Insider Trading in Germany - Do Corporate Insiders Exploit Inside Information?

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Show simple item record Dymke, Björn M. de_DE Walter, Andreas de_DE 2007-01-25 de_DE 2014-03-18T10:02:39Z 2007-01-25 de_DE 2014-03-18T10:02:39Z 2007 de_DE
dc.identifier.other 284938491 de_DE
dc.identifier.uri de_DE
dc.description.abstract Our study analyzes a large sample of transactions carried out by corporate insiders reported to the German regulatory authority BaFin in the period July 1, 2002 to April 30, 2005 employing event study methodology. In particular, we focus on the question whether corporate insiders exploit inside information while trading in their company’s stock. Therefore we use a distinct property of German law, i.e. company’s obligation to reveal inside information through ad-hoc news disclosures, to link trading of insiders to their foreknowledge of important corporate news. We find strong evidence that insiders exploit inside information as they earn above average profits by front-running on subsequent news disclosures. Furthermore, looking at the type of insider, we find that members of the supervisory board (directors) and the group of other insiders (basically family members of senior managers and directors) profit substantially from exploiting inside information. In contrast, members of the executive board (senior managers) can be largely exculpated from exploiting inside information as they realize below average returns with their rare front-running transactions. en
dc.language.iso en de_DE
dc.publisher Universität Tübingen de_DE
dc.rights ubt-podno de_DE
dc.rights.uri de_DE
dc.rights.uri en
dc.subject.classification Insidergeschäft de_DE
dc.subject.ddc 330 de_DE
dc.subject.other §15a WpHG de_DE
dc.subject.other Germany , insider trading , inside information , German stock market , regulation of financial markets en
dc.title Insider Trading in Germany - Do Corporate Insiders Exploit Inside Information? en
dc.type ResearchPaper de_DE
utue.publikation.fachbereich Wirtschaftswissenschaften de_DE
utue.publikation.fakultaet 6 Wirtschafts- und Sozialwissenschaftliche Fakultät de_DE
dcterms.DCMIType Text de_DE
utue.publikation.typ workingPaper de_DE 2738 de_DE
utue.opus.portal wiwidisk de_DE
utue.opus.portalzaehlung 309.00000 de_DE
utue.publikation.source Tübinger Diskussionsbeiträge der Wirtschaftswissenschaftlichen Fakultät ; 309 de_DE
utue.publikation.reihenname Tübinger Diskussionsbeitrag de_DE
utue.publikation.zsausgabe 309
utue.publikation.erstkatid 2136475-8


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