Relevant bibliographies by topics / Insider trading

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Academic literature on the topic 'Insider trading'

Author: Grafiati
Published: 4 June 2021
Last updated: 15 June 2025

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Journal articles on the topic "Insider trading"

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Ki, Do Hoon, and Seung Jun Kim. "An Empirical Study on Relation between Accounting Earnings-Stock Return Bias and Insider Stock Trade." Academic Society of Global Business Administration 19, no. 5 (2022): 157–86. http://dx.doi.org/10.38115/asgba.2022.19.5.157.

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This study analyzes the pre-transaction period accounting earnings-stock price relation among companies with and without insider trade(insider sell and buy) to find out whether information asymmetry increase potential insider’s profit, thereby, motivate insider to trade their own stocks.
 In order to figure out correct relationship between insider trading and information asymmetry, this study recognize succesive insider trading, and use only first trade observation of succetive insider sell and buy, respectively. Therefore the total number of stocks and the first trade of each successive insider tradings are respectively presumed as an insider trading volume and as an observation of the the succesive insider trading.
 Also, all ownership information of directors and major shareholder is cellected from DART using Python, and quarterly financial information is used for our analysis to alleviate the possible problem coming from assumption of period of insider trading.
 The analysis period is from 2012 to 2018, and non-financial companies among listed companies on the Korea Stock Exchange and KOSDAQ are targeted.
 Empirical analysis shows as follow.
 First, it was found that the greater the over-estimate of earnings-return relation incurs greater probability of occurrence of insider stock sales and greater insider sales stock volume. These relationships are larger and more significant than those between insider trading and future earnings level, future earnings growth, and future stock return, which represent insiders' information advantage on future prospects of the firm. Second, the effect of estimation bias of earnings-return relation on the probability of insider sales was stronger and more immediate than those of insider purchases. The positive relationship between future prospects and insider trading, reported in previous studies, was stronger in insiders purchases than in insider sales.
 This study directly analyzed whether information asymmetry between insiders and external stakeholders plays a major role of insider trading, comparing pre-period earning-return relation estimates of insider trading firms with those of control firms. It is also meaningful in that it shows that the information asymmetry difference between insiders and external stakeholders can have different effects on insider trading for different properties of insider sales and purchase.
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Firth, Michael, T. Y. Leung, and Oliver M. Rui. "Insider Trading in Hong Kong: Tests of Stock Returns and Trading Frequency." Review of Pacific Basin Financial Markets and Policies 14, no. 03 (2011): 505–33. http://dx.doi.org/10.1142/s0219091511002317.

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The main purpose of this paper is to examine the legal insider trading activities by directors of companies listed on the Hong Kong Exchange over the period 1993 to 1999. One characteristic of insider trading in Hong Kong is the high frequency of transactions and the large amounts of money involved. Inside purchases appear to signal and correct undervaluation and inside sales appear to signal and correct overvaluation. In contrast to research from Britain and the United States, insider sales are more informative than purchases. On average, insiders earn HK$91,297 per trade, while outsiders who mimic insiders' transactions earn minimal returns. Many firms suffer from infrequent trading and our results are consistent with directors engaging in inside transactions so as to help create a market for the shares. In additional tests, we find that the frequency of insider trading is a function of information asymmetry.
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Mutiari, Yunial Laily, Irsan Simangunsongsyahri@gmail.com, and Muhammad Syahri Ramadhan. "INSIDER TRADING DALAM PERSPEKTIF HUKUM PASAR MODAL DI INDONESIA." Jurnal Yuridis 5, no. 2 (2019): 228. http://dx.doi.org/10.35586/.v5i2.769.

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Insider trading merupakan kegiatan corporate insiders atau praktek orang dalam korporasi yang melaksanakan transaksi kegiatan sekuritas atau trading dengan memanfaatkan informasi yang eksklusif yang mereka miliki atau inside nonpublic information atau yang dikenal dengan istilah informasi orang dalam. Pada Tahun 2001 silam, dunia pasar modal diguncang kasus besar mengenai adanya laporan indikasi insider trading dan manipulasi pasar dalam penjualan saham PT Bank Central Asia Tbk. Bahwa terdapat indikasi terjadinya kegiatan insider trading pada pembentukan harga saham PT. BCA. Sanksi yang dapat diberikan terhadap pelaku insider trading adalah berdasarkan Pasal 104 UU No. 8/1995 tentang Pasar Modal.
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Bhuana, Nararia Aji, Celia Rahma Putri Eritika, and Brawijaya B. Kusuma. "Information Inequality With Insider Trading Practices in The Indonesian Capital Market." Syiah Kuala Law Journal 5, no. 2 (2021): 212–21. http://dx.doi.org/10.24815/sklj.v5i2.21705.

