Insider Trading and Directors' Dealings. An empirical investigation of the impacts of insider purchases and sales on share prices and the determinants of delays in their announcements
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Seminar paper from the year 2016 in the subject Business economics - Miscellaneous, grade: 1,0, University of Wuppertal (Schumpeter School of Business and Economics), course: Seminar am Lehrstuhl Finanzwirtschaft und Corporate Governance, language: English, abstract: This empirical paper deals with the impacts of insider trading on the firms' share prices. The overall regulation of insider trading determines a certain reporting period in which trades have to be reported to the public. In Germany this subject was revised in 2004, which shall be analysed in this paper. First, there is an overvie...
Seminar paper from the year 2016 in the subject Business economics - Miscellaneous, grade: 1,0, University of Wuppertal (Schumpeter School of Business and Economics), course: Seminar am Lehrstuhl Finanzwirtschaft und Corporate Governance, language: English, abstract: This empirical paper deals with the impacts of insider trading on the firms' share prices. The overall regulation of insider trading determines a certain reporting period in which trades have to be reported to the public. In Germany this subject was revised in 2004, which shall be analysed in this paper. First, there is an overview of the current state of literature. The CAR (cumulative abnormal return), which serves as the respective measurement for examining the different impacts on the firm's value, is explained. Further, the paper presents impacts of announcement delays on the firm's share price as well as which kind of firms tend to have longer announcement delays than others. Afterwards, this seminar paper tries to take into account the new regulation of reporting delays which was valid since October 2004. Therefore, the last chapter deals with the methodology of an event study to detect abnormal returns in insider trading and the regression approach to show dependencies between firm characteristics and reporting delays. Finally, a brief conclusion is presented, which gives recommendation for future actions.
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