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Author: Patrick Ams
Publisher: Corporate Finance and Governance
ISBN: 9783631603918
Category : Directors of corporations
Languages : en
Pages : 0
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Book Description
Directors' Dealings and Insider Trading are well-known patrons to both, the academic literature and the financial press. While directors' dealings have been regulated in the US and many other countries, the German legislator tightened only a few years ago trading rules for insiders and imposed in July 2002 a notification requirement for directors' dealings. The author addresses directors' dealings and insider trading in Germany from different perspectives. He starts out with a short-term analysis tying in with previous research on the German market and follows with an in-depth long-term analysis. He closes with an ordered-probit model analyzing the relationship between corporate actions and directors' dealings.
Author: Patrick Ams
Publisher: Corporate Finance and Governance
ISBN: 9783631603918
Category : Directors of corporations
Languages : en
Pages : 0
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Book Description
Directors' Dealings and Insider Trading are well-known patrons to both, the academic literature and the financial press. While directors' dealings have been regulated in the US and many other countries, the German legislator tightened only a few years ago trading rules for insiders and imposed in July 2002 a notification requirement for directors' dealings. The author addresses directors' dealings and insider trading in Germany from different perspectives. He starts out with a short-term analysis tying in with previous research on the German market and follows with an in-depth long-term analysis. He closes with an ordered-probit model analyzing the relationship between corporate actions and directors' dealings.
Author: Daniel Becker
Publisher: GRIN Verlag
ISBN: 334603772X
Category : Business & Economics
Languages : en
Pages : 79
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Book Description
Master's Thesis from the year 2016 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 12,0, Justus-Liebig-University Giessen, language: English, abstract: According to Stützel (1960), insider transactions are comparable with roulette, where corporate insiders – in contrast with regular players – have the privilege to place their chips after the ball begins to rest. In other words, certainly, the outcome of the game is well known to corporate insiders. Apart from that, focusing on capital market transactions, are corporate insiders turned out to be winners? Due to their closeness to the business, it is said that corporate insiders possess firm-specific, non-public, and value-relevant information. Various international empirical findings support that they are able to exploit their information advantage towards market participants, so-called outsiders. Additionally, corporate insiders represent anti-cyclical abilities and they are also capable to realize price discrepancies deviating from the firm’s intrinsic value. Is there an opportunity for market participants to benefit as well? Because of legal leeway and a lag in technical transmission, typically, outsiders are informed later about transactions in own company stocks by insiders. However, referring to existing literature, predominantly, they also benefit by imitating transactions after public announcement as long as transaction costs are ignored. Thus, capital market efficiency is violated. Of course, this link is recognized. For instance, in 2006, in cooperation with the FIFAM Research Institute for Asset Management, Handelsblatt, and the Technical University of Aachen, the Commerzbank published an insider trend barometer displaying the ratio from purchases to sales every two weeks (Handelsblatt, 2016). Furthermore, the Commerzbank issued a certificate containing companies of the DAX30 associated with directors’ dealings (Commerzbank, 2006). In comparison with established nations like the USA or the UK, Germany looks back on a brief history regulating insider trading; therefore, research activities are manageable. While one strand of literature concentrates on performance effects for insiders, the other strand analyzes performance effects for outsiders. This thesis examines directors’ dealings in two ways.
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages :
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This dissertation studies two distinct aspects of directors' dealings in the German stock market. First, it is empirically examined if insiders trade strategically around news announcements. The results show that while insiders do trade prior to ad-hoc announcements, trading activity increases in particular after news events. This suggests that insiders delay their transactions to periods of time that are associated with low reputational and litigation risks. The second empirical study is concerned with the slow adjustment of stock prices and the excess returns that follow reported insider trades. The presented results show that price efficiency is impeded arbitrage risk and it is concluded that the market's underreaction to director's dealings can mainly be explained by the cost of risky arbitrage. Furthermore, it shown that outside investors can not easily earn abnormal returns by imitating directors' dealings.
Author: Carl Philipp Sebastian Dickgießer
Publisher:
ISBN:
Category :
Languages : en
Pages : 246
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Book Description
Author: Klaus J. Hopt
Publisher: Springer
ISBN:
Category : Business & Economics
Languages : en
Pages : 40
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Book Description
The general problems regarding the timely topic of regulation of insider dealing and timely disclosure of new facts are discussed in a comparative fashion in this lecture in the light of the EC Directive of 13 November 1989 And The German Securities Exchange Act. In particular, attention is given to efforts to harmonize German law with the EC Directive.
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Until October 2004 corporate insiders in Germany were required to report trades in the shares of their firm "without delay". In practice substantial reporting delays were common. We show that the delays are systematically related to the characteristics of the firm. Delays are longer in widely-held firms and in firms using German accounting standards. This suggests that managers of these firms are less responsive to the informational requirements of the capital market. We further find that abnormal returns after the reporting date of an insider trade are independent of the reporting delay. This implies that prices are distorted in the period between the trading and the reporting date. This is a strong point in favor of regulation requiring and enforcing immediate disclosure of insider trades. -- Insider trading ; directors' dealings ; accounting standards
Author: Mushera Ambaras Khan
Publisher:
ISBN:
Category : Corporate governance
Languages : en
Pages : 154
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Book Description
Author: R. C. H. Alexander
Publisher: Ashgate Publishing, Ltd.
ISBN: 9780754649267
Category : Law
Languages : en
Pages : 296
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Book Description
This work presents a comparative study of the provisions relating to insider dealing under the EC Insider Dealing Directive. The book considers the measures taken in 15 jurisdictions compared to the directive and, where appropriate, other member states and even by jurisdictions outside Europe.
Author: Bjoern M. Dymke
Publisher:
ISBN:
Category :
Languages : en
Pages : 19
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Book Description
Our study focuses on the question whether corporate insiders in Germany exploit inside information while trading in their company's stock. In contrast to prior international studies, which are not able to link insider transactions to a formal definition of inside information, we relate insider transactions to subsequent releases of inside information via ad-hoc news disclosures. We find evidence that corporate insiders as a group seem to trade on inside information. Moreover, members of the supervisory board seem to be most active in exploiting inside information since they realize exceptionally high profits with their frequent front-running transactions.
Author: Barry Alexander K. Rider
Publisher:
ISBN:
Category : Law
Languages : en
Pages : 500
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Book Description