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This paper focus on discussing the issue of insider trading pratices in the Indonesian capital market. Bearing Act 8 of 1995 concerning the Capital Market does not provide a clear definition of insider trading. Insider trading is a practice carried out by people in the corporation who in carrying out trading activities make use of information exclusively through insiders. Insider trading is one of the crimes in the capital market which has a very detrimental impact on many parties. The existence of inside information that is not yet available to the public is misused to trade shares on that information. The practice of insider trading is a capital market crime which in terms of proof is very difficult to prove. The practice of insider trading is a violation of the principle of transparency, even though the objective of implementing the principle of openness is to ensure transparency in capital market activities.
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Dalko, Viktoria, and Michael H. Wang. "Why is insider trading law ineffective? Three antitrust suggestions." Studies in Economics and Finance 33, no. 4 (2016): 704–15. http://dx.doi.org/10.1108/sef-03-2016-0074.

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Purpose The purpose of this paper is to uncover the essence of insider trading, explain why insider trading law is ineffective and provide implications of the effectiveness of the law. Design/methodology/approach This conceptual paper offers three propositions. The first two are based on a literature review of 62 articles in empirical research to develop an understanding of the essence of insider trading and identify the areas in which insider trading is ineffective. This analysis is used in the third proposition to provide a direction in suggesting effective measures to improve insider trading law. Findings The essence of insider trading is that corporate insiders exercise informational monopoly power over their trades. This understanding explains why insider trading law is ineffective because it has not taken away the monopoly power that corporate insiders possess and exercise. This understanding also leads to three antitrust suggestions aimed at improving insider trading law. Practical implications The findings may provide assistance to the lawmakers and regulators to make insider trading law more effective and enforcement more simplified. Originality/value This paper is of value to other researchers attempting to understand the essence of insider trading and to policymakers concerned about the existence of monopolistic behavior in the equity market and income inequality due to corporate insiders’ trading profit.
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Hnyluch Sobański, Konrad. "Inside information and insider trading." Studenckie Prace Prawnicze, Administratywistyczne i Ekonomiczne 29 (September 30, 2019): 119–34. http://dx.doi.org/10.19195/1733-5779.29.8.

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EU law acts often have a built-in element of the so-called self-control, consisting in verification of the effectiveness of regulation after a specified period of time from the entry into force of a legal act. In the year 2019, the Market Abuse Regulation MAR, which in 2016 introduced new regulations concerning confidential information and trade related to internal information, causing a revolution in the capital market, will be reviewed. Numerous new duties were imposed on market participants, among others in the field of transaction reporting, access to confidential information, the circle of persons having access to confidential information. Due to the above, the article discusses the regulations of confidential information and related obligations imposed on market participants, based on the current achievements of the doctrine and judicatory. These considerations have been confronted with the undesirable element of having confidential information, i.e. insider trading. Often, an entity that has access to specific confidential information uses it in an unlawful manner to achieve its own profit. This causes inequalities in access to market information and leads to distortions in the transparency of financial markets. The article also included a polemic on the morality of insider dealing. Informacja poufna w obrocie papierami wartościowymiAkty prawa unijnego często mają wbudowany element tak zwanej samokontroli self controlling, polegający na weryfikacji skuteczności regulacji po upływie określonego czasu od wejścia w życie aktu prawnego. Na rok 2019 przypada rewizja rozporządzenia MAR Market Abuse Regulation, które wprowadzając w 2016 roku nowe regulacje dotyczące informacji poufnej i obrotu związanego z informacją wewnętrzną, spowodowało rewolucję na rynku kapitałowym. Na uczestników rynku zostały nałożone nowe liczne obowiązki, między innymi w zakresie raportowania transakcji, dostępu do informacji poufnej czy też kręgu osób mających dostęp do informacji poufnej. Z uwagi na to w artykule omówione zostały regulacje informacji poufnej oraz związanych z nią obowiązków nałożonych na uczestników rynku, opierając się na aktualnym dorobku doktryny i dostępnym orzecznictwie. Rozważania zostały zestawione z niepożądanym elementem posiadania informacji poufnej, to jest insider trading. Często podmiot mający dostęp do określonych informacji poufnych wykorzystuje je w sposób bezprawny dla osiągnięcia własnego zysku. Powoduje to nierówności w dostępie do informacji rynkowych i prowadzi do zaburzenia transparentności rynków finansowych. W artykule podjęto również polemikę co do moralności wykorzystywania informacji poufnych.
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Geronimo, Russell S. Q. "Insider trading without trading." Financial Law Review 9, no. 1 (2018): 116–40. http://dx.doi.org/10.4467/22996834flr.18.002.9042.

