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Corporate insider trading in Europe
journal contribution
posted on 2023-06-09, 06:18 authored by Wolfgang Aussenegg, Ranko JelicRanko Jelic, Robert RanziWe analyse stock price behaviour around the disclosure of corporate insider transactions after the introduction of the Market Abuse Directive (MAD). Ranking according to our Insider Trading Enforcement (ITE) index highlights significant differences in the MAD enforcement between French and German legal origin countries. We document contrarian behaviour of insiders in all of the sample countries. Insiders reveal significant information to the public through both their purchases and sales. The price impact of the insiders’ transactions is particularly strong in countries with a lower ITE index (i.e. weaker public enforcement).
History
Publication status
- Published
File Version
- Accepted version
Journal
Journal of International Financial Markets, Institutions and MoneyISSN
1042-4431Publisher
ElsevierExternal DOI
Volume
54Page range
27-42Department affiliated with
- Accounting and Finance Publications
Full text available
- Yes
Peer reviewed?
- Yes
Legacy Posted Date
2017-05-16First Open Access (FOA) Date
2018-05-10First Compliant Deposit (FCD) Date
2017-05-16Usage metrics
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