Insider Trading News Releases, And Ownership Concentration  

Oleh:

Fidrmuc, Jana P. ; Georgen, Marc ; Renneboog, Luc

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 61 no. 6 (Des. 2006), page 2931-2974.
Topik: OWNERSHIP; studies; insider trading; press releases; rates of return; correlation analysis; ownership
Fulltext: p 2931.pdf (270.97KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

This paper investigate sthe market's reaction to UK insider transactions and analyses whether the reaction depends on the firm's ownership. We present three major findings. First differences in regulation between the UK and united states, in particular the speedier reporting of trades in the K may explain the observed larger abnormal returns in the UK second ownership by directors and outside share holders has an impact on the abnormal returns. Third, it is important to adjust for news released before directors' trades. In particular, trades preceded by news on mergers and acquisitions and CEO replacements contain significantly less information.

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