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Beckers, Stan E., and Ulrich Gathmann. "Insider Trading." Journal of Investing 9, no. 3 (2000): 15–18. http://dx.doi.org/10.3905/joi.2000.319377.

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Lee, Wayne Y., and Michael E. Solt. "Insider trading." Journal of Portfolio Management 12, no. 4 (1986): 65–71. http://dx.doi.org/10.3905/jpm.1986.409069.

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Jiang, Helen, and Joseph Panarelli. "Insider Trading." Journal of Pediatric Ophthalmology & Strabismus 53, no. 4 (2016): 203–4. http://dx.doi.org/10.3928/01913913-20160510-02.

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Dissertations / Theses on the topic "Insider trading"

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Sjödin, Ulrika. "Insiders' outside/outsiders' inside : rethinking the insider regulation /." Stockholm : School of Business, Stockholm University, 2006. http://urn.kb.se/resolve?urn=urn:nbn:se:su:diva-944.

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Astorino, Eduardo Sanchez. "Insider trading networks in Brazil." Universidade de São Paulo, 2017. http://www.teses.usp.br/teses/disponiveis/12/12138/tde-01092017-174408/.

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The presence of insider trading in a financial market is detrimental to its functioning. Traders with public information are always at a disadvantage when negotiating with agents in possession of inside information. Thus insider trading should increase risk and should lower participation in financial markets. In this study we investigate a channel through which inside information may be transferred to market participants: social connections based on common education. We hand-collect a novel data set of the educational background of members of the board of directors of Brazilian firms and portfolio managers of stock funds. Board members hold inside information on their firms that is valuable to fund managers. We propose that these agents may engage in active social interactions if they 1) attended the same educational institution, 2) within an overlapping time window, and 3) obtained the same degree. We study if such connections influence fund managers\' portfolio decisions. We find that fund managers tend to place larger bets in companies with which they possess this sort of educational connection. We also find that these connections are economically valuable: managers tend to conduct large purchases of connected stocks prior to large increases in their return, and also tend to sell them prior to downfalls. Finally, we study if market participants view increases in a company\'s connectivity as an increase in its risk. We find that increases in connectivity are followed by increases in expected returns. We also determine that the return of holding a portfolio long in highly connected stocks and short on stocks with few connections cannot be explained by the traditional risk factors. These two results indicate that the market does indeed see connectivity as a form of risk. This is, to our knowledge, the first study of its kind for Brazil.<br>A presença de insider trading em um mercado financeiro é prejudicial ao seu funcionamento. Investidores com informação pública sempre estão em desvantagem quando negociam com agentes que detêm informação privilegiada. Portanto, insider trading aumenta o risco e diminui a participação em mercados financeiros. Neste estudo nós investigamos um possível canal através do qual a informação interna à firma é potencialmente transferida para participantes do mercado: conexões sociais baseadas em uma educação comum. Nós coletamos manualmente uma base de dados inédita sobre a experiência educacional de dois grupos de agentes: membros do conselho de diretores de empresas brasileiras e gestores de carteiras de fundos de ações. Os membros do conselho possuem informação privilegiada sobre suas firmas que seria valiosa para os gestores de fundos. Nós propomos que esses agentes podem engajar em contato social ativo se eles 1) frequentaram a mesma instituição de ensino, 2) em janelas de tempo sobrepostas e 3) obtiveram o mesmo diploma. A partir daí, estudamos se tais conexões influenciam as decisões de investimento dos gestores de carteiras. Nós descobrimos que gerentes de fundos tendem a alocar posições maiores em companhias com as quais eles possuem esta conexão educacional. Nós também descobrimos que tais conexões são valiosas: gerentes tendem a realizar grandes compras de ações conectadas em antecipação a aumentos em seu retorno e tendem a vender essas ações antes de quedas. Finalmente, nós estudamos se participantes do mercado veem aumentos na conectividade de uma empresa como aumentos no risco da empresa. Nós descobrimos que aumentos na conectividade são seguidos de aumentos no retorno esperado. Nós também encontramos que o retorno de um portfólio comprado em ações de alta conectividade e vendido em ações de baixa conectividade não pode ser explicado pelos fatores de risco tradicionais. Esses dois resultados indicam que o mercado vê a conectividade como uma forma de risco. Este é, ao nosso conhecimento, o primeiro trabalho de seu tipo para o Brasil.
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Kallunki, J. (Jenni). "Corporate insiders’ personal characteristics and insider trading." Doctoral thesis, Oulun yliopisto, 2019. http://urn.fi/urn:isbn:9789526222776.

