Do insiders time their trades? Evidence from Euronext Lisbon

Detalhes bibliográficos
Autor(a) principal: Gonçalves, Pedro
Data de Publicação: 2008
Outros Autores: Duque, João
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10400.5/2562
Resumo: In this paper, we examine the existence of insider trading abnormal profits in Euronext Lisbon from January 2001 to December 2005. Using the methodology of event studies, our overall results show that, in spite of existing legislation to regulate transactions, insiders are still able to make abnormal profits. Results also show that insider buying is a stronger indicator than insider selling and that the magnitude and duration of abnormal profits depend on both firm and transaction-specific factors. These include industry classification, firm size, firm valuation and relative trading volume.
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spelling Do insiders time their trades? Evidence from Euronext LisbonInsider TradingInformation and Market EfficiencyEvent StudiesAbnormal ReturnCorporation and Securities LawAsymmetric and Private InformationIn this paper, we examine the existence of insider trading abnormal profits in Euronext Lisbon from January 2001 to December 2005. Using the methodology of event studies, our overall results show that, in spite of existing legislation to regulate transactions, insiders are still able to make abnormal profits. Results also show that insider buying is a stronger indicator than insider selling and that the magnitude and duration of abnormal profits depend on both firm and transaction-specific factors. These include industry classification, firm size, firm valuation and relative trading volume.Financial support granted by the Fundação para a Ciência e a Tecnologia (FCT) and the Programa Praxis XXIISEG - Departamento de GestãoRepositório da Universidade de LisboaGonçalves, PedroDuque, João2010-11-24T12:10:01Z2008-102008-10-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.5/2562engGonçalves, Pedro e João Duque. 2008. "Do insiders time their trades? Evidence from Euronext Lisbon". Instituto Superior de Economia e Gestão. Departamento de Gestão - ADVANCE Working paper nº 6-08info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-03-06T14:33:44Zoai:www.repository.utl.pt:10400.5/2562Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T16:50:33.318577Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv Do insiders time their trades? Evidence from Euronext Lisbon
title Do insiders time their trades? Evidence from Euronext Lisbon
spellingShingle Do insiders time their trades? Evidence from Euronext Lisbon
Gonçalves, Pedro
Insider Trading
Information and Market Efficiency
Event Studies
Abnormal Return
Corporation and Securities Law
Asymmetric and Private Information
title_short Do insiders time their trades? Evidence from Euronext Lisbon
title_full Do insiders time their trades? Evidence from Euronext Lisbon
title_fullStr Do insiders time their trades? Evidence from Euronext Lisbon
title_full_unstemmed Do insiders time their trades? Evidence from Euronext Lisbon
title_sort Do insiders time their trades? Evidence from Euronext Lisbon
author Gonçalves, Pedro
author_facet Gonçalves, Pedro
Duque, João
author_role author
author2 Duque, João
author2_role author
dc.contributor.none.fl_str_mv Repositório da Universidade de Lisboa
dc.contributor.author.fl_str_mv Gonçalves, Pedro
Duque, João
dc.subject.por.fl_str_mv Insider Trading
Information and Market Efficiency
Event Studies
Abnormal Return
Corporation and Securities Law
Asymmetric and Private Information
topic Insider Trading
Information and Market Efficiency
Event Studies
Abnormal Return
Corporation and Securities Law
Asymmetric and Private Information
description In this paper, we examine the existence of insider trading abnormal profits in Euronext Lisbon from January 2001 to December 2005. Using the methodology of event studies, our overall results show that, in spite of existing legislation to regulate transactions, insiders are still able to make abnormal profits. Results also show that insider buying is a stronger indicator than insider selling and that the magnitude and duration of abnormal profits depend on both firm and transaction-specific factors. These include industry classification, firm size, firm valuation and relative trading volume.
publishDate 2008
dc.date.none.fl_str_mv 2008-10
2008-10-01T00:00:00Z
2010-11-24T12:10:01Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10400.5/2562
url http://hdl.handle.net/10400.5/2562
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv Gonçalves, Pedro e João Duque. 2008. "Do insiders time their trades? Evidence from Euronext Lisbon". Instituto Superior de Economia e Gestão. Departamento de Gestão - ADVANCE Working paper nº 6-08
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv ISEG - Departamento de Gestão
publisher.none.fl_str_mv ISEG - Departamento de Gestão
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
institution RCAAP
reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
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