摘要：This study examines evidence of whether hospitality insiders use personal private information to maximize their private benefits prior to hospitality acquisition payment type announcements. The findings of this study, with few exceptions, do not support the hypothesis that hospitality insiders undertake abnormal insider trading using inside information about the true value of the acquiring firm when an acquisition payment type is announced. For hospitality acquiring firms using stock or cash financing to pay for the acquisition, the level of abnormal insider transactions in the four quarters prior to an acquisition payment announcement was not significant. However, for hospitality acquirers using mixed financing (cash and stock), abnormal insider sales were positive and significant in the four quarters prior to the announcement. The lack of significant results for the all cash or stock payment announcements may reflect legal constraint on insider trading, managerial control or compensation issues.