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Abstract Many studies explore how firm-level characteristics affect the returns that corporate insiders earn when they trade the stocks of their own firms, but little is known about the role of insiders’ personal characteristics. This dissertation contributes to the literature by expanding our understanding of how corporate insiders’ personal characteristics affect their decisions to exploit private information in insider trading. The first essay of the dissertation examines whether insiders who have shown noncompliance with the tax law are more prone to exploit their information advantage in insider trading than other insiders. Our empirical results from analyzing archival data of all insider trades in Sweden show that the noncompliant insiders use more of their information advantage to trade their insider stocks shortly before significant stock price changes than other insiders. The second essay explores why insiders engage in informed insider trading, given the surprisingly small average insider returns reported in the literature and the potential costs involved. Using archival data of corporate insiders in Sweden, we show that less wealthy insiders are more likely to time their insider selling, and sell in greater magnitudes, prior to abnormal price declines than wealthy insiders. We also find that less-wealthy insiders with lower risk-aversion as measured by their criminal behavior are particularly prone to timing their selling to avoid price declines. The third essay examines what type of insiders are willing to violate their own company’s restrictions on insider trading by trading on their private information during blackout periods when the firm prohibits trading by its insiders. Using archival data of corporate insiders in Finland, I find that less-wealthy insiders avoid economically significant insider losses by selling their insider stocks during the prohibited blackout period. These insider sales also predict negative earnings surprises<br>Tiivistelmä Tämä väitöskirja laajentaa aikaisempaa tutkimuskirjallisuutta tarkastelemalla, miten yritysten sisäpiiriläisten henkilökohtaiset ominaisuudet vaikuttavat sisäpiirin kaupankäynnin tuottoihin. Väitöskirjan ensimmäisessä osatutkimuksessa tutkitaan, voidaanko sisäpiirin kaupankäynnin tuottoja selittää sisäpiiriläisten verottajalta saamien hallinnollisten sanktioiden avulla. Osatutkimuksen empiiristen tulosten mukaan verottajalta hallinnollisia sanktioita saaneet sisäpiiriläiset ansaitsevat merkittävästi suurempia sisäpiirin kaupankäynnin tuottoja kuin muut sisäpiiriläiset. Aikaisemmissa tutkimuksissa havaitut sisäpiirin kaupankäynnin tuotot vaikuttavat verrattain pieniltä, kun huomioidaan sisäpiiritiedon hyödyntämiseen liittyvä maine- ja juridinen riski. Toisessa osatutkimuksessa tutkitaan, miksi jotkut sisäpiiriläiset kuitenkin päättävät hyödyntää sisäpiiritietoaan käydessään kauppaa yhtiöidensä osakkeilla. Tulosten mukaan matalamman varallisuuden sisäpiiriläiset ajoittavat osakemyyntinsä todennäköisemmin ennen osakekurssien laskuja kuin korkeamman varallisuuden sisäpiiriläiset. Tämä tulos on erityisen vahva sellaisten matalamman varallisuuden sisäpiiriläisten joukossa, jotka ovat erityisen riskihakuisia henkilökohtaisilla rikostuomioilla mitattuna. Väitöskirjan kolmannessa osatutkimuksessa tutkitaan, millaiset sisäpiiriläiset eivät noudata yhtiöidensä asettamia rajoituksia sisäpiirin kaupankäynnille vaan hyödyntävät sisäpiiritietoaan käymällä kauppaa ns. suljetun ikkunan aikana, jolloin yhtiön asettamat rajoitukset kieltävät sisäpiirin kaupankäynnin. Tämän osatutkimuksen empiirisen tulosten mukaan matalamman varallisuuden sisäpiiriläiset ansaitsevat suljetun ikkunan aikana toteuttamillaan osakemyynneillä merkittävästi suurempia tuottoja kuin muut sisäpiiriläiset. Matalamman varallisuuden sisäpiiriläisten suljetun ikkunan aikana toteuttamat osakemyynnit myös ennustavat yrityksen julkistamaa tulevaa negatiivista tulosyllätystä
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Sjödin, Ulrika. "Insiders’ outside/Outsiders’ inside : Rethinking the insider regulation." Doctoral thesis, Stockholm University, School of Business, 2006. http://urn.kb.se/resolve?urn=urn:nbn:se:su:diva-944.

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<p>Financial speculation has increased dramatically over the last 30 years. This means that a practice that used to be viewed as immoral <i>gambling</i> has become legitimate financial <i>trade</i>. This book explores the<i> genealogy</i> of the coexisting<i> insider trading laws</i>. The insider regulation prohibits trade based on privileged information in order to create equal trading conditions, and in this way uphold confidence in the financial markets among the general public. However, this study shows that the existing view of the insider regulation is <i>misleading</i> and that the regulation is best understood as a <i>game rule</i> aiming to <i>stimulate</i> financial speculation. The protection interest is therefore not primarily the general public, but the financial system as such: the professional market actors sustaining the speculative activities and a growing financial sector. </p><p>The consequence of stimulating financial speculation is that today’s authorities are attempting to make the financial markets into a lotto-like game, rather than a market for long-term investment. To make the financial markets into liquid and volatile public “games” means that the <i>risks</i> involved in the financial speculation are created by the human hand and the economic system<i> itself</i> rather than being naturally given. This places <i>desire</i> rather than rational <i>needs</i> as the fundamental ground of the economy. The concluding question is; why are we making our economy into a game? </p>
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Engert, Carl-Johan. "Insider Trading : A study of insider trading when companies report loss announcements." Thesis, Jönköping University, JIBS, Economics, 2005. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-265.

