Download or read book Managerial Opportunism and Earnings Surprise: An Investigation of Insider Trading and Perceived Market Valuation Divergence written by Wen Yu and published by . This book was released on 2007 with total page 111 pages. Available in PDF, EPUB and Kindle. Book excerpt: The results of this study indicate managerial opportunism. When the market does not fully assess the valuation implication of accounting accruals, managerial insider trading (broadly conceived to include open market transactions and unscheduled stock-option grants) corresponds to buying or selling behavior associated with managers' private accounting information and the direction of market valuation divergence.