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Impact of Investor Meetings/Presentations on Share Prices, Insider Trading and securities Regulation

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Author Info
Rose, Caspar () (Department of Finance, Copenhagen Business School)
Abstract

Abstract: The purpose of this article is to investigate whether the securities regulation put forward by the EU contributes to an efficient stock market. An event study of investor meetings/presentations held by listed Danish firms is conducted.

The article finds significantly positive abnormal returns a few days around investor meetings. Share turnover reaches maximum one day after investor meetings. The variances of the abnormal returns increase substantially the closer we get to the holding of an investor meeting, indicating the presence of possible insider trading. The relevant securities regulation based on EU directives is critically discussed and thus compared with US regulation.

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File URL: http://openarchive.cbs.dk/cbsweb/handle/10398/7182
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Publisher Info
Paper provided by Copenhagen Business School, Department of Finance in its series Working Papers with number 2001-3.

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Length: 28 pages
Date of creation: 01 Feb 2001
Date of revision:
Handle: RePEc:hhs:cbsfin:2001_003

Contact details of provider:
Postal: Department of Finance, Copenhagen Business School, Solbjerg Plads 3, A5, DK-2000 Frederiksberg, Denmark
Phone: +45 3815 3815
Email:
Web page: http://www.cbs.dk/departments/finance/
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Related research
Keywords: Keywords: Insider trading; investor meetings; securities regulation; corporate governance;

Find related papers by JEL classification:
A00 - General Economics and Teaching - - General - - - General

References listed on IDEAS
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  1. Meulbroek, Lisa K, 1992. " An Empirical Analysis of Illegal Insider Trading," Journal of Finance, American Finance Association, vol. 47(5), pages 1661-99, December. [Downloadable!] (restricted)
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This page was last updated on 2009-11-15.

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