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<p>Föreliggande uppsats undersöker om det har funnits någon indikation av insiderhandel för tio utvalda företag på Stockholmsbörsen under andra halvan av 2004 när dessa företag presenterar vinstvarningar. Uppsatsen beskriver huvuddragen av den Svenska insider-lagstiftning, och framlägger argument för en effektiv lagstiftning både från ett ekonomiskt och också från ett juridiskt perspektiv.</p><p>De tio företagen har analyserats under en trettio dagars period. Slutsatsen är att det har förekommit indikationer på insiderhandel i två företag under perioden fram till vinstvarningen.</p><p>Denna uppsats presenterades och försvarades våren 2005 vid Internationella Handelshögskolan i Jönköping.</p><br><p>This thesis analyzes if there has been any indication of insider trading for ten selected-companies on the Stockholm Stock Exchange during the second half of 2004 when these companies have reported loss announcements. It outlines the Swedish insider leg-islation, and put forward arguments for an effective insider legislation from an eco-nomic and legal perspective.</p><p>The ten companies have been analyzed during a thirty days period. The conclusion is that there is signs of insider trading in two companies during the period prior to the loss announcement date.</p><p>This thesis was presented and defended in the spring of 2005 at Jönköping International Business School.</p>
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Williamu, Ghati. "Critical analysis of the insider trading framework of Tanzania." Thesis, University of the Western Cape, 2015. http://hdl.handle.net/11394/5173.

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Magister Legum - LLM<br>This study is on the insider trading framework of Tanzania. The researcher has made enquiries whether the Tanzania legal framework governing insider trading provides strong enough enforcement mechanisms, including remedies and measures against malpractices found on the securities market to attract investor confidence. Critical analysis is done of the Capital Markets and Securities Act, 79 of 1994 (RE 2002) in conjunction with an investigation into the Capital Markets and Securities Authority (CMSA) a body corporate charged with the duties among others, of protecting the integrity of the securities market and maintaining surveillance over securities to ensure orderly, fair and equitable dealings in securities. The researcher uses a comparative approach from other jurisdictions considered as international best standards of the English and South African insider trading legislation. Discussions on the study are presented in chapters. Chapter one is the general introduction to the Study. It is the reproduction of the research proposal. Chapter Two is on the overview of insider trading framework of Tanzania. An analysis is made on the provisions of the Capital Market and Securities Act, 79 of 1994 (RE 2002). It is revealed that the enforcement mechanisms are inadequate and ineffective. The Capital Market and Securities Act, 79 of 1994, (RE 2002) neither defines nor provides the interpretation to legal concepts such as insider, inside information and publication. Civil remedies and criminal penalties provided in the Tanzania Capital Market and Securities Act, 79 of 1994, (RE 2002) are inadequate for deterrent purposes to combat insider trading practices. In chapter three the researcher examines the Capital Market and Securities Authority (CMSA) in terms of fulfillments of its roles, functions, and powers. It is submitted that the CMSA and the DSE have never contributed much to resolving the problem of securities market abuses. Chapter four extend the study to the English and South Africa insider trading legislation considered as international best practice and therefore comparable. The researcher has observed that flaws in areas of prohibition, enforcements, defences and the lacuna on identified concepts of insider trading make the Tanzanian insider trading legislation remain more symbolic than real in terms of its efficiency to combating insider trading practices. Chapter five provides the conclusions and recommendations on the study. The researcher has provided recommendations on curbing the problem of insider trading in Tanzania, including repealing and enacting a new strong and effective insider trading legislation.
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Söderberg, Gustav, and Rikard Nyström. "Insider Trading - An Efficiency Contributor?" Thesis, Umeå universitet, Företagsekonomi, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-73596.

