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UK Directors' Trading: The Impact of Dealings in Smaller Firms

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Author Info
Gregory, Alan, et al

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Abstract

This paper reasesses the U.K. results of significant abnormal returns from directors' trading for a new sample of directors' trades, 1984-86, and finds that abnormal returns tend to be concentrated in smaller firms. When an appropriate benchmark portfolio is used, it is found that the significance of the abnormal returns is substantially reduced, with the implication that directors' trading does not yield particularly high profits to either the directors themselves or to an outside investor mimicking those trades. Coauthors are John Matatko, Ian Tonks, and Richard Purkis. Copyright 1994 by Royal Economic Society.

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Publisher Info
Article provided by Royal Economic Society in its journal The Economic Journal.

Volume (Year): 104 (1994)
Issue (Month): 422 (January)
Pages: 37-53
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Handle: RePEc:ecj:econjl:v:104:y:1994:i:422:p:37-53

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  1. Fidrmuc, Jana & Goergen, Marc & Renneboog, L.D.R., 2005. "Insider trading, news releases and ownership concentration," Discussion Paper 97, Tilburg University, Center for Economic Research. [Downloadable!]
    Other versions:
  2. Goergen, M. & Renneboog, L.D.R. & Zhang, C., 2008. "Do UK Institutional Shareholders Monitor their Investee Firms?," Discussion Paper 2008-38, Tilburg University, Center for Economic Research. [Downloadable!]
    Other versions:
  3. Kyri Kyriacou & Bryan Mase, 2004. "Executive Stock Option Exercises and the Predictive Ability of Transaction Value," Public Policy Discussion Papers 04-09, Economics and Finance Section, School of Social Sciences, Brunel University. [Downloadable!]
  4. Kyri Kyriacou & Bryan Mase, 2004. "Executive Stock Option Exercises and the Predictive Ability of Transaction Value," Economics and Finance Discussion Papers 04-09, Economics and Finance Section, School of Social Sciences, Brunel University. [Downloadable!]
  5. Bruce Burton & A. Alasdair Lonie & David Power, 2003. "Insider trading, growth opportunities and the market reaction to new financing announcements," European Journal of Finance, Taylor and Francis Journals, vol. 9(4), pages 301-322, August. [Downloadable!] (restricted)
  6. Julan Du & Shang-Jin Wei, 2003. "Does Insider Trading Raise Market Volatility?," IMF Working Papers 03/51, International Monetary Fund. [Downloadable!]
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  7. Lisa Hotson & Navjot Kaur & Harminder Singh, 2007. "The Information Content of Directors’ Trades: Empirical Analysis of the Australian Market," Accounting, Finance, Financial Planning and Insurance Series 2007_19, Deakin University, Faculty of Business and Law, School of Accounting, Economics and Finance. [Downloadable!]
  8. Kyriacos Kyriacou & Bryan Mase, 2003. "The Information Contained In The Exercise Of Executive Stock Options," Economics and Finance Discussion Papers 03-17, Economics and Finance Section, School of Social Sciences, Brunel University. [Downloadable!]
  9. Kyriacos Kyriacou & Bryan Mase, 2006. "The Adverse Consequences of Share-Based Pay in Risky Companies," Journal of Management and Governance, Springer, vol. 10(3), pages 307-323, September. [Downloadable!] (restricted)
  10. Andreas Zingg & Sebastian Lang & Daniela Wyttenbach, 2007. "Insider Trading in the Swiss Stock Market," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 143(III), pages 331-362, September. [Downloadable!]
  11. Nadia Linciano, 2003. "The Effectiveness of Insider Trading Regulation in Italy. Evidence from Stock-Price Run-Ups Around Announcements of Corporate Control Transactions," European Journal of Law and Economics, Springer, vol. 16(2), pages 199-218, September. [Downloadable!] (restricted)
  12. Kyriacos Kyriacou & Bryan Mase, 2003. "The Information Contained In The Exercise Of Executive Stock Options," Public Policy Discussion Papers 03-17, Economics and Finance Section, School of Social Sciences, Brunel University. [Downloadable!]
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