| Author: | Betzer, A. Theissen, E. |
| Title: | Insider trading and corporate governance: the case of Germany |
| Journal: | European Financial Management
2009 : MAR, VOL. 15:2, p. 402-429 |
| Index terms: | corporate governance insider trading Germany |
| Language: | eng |
| Abstract: | Transactions by corporate insiders is Germany are analysed here. It is found that insider trades are associated with significant abnormal returns. Insider trades that occur prior to an earnings announcement have a large impact on prices. This result provides a rationale for the UK regulation that prohibits insiders from trading prior to earnings announcements. Both the ownership structure and the accounting standards used by the company affect the magnitude of the price reaction. |
SCIMA