Pengaruh keberadaan insider trading terhadap kemampuan ramalan analis: revisi dan perubahan laba

Sundari, Retno Ika (2007) Pengaruh keberadaan insider trading terhadap kemampuan ramalan analis: revisi dan perubahan laba. Widya Warta: Jurnal Ilmiah Universitas Katolik Widya Mandala Madiun, XXXI (01). pp. 65-75. ISSN 0854-1981

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Abstract

Insider trading evokes serious debates. Actually, insider trading is hopefully capable to enhance the value of firms, so the firms appear to be externally 'good'. However the fact shows that the information on insider trading gets a quick response from investors when they are sophisticated. Consequently, when the insiders buy (or sell) stock, they predict that the price of the stock will increase (or decreased); and so will the earnings of the firms. The action performed by the insiders will influence the actual earnings disclosed by the firms management after the forecast of analysts is exposed to markets. The forecast of analysts about the earning of the doesn't include the practice of insider trading, since it is out of analysts' observation. As a result, the analysts will revised their forecast concerning the earnings and the change of securities' prices. The revision of the analysts' forecast will followed unsystematic return. The analysts will revised their forecast of earnings accompanied by positive unsystematic return, and revised their forecast of earnings downward accompanied by negative unsystematic return.

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