The Library
Insider trading, news releases, and ownership concentration
Tools
Fidrmuc, Jana P., Goergen, Marc and Renneboog, Luc (2006) Insider trading, news releases, and ownership concentration. JOURNAL OF FINANCE, 61 (6). pp. 2931-2973. doi:10.1111/j.1540-6261.2006.01008.x ISSN 0022-1082.
Research output not available from this repository.
Request-a-Copy directly from author or use local Library Get it For Me service.
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 | ||||
Official Date: | December 2006 | ||||
Dates: |
|
||||
Volume: | 61 | ||||
Number: | 6 | ||||
Number of Pages: | 43 | ||||
Page Range: | pp. 2931-2973 | ||||
DOI: | 10.1111/j.1540-6261.2006.01008.x | ||||
Publication Status: | Published |
Data sourced from Thomson Reuters' Web of Knowledge
Request changes or add full text files to a record
Repository staff actions (login required)
View Item |