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dc.contributor.authorMcVay, Sarah-
dc.contributor.authorNagar, Venky-
dc.contributor.authorWei Tang, Vicki-
dc.date.accessioned2008-05-11T10:46:03Z-
dc.date.available2008-05-11T10:46:03Z-
dc.date.issued2006-
dc.identifier.urihttp://hdl.handle.net/2451/25998-
dc.description.abstractWe examine stock sales as a managerial incentive to help explain the discontinuity around the analyst forecast benchmark. We find that the likelihood of just meeting versus just missing the analyst forecast is strongly associated with subsequent managerial stock sales. Moreover, we provide evidence that managers manage earnings prior to just meeting the threshold and selling their shares. Finally, the relation between just meeting and subsequently selling shares does not hold for non-manager insiders, who arguably cannot affect the earnings outcome, and is weaker in the presence of an independent board, suggesting that good corporate governance mitigates this strategic behavior.en
dc.language.isoen_USen
dc.relation.ispartofseriesCLB-06-025en
dc.subjectAnalyst forecastsen
dc.subjectEarningsen
dc.subjectManagerial compensationen
dc.subjectInsider tradingen
dc.subjectCorporate governanceen
dc.titleTrading incentives to meet the analyst forecasten
dc.typeWorking Paperen
Appears in Collections:NYU Pollack Center for Law & Business Working Papers

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