrieved from https://bit.ly/3axg1cq.
  38. Lakonishok, J., & Lee, I. (1998). Are insiders' trades informative?. National Bureau of Economic Research Working Paper 6656. Retrieved from https://www.nber.org/papers/w6656.pdf
  39. Lakonishok, J., & Lee, I. (2001). Are insiders' trades informative?, The Review of Financial Studies, 14(01), 79-111. https://doi.org/10.1093/rfs/14.1.79
  40. Latif, M., Arshad, S., Fatima, M., & Farooq, S. (2011). Market Efficiency, Market Anomalies, Causes, Evidences, and Some Behavioral Aspects of Market Anomalies, Research Journal of Finance and Accounting, 2(09/10).
  41. Lee, M.H., & Bishara, H. (1989). Recent Canadian Experience on the Profitability of Insider Trades, The Financial Review, 24(02), 235-249.
  42. Lee, P.M., & James, E.H. (2003). She'-E-Os: Gender Effects and Stock Price Reactions to the Announcements of Top Executive Appointments, Strategic Management Journal, 28(3), 227-241. https://dx.doi.org/10.2139/ssrn.427083.
  43. Listing Rules. (n.d). s. 7.8. Retrieved from https://bit.ly/3pCFiGs
  44. Louis, H., Sun, X.A., & White, H. (2010). Insider Trading after Repurchase Tender Offer Announcements: Timing versus Informed Trading, Financial Management, 39(01), 301-322. https://doi:10.1111/J.1755-053X.2010.01074.X
  45. Mittal, V., He, X., & Inman, J.J. (2019). Why Are Male Investors More Inclined To Take Financial Risks than Female Investors?. Retrieved from https://bit.ly/3oLmwg9
  46. Mordant, N., & Muller, C. (2003). Profitability of directors' share dealings on the JSE, Investment Analysts Journal, 32(57), 17-31. https://doi.org/10.1080/10293523.2003.11082445
  47. Musah, A., & Adutwumwaa, M. Y. (2021). The effect of corporate governance on financial performance of rural banks in Ghana. International Journal of Financial, Accounting, and Management, 02(04), 305-319. https://doi.org/10.35912/ijfam.v2i4.336.
  48. Nasdaq. (n.d). Abnormal Returns. Retrieved from https://bit.ly/2XH6MPw
  49. Odean, T. (1998). Volume, volatility, price, and profit when all traders are above average, Journal of Finance, 53(06), 1887–1934. https://dx.doi.org/10.2139/ssrn.94141
  50. Patil, A.C., & Rastogi, S. (2019). Time-Varying Price–Volume Relationship and Adaptive Market Efficiency: A Survey of the Empirical Literature, Journal of Risk and Financial Management, 12(02),105. https://doi.org/10.3390/jrfm12020105
  51. Perera, K.L.U.D., & Nimal, P.D. (2014). Information Content of Insider Trading Volumes in Colombo Stock Exchange, 11th International Conference on Business Management
  52. Perera, K.L.U.D., & Nimal, P.D. (2017). Information Content of Insider Trading Volume: Evidence from Sri Lanka, Colombo Business Journal International Journal of Theory and Practice, 08(12), 01-17. https://doi:10.4038/cbj.v8i2.15
  53. Rossi, M. (2015). The efficient market hypothesis and calendar anomalies: A literature review, International Journal of Managerial and Financial Accounting, 07(03/04), 285-296. https://doi: 10.1504/IJMFA.2015.074905
  54. Shauketaly, F. (2012). Director’s Dealings Valuable Information Tool?. Retrieved from http://bit.ly/3atpKAc
  55. Solal, I., & Snellman, K. (2019). Women Don’t Mean Business? Gender Penalty in Board Composition. Retrieved from https://bit.ly/3xlOxPv
  56. Terjesen, S., Aguilera, R., & Lorenz, R. (2014). Legislating a Woman’s Seat on the Board: Institutional Factors Driving Gender Quotas for Boards of Directors, Journal of Business Ethics,50(02), http://doi:10.1007/S10551-014-2083-1
  57. Yassin, M.M., Ali, H., & Hamdella, M. (2015). The Relationship between Information Asymmetry and Stock Return in the Presence of Accounting Conservatism, International Journal of Business and Management,10(05), 126-133. http://doi:10.5539/ijbm.v10n5p126
  58. Whispernumber. (n.d). A Traders Guide to Anticipating Post Earnings Price Moves. Retrieved from https://bit.ly/3pwf3Bk