Recent Canadian Experience on the Profitability of Insider Trades
AbstractRecent Canadian data on large insider transactions showed that abnormal gains accrued to directors and bank directors during a stock market upturn. During a stock market downturn, beneficial owners, senior officers, and bank directors were compensated by more than the risk-adjusted rates of return from sales of stocks of their own companies. Since J. B. Baesel and G. R. Stein's (1979) early study, abnormal gains persisted in spite of the introduction of stiffer penalties on insider training. Copyright 1989 by MIT Press.
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Bibliographic InfoArticle provided by Eastern Finance Association in its journal The Financial Review.
Volume (Year): 24 (1989)
Issue (Month): 2 (May)
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- Michael Firth & T. Y. Leung & Oliver M. Rui, 2011.
"Insider Trading in Hong Kong: Tests of Stock Returns and Trading Frequency,"
Review of Pacific Basin Financial Markets and Policies (RPBFMP),
World Scientific Publishing Co. Pte. Ltd., vol. 14(03), pages 505-533.
- Michael Firth & T. Y. Leung & Oliver M. Rui, 2009. "Insider Trading in Hong Kong: Tests of Stock Returns and Trading Frequency," Working Papers 042009, Hong Kong Institute for Monetary Research.
- Jabbour, Alain R. & Jalilvand, Abolhassan & Switzer, Jeannette A., 2000. "Pre-bid price run-ups and insider trading activity: Evidence from Canadian acquisitions," International Review of Financial Analysis, Elsevier, vol. 9(1), pages 21-43, February.
- Cheng, Louis T.W. & Davidson III, Wallace N. & Leung, T.Y., 2011. "Insider trading returns and dividend signals," International Review of Economics & Finance, Elsevier, vol. 20(3), pages 421-429, June.
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