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Disclosure of mergers without regulatory restrictions: Insider trading in pre-1914 Germany

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Author Info
Gerhard Kling () (University of the West of England)

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Abstract

In the pre-World-War I period, lacking regulatory restrictions allowed ‘hidden’ mergers; however, some companies disclosed information voluntarily. I analyze insider gains by investigating the share price behavior prior to merger announcements. When companies hid information, stocks exhibited positive abnormal returns prior to newspaper reports that uncovered hidden transactions.

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File URL: http://economicsbulletin.vanderbilt.edu/2008/volume7/EB-07G10015A.pdf
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Publisher Info
Article provided by Economics Bulletin in its journal Economics Bulletin.

Volume (Year): 7 (2008)
Issue (Month): 2 ()
Pages: 1-7
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:ebl:ecbull:v:7:y:2008:i:2:p:1-7

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Postal: Economics Bulletin, Department of Economics, 414 Calhoun Hall, Vanderbilt University, Nashville TN 37235, USA
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Related research
Keywords: Disclosure; Insider trading; Merger announcement; Pre-World-War I period;

Find related papers by JEL classification:
G1 - Financial Economics - - General Financial Markets
N2 - Economic History - - Financial Markets and Institutions

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Armitage, Seth, 1995. " Event Study Methods and Evidence on Their Performance," Journal of Economic Surveys, Blackwell Publishing, vol. 9(1), pages 25-52, March.
  2. Keown, Arthur J & Pinkerton, John M, 1981. "Merger Announcements and Insider Trading Activity: An Empirical Investigation," Journal of Finance, American Finance Association, vol. 36(4), pages 855-69, September. [Downloadable!] (restricted)
  3. Caroline Fohlin, 2005. "The History of Corporate Ownership and Control in Germany," NBER Chapters, in: A History of Corporate Governance around the World: Family Business Groups to Professional Managers, pages 223-282 National Bureau of Economic Research, Inc. [Downloadable!]
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This page was last updated on 2009-11-16.

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