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This research has studied the relationship between insider trading activity and its effect on the level of informational efficiency. The authors have used insider data from Finansinspektionen and data regarding stock prices, market capitalization and GDP from Thomson Reuters Datastream. The sample includes 193 companies on the Swedish stock exchange for a period of 10 years. A Variance Ratio test employed on moving sub-sample windows was used to establish the level of time-varying informational efficiency, which subsequently was used in an OLS-regression as a dependent variable. The result of the regression implies a negative effect on firm price information efficiency by insider purchasing, while selling has a positive effect. This can be concluded using a confidence level of 99%. The results are interesting since they imply an asymmetrical effect of insider trading on informational efficiency, while current insider legislation treats buying and selling by insiders equal. Thus, the results are of interest in future adjustments of laws regulating insider trading.
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Rozanov, Konstantin A. "Corporate governance and insider trading." Thesis, Massachusetts Institute of Technology, 2008. http://hdl.handle.net/1721.1/45333.

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Thesis (Ph. D.)--Massachusetts Institute of Technology, Sloan School of Management, 2008.<br>Includes bibliographical references (p. 58-64).<br>I investigate the relation between corporate governance and insider trading by corporate executives. Despite the general view that trade on non-public information adversely affects capital market participants, the impact of corporate governance on such trading remains relatively unexplored in prior research. I propose an empirical measure that relies on a predicted pattern in stock returns to identify transactions that are more likely to be based on private information and provide evidence to validate the construct. Using this measure, I find that good corporate governance, identified through board and ownership characteristics that have been linked to more effective monitoring of management in prior research, is negatively related to opportunistic insider trading. In supplementary analysis, I provide evidence on the robustness of this relation to an alternative hypothesis and to potential endogeneity. Overall, I conclude that good corporate governance helps to attenuate opportunistic insider trading.<br>by Konstantin A. Rozanov.<br>Ph.D.
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Chui, Chi Kin. "The mathematics of insider trading." Master's thesis, University of Cape Town, 2008. http://hdl.handle.net/11427/4873.

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Includes abstract.<br>Includes bibliographical references (leaves 109-112).<br>Over the past decade the research into the topic of incorporating non-market information has accelerated. This dissertation aims to serve as a monograph of the contemporary body of research to the insider problem, under a Brownian setting in a complete market.
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Lindén, Patrik, and Martin Lejdelin. "Insider trading on the Stockholm Stock Exchange : Non reported insider trading prior to profit warnings." Thesis, Jönköping University, JIBS, Business Administration, 2007. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-1001.

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<p>Background:</p><p>Studying insider trading is difficult due to its sensitive and delicate nature. Therefore it is hard to gauge the extent of such activities. This problem has resulted in a fierce debate whether it should be prohibited or not. Using a method where the effect on monopolistic information usage can be isolated insider trading can be monitored. Such an event is a profit warning.</p><p>Purpose:</p><p>This paper examines whether insider trading exist for companies</p><p>making a profit warning between year 2003 and 2007 on the Stockholm</p><p>Stock Exchange. Furthermore the aim with the study is to contribute</p><p>to the debate on the insider trading legislation.</p><p>Method:</p><p>The study’s purpose is achieved through an event study studying the</p><p>cumulative abnormal return as well as average daily returns during</p><p>the thirty days preceding the warning for a sample of thirty companies.</p><p>Since profit warnings should be completely random and as such</p><p>almost impossible for the market to know in advance, a significant</p><p>abnormal return can only be explained with insider trading. The abnormal returns were calculated using the Capital Asset Pricing Model</p><p>since it is the most widely used model.</p><p>Conclusion:</p><p>For the chosen time frame, when testing on a 95% significance level,</p><p>the study found a significant abnormal return during the last 10 days</p><p>of the event window but not for the entire period of thirty days. The</p><p>daily average return for the thirty companies were significant for six</p><p>of the thirty days within the event window. Two of them were included</p><p>in the last ten day period with a confirmed significant abnormal</p><p>return which might suggest that on average insider trading tend</p><p>to occur during these days. The other four was discarded due to</p><p>sample issues. Since the study was limited to a period of four years</p><p>extending the results to a period other than tested should be made</p><p>with great care since conditions may differ over time. Concerning the</p><p>current debate on the insider legislation, the findings can be used by</p><p>both sides. Either to argue for a strengthening of the law or to question its existence.</p>
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Books on the topic "Insider trading"

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Wang, William K. S. Insider trading. 2nd ed. Practising Law Institute, 2005.

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I, Steinberg Marc, ed. Insider trading. 3rd ed. Oxford University Press, 2010.

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Insider trading. Edward Elgar Pub., 2011.

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I, Steinberg Marc, ed. Insider trading. Little, Brown, 1996.

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Canada. Library of Parliament. Parliamentary Research Branch. Insider trading. Library of Parliament, 1999.

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Ashe, Michael. Insider trading. 2nd ed. Tolley Pub. Co., 1993.

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Association, American Corporate Counsel, ed. Insider trading guidelines. American Corporate Counsel Association, 1993.

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American Bar Association. Ad Hoc Committee on Insider Trading Legislation., ed. Insider trading revisited. American Bar Association, 1992.

