Do insiders time their trades? Evidence from Euronext Lisbon [Recurso eletrónico] / Pedro Gonçalves, João Duque
Idioma: Inglês.Publicação: Lisboa : ADVANCE. Instituto Superior de Economia e Gestão. Universidade Técnica de Lisboa, 2008Descrição física: 1 CD-ROM; 12 cmColeção: ADVANCE Working Paper; 6Assunto: 273887 | 233715 | 344931 | 343169 | 322367Resumo: In this paper, we examine the existence of insider trading abnormal profits in Euronext Lisbon from January 2001 to December 2005. Using the methodology of event studies, our overall results show that, in spite of existing legislation to regulate transactions, insiders are still able to make abnormal profits. Results also show that insider buying is a stronger indicator than insider selling and that the magnitude and duration of abnormal profits depend on both firm and transaction-specific factors. These include industry classification, firm size, firm valuation and relative trading volume.| Item type | Current location | Call number | Copy number | Status | Date due | Barcode |
|---|---|---|---|---|---|---|
| Monografias | Biblioteca da Polícia Judiciária | PJCD215 (Browse shelf) | PJCD215 | Available | PJ1CD215_45 |
Resumo inserto no documento. Ficheiro de 590 Kb em formato pdf (29 p.). Disponível também em: https://www.repository.utl.pt/bitstream/10400.5/2562/1/adwp52008.pdf. Acedido a 28 de setembro de 2012.
In this paper, we examine the existence of insider trading abnormal profits in Euronext Lisbon from January 2001 to December 2005. Using the methodology of event studies, our overall results show that, in spite of existing legislation to regulate transactions, insiders are still able to make abnormal profits. Results also show that insider buying is a stronger indicator than insider selling and that the magnitude and duration of abnormal profits depend on both firm and transaction-specific factors. These include industry classification, firm size, firm valuation and relative trading volume.
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