Lockup expiration, insider selling and bid-ask spreads

Article

Krishnamurti, Chandrasekhar and Thong, Tiong Yang. 2008. "Lockup expiration, insider selling and bid-ask spreads." International Review of Economics and Finance. 17 (2), pp. 230-244. https://doi.org/10.1016/j.iref.2007.06.005
Article Title

Lockup expiration, insider selling and bid-ask spreads

ERA Journal ID18553
Article CategoryArticle
AuthorsKrishnamurti, Chandrasekhar (Author) and Thong, Tiong Yang (Author)
Journal TitleInternational Review of Economics and Finance
Journal Citation17 (2), pp. 230-244
Number of Pages15
Year2008
Place of PublicationNetherlands
ISSN1059-0560
1873-8036
Digital Object Identifier (DOI)https://doi.org/10.1016/j.iref.2007.06.005
Abstract

Contrary to our expectation that lockup expiration should result in an exacerbation of the information asymmetry problem faced by market makers, we find an improvement in secondary market liquidity in the post-expiration period. For the subset of firms with reported insider sales during the 10-day post-lockup expiration period, bid–ask spreads reduce by a larger percentage—mainly due to a decline in the adverse selection component. VC-backed firms also experience a decline in quoted and effective spreads in the postlockup period as compared to non-VC firms. Our empirical results show that insider selling and VC unwinding both improve liquidity after unlock day. However, only insider selling is associated with a reduction in the adverse selection component of spread.

Keywordslockup expiration; insider selling; liquidity; adverse selection costs
ANZSRC Field of Research 2020350202. Finance
350101. Accounting theory and standards
480602. Equity and trusts law
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Byline AffiliationsMonash University
Singapore Management University
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