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UK Directors Trading: The Impact of Dealings in Smaller Firms

Listed author(s):
  • John Matatko
  • Alan Gregory
  • Ian Tonks


  • Richard Purkis

This paper reassesses the UK results of significant abnormal returns from directors trading for a new sample of directors trades 1984-1988, 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. The implication is that after allowing for a size effect, directors trading does not yield particularly high profits to either the directors themselves or to any outside investors mimicking those directors trades.

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Paper provided by Financial Markets Group in its series FMG Discussion Papers with number dp160.

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Date of creation: May 1993
Handle: RePEc:fmg:fmgdps:dp160
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