01524nam a2200217 4500001000700000100004100007101000800048200012000056210010300176215002000279225002900299300020600328330060200534606003201136606002101168606002601189606003001215606002001245700002301265701001801288391178 a20120928d2008 y0pory50 ba aeng aDo insiders time their trades? Evidence from Euronext LisbonbRecurso eletrónicofPedro Gonçalves, João Duque aLisboacADVANCE. Instituto Superior de Economia e Gestão. Universidade Técnica de Lisboad2008 a1 CD-ROMd12 cm aADVANCE Working Paperv6 aResumo 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. aIn 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. aINFORMAÇÃO PRIVILEGIADA aBOLSA DE VALORES aOPERAÇÃO NA BOLSA aTRANSACÇÃO FINANCEIRA aESTUDO DE CASOS aGONÇALVESbPedro aDUQUEbJoão