Fidrmuc, Jana P., Goergen, Marc and Renneboog, Luc. (2006) Insider trading, news releases, and ownership concentration. JOURNAL OF FINANCE, 61 (6). pp. 2931-2973. ISSN 0022-1082

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Abstract

This paper investigates the market's reaction to U.K. insider transactions and analyzes whether the reaction depends on the firm's ownership. We present three major findings. First, differences in regulation between the U.K. and United States, in particular the speedier reporting of trades in the U.K., may explain the observed larger abnormal returns in the U.K. Second, ownership by directors and outside shareholders 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.

Item Type:	Journal Article
Subjects:	H Social Sciences > HG Finance H Social Sciences > HC Economic History and Conditions
Journal or Publication Title:	JOURNAL OF FINANCE
Publisher:	BLACKWELL PUBLISHING
ISSN:	0022-1082
Date:	December 2006
Volume:	61
Number:	6
Number of Pages:	43
Page Range:	pp. 2931-2973
Identification Number:	10.1111/j.1540-6261.2006.01008.x
Publication Status:	Published
URI:	http://wrap.warwick.ac.uk/id/eprint/32596

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