How Insiders Traded before Rules
AbstractAbstract: U.K. company insiders, such as directors, were legally allowed to trade in the shares of their own companies up until the Companies Act of 1980. We investigate the trading behaviour of directors over the period 1893 to 1907 in the U.K. Although insider trading was profitable, we find relatively few instances of directors who exploited their informational advantage.
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Bibliographic InfoPaper provided by Tilburg University, Center for Economic Research in its series Discussion Paper with number 2012-007.
Date of creation: 2012
Date of revision:
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Web page: http://center.uvt.nl
Corporate Governance; Insider Trading; London Stock Exchange;
Find related papers by JEL classification:
- N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913
- G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies
- G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy
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