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Langevoort, Donald C. Insider trading handbook. Clark Boardman Co., 1986.

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Vance, Mary A. Insider trading: A bibliography. Vance Bibliographies, 1990.

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Book chapters on the topic "Insider trading"

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Kirkulak Uludag, Berna. "Insider Trading." In Encyclopedia of Corporate Social Responsibility. Springer Berlin Heidelberg, 2013. http://dx.doi.org/10.1007/978-3-642-28036-8_35.

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Scott, Kenneth E. "Insider Trading." In The New Palgrave Dictionary of Economics and the Law. Palgrave Macmillan UK, 2002. http://dx.doi.org/10.1007/978-1-349-74173-1_186.

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Lee, Nirmala. "Insider Trading." In Encyclopedia of Sustainable Management. Springer International Publishing, 2023. http://dx.doi.org/10.1007/978-3-031-25984-5_465.

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Metrick, Andrew. "Insider Trading." In The New Palgrave Dictionary of Economics. Palgrave Macmillan UK, 2008. http://dx.doi.org/10.1057/978-1-349-95121-5_1998-1.

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Engelen, Peter-Jan, and Luc Van Liedekerke. "Insider Trading." In Finance Ethics. John Wiley & Sons, Inc., 2011. http://dx.doi.org/10.1002/9781118266298.ch11.

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Metrick, Andrew. "Insider Trading." In The New Palgrave Dictionary of Economics. Palgrave Macmillan UK, 2018. http://dx.doi.org/10.1057/978-1-349-95189-5_1998.

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Lee, Nirmala. "Insider Trading." In Encyclopedia of Sustainable Management. Springer International Publishing, 2022. http://dx.doi.org/10.1007/978-3-030-02006-4_465-1.

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Lederer, Michael. "Insider Trading." In Culture of Chemistry. Springer US, 2015. http://dx.doi.org/10.1007/978-1-4899-7565-2_10.

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Long, Ian. "Insider Trading." In The Complete Company Policies. Routledge, 2024. http://dx.doi.org/10.4324/9781003258995-21.

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Steinberg, Marc I. "Insider Trading." In Rethinking Securities Law. Oxford University Press, 2021. http://dx.doi.org/10.1093/oso/9780197583142.003.0007.

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This chapter addresses regulation of insider trading in the United States. Uncertainties and inconsistencies prevail in this setting resulting in disparate treatment for similarly situated actors. Other developed countries, while applying many principles of U.S. securities law to their securities markets, have rejected the U.S. approach in the insider trading context. To redress this situation, Congress should enact comprehensive legislation that meaningfully addresses the contours of the insider trading prohibition. Among other mandates, this legislation would: require corporate insiders to provide advance notice of their contemplated transactions in the subject company’s equity securities; bar corporate insiders and other access persons from trading in the subject company’s securities during the interval between the occurrence of a reportable event and the making of a SEC filing (such as a Form 8-K); close loopholes that currently exist with respect to the propriety of insider trading plans; and adopt a comprehensive access approach governing the legality of trading and tipping on the basis of material nonpublic information.
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Conference papers on the topic "Insider trading"

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Tamersoy, Acar, Bo Xie, Stephen L. Lenkey, Bryan R. Routledge, Duen Horng Chau, and Shamkant B. Navathe. "Inside insider trading." In ASONAM '13: Advances in Social Networks Analysis and Mining 2013. ACM, 2013. http://dx.doi.org/10.1145/2492517.2500288.

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Liao, Mei-Hua, and Li-Wen Chen. "SEO and Insider Trading." In 2013 Seventh International Conference on Innovative Mobile and Internet Services in Ubiquitous Computing (IMIS). IEEE, 2013. http://dx.doi.org/10.1109/imis.2013.133.

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BARUCCI, EMILIO, ROBERTO MONTE, and BARBARA TRIVELLATO. "INSIDER TRADING IN CONTINUOUS TIME." In Proceedings of the Fifth International Conference. WORLD SCIENTIFIC, 2006. http://dx.doi.org/10.1142/9789812774835_0005.

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Arslan, Çetin, and Didar Özdemir. "Insider Trading Crime in Turkish Criminal Law." In International Conference on Eurasian Economies. Eurasian Economists Association, 2018. http://dx.doi.org/10.36880/c10.02113.

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Insider trading act is penalised ultima ratio with the aim of fighting against manmade market actions which outrage the principle of public disclosure and the element of trust in order to establish equality and good faith in capital markets. Insider trading is first disposed as a crime among the other capital market crimes (art.47/1-A-1) in the Capital Market Code no.2499 dated 28.07.1981 with the Amendment to the law no.3794 dated 29.04.1992 and at the present time it is rearranged as a self-contained crime type in article 106 of the Capital Market Code no.6362 dated 06.12.2012. In this study, the crime of insider trading is examined –in particular through the controversial points- as a comparative analysis between abrogated and current dispositions in Turkish Law.
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Yao, Zijing. "Analysis on Psychological Factors Impacting Insider Trading." In 2021 6th International Conference on Social Sciences and Economic Development (ICSSED 2021). Atlantis Press, 2021. http://dx.doi.org/10.2991/assehr.k.210407.044.

