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Corporate insider trading in Europe

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journal contribution
posted on 2023-06-09, 06:18 authored by Wolfgang Aussenegg, Ranko JelicRanko Jelic, Robert Ranzi
We 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 Money

ISSN

1042-4431

Publisher

Elsevier

Volume

54

Page range

27-42

Department affiliated with

  • Accounting and Finance Publications

Full text available

  • Yes

Peer reviewed?

  • Yes

Legacy Posted Date

2017-05-16

First Open Access (FOA) Date

2018-05-10

First Compliant Deposit (FCD) Date

2017-05-16

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