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Kohatsu-Higa, Arturo. "Enlargement of Filtrations and Models for Insider Trading." In Proceedings of the Ritsumeikan International Symposium. WORLD SCIENTIFIC, 2004. http://dx.doi.org/10.1142/9789812702852_0008.

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Seth, Taruna, and Vipin Chaudhary. "A Predictive Analytics Framework for Insider Trading Events." In 2020 IEEE International Conference on Big Data (Big Data). IEEE, 2020. http://dx.doi.org/10.1109/bigdata50022.2020.9377791.

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Donoho, Steve. "Early detection of insider trading in option markets." In the 2004 ACM SIGKDD international conference. ACM Press, 2004. http://dx.doi.org/10.1145/1014052.1014100.

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Godse, Shreyasi, Sandhya Verma, Shweta Pandey, Srinivas Aluvala, Prafful Negi, and Mansi Sahu. "Role of Cyber Physical System in Insider Trading." In 2023 4th International Conference on Smart Electronics and Communication (ICOSEC). IEEE, 2023. http://dx.doi.org/10.1109/icosec58147.2023.10276238.

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Ulrich, Patrick, and Dennis Anselmann. "Insider trading on the German capital market — Can insiders achieve excess returns through their information advantage?" In Corporate governance: A search for emerging trends in the pandemic times. Virtus Interpress, 2021. http://dx.doi.org/10.22495/cgsetpt17.

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This study investigates whether corporate insiders can generate excess returns on the German capital market due to their information advantage. This is done with the help of an event study based on a market model that estimates the expected returns. Furthermore, the effect size of individual aspects is examined in a multiple regression. It is shown that insiders can achieve short-term excess returns of up to 2.1% after purchases and of up to -2.95% after sales. Moreover, these are strikingly high for, relative to market capitalization, transactions of smaller firms and transactions of other executives. The greatest influence on the excess return of a transaction is the market capitalization of the company in the case of buy transactions, while the excess return of sell transactions is largely determined by the share of trading volume in the outstanding shares. An imitation of insider transactions by outsiders may allow for excess returns, but this strongly depends on the share to be traded due to the bid-ask spread as well as the trading commissions. Despite the existence of regulation, it is evident that insiders can achieve significant excess returns, presumably on the basis of non-public information
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Reports on the topic "Insider trading"

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Levine, Ross, Chen Lin, and Lai Wei. Insider Trading and Innovation. National Bureau of Economic Research, 2015. http://dx.doi.org/10.3386/w21634.

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Du, Julan, and Shang-Jin Wei. Does Insider Trading Raise Market Volatility? National Bureau of Economic Research, 2003. http://dx.doi.org/10.3386/w9541.

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Collin-Dufresne, Pierre, and Vyacheslav Fos. Insider Trading, Stochastic Liquidity and Equilibrium Prices. National Bureau of Economic Research, 2012. http://dx.doi.org/10.3386/w18451.

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Bebchuk, Lucian Arye, and Chaim Fershtman. The Effects of Insider Trading on Insiders' Choice Among Risky Investment Projects. National Bureau of Economic Research, 1991. http://dx.doi.org/10.3386/t0096.

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Ahern, Kenneth. Do Proxies for Informed Trading Measure Informed Trading? Evidence from Illegal Insider Trades. National Bureau of Economic Research, 2018. http://dx.doi.org/10.3386/w24297.

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Bebchuk, Lucian Arye, and Chaim Fershtman. The Effect of Insider Trading on Insiders' Reaction to Opportunities to "Waste" Corporate Value. National Bureau of Economic Research, 1991. http://dx.doi.org/10.3386/t0095.

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Jeng, Leslie, Andrew Metrick, and Richard Zeckhauser. The Profits to Insider Trading: A Performance-Evaluation Perspective. National Bureau of Economic Research, 1999. http://dx.doi.org/10.3386/w6913.

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Koudijs, Peter. 'Those Who Know Most': Insider Trading in 18th c. Amsterdam. National Bureau of Economic Research, 2013. http://dx.doi.org/10.3386/w18845.

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Ben-David, Itzhak, Justin Birru, and Andrea Rossi. Industry Familiarity and Trading: Evidence from the Personal Portfolios of Industry Insiders. National Bureau of Economic Research, 2016. http://dx.doi.org/10.3386/w22115.

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