Directors Dealings And Insider Trading In Germany
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Directors Dealings And Insider Trading In Germany
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Author : Patrick Ams
language : en
Publisher: Corporate Finance and Governance
Release Date : 2010
Directors Dealings And Insider Trading In Germany written by Patrick Ams and has been published by Corporate Finance and Governance this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Directors of corporations categories.
Directors' Dealings and Insider Trading are well-known patrons to both, the academic literature and the financial press. While directors' dealings have been regulated in the US and many other countries, the German legislator tightened only a few years ago trading rules for insiders and imposed in July 2002 a notification requirement for directors' dealings. The author addresses directors' dealings and insider trading in Germany from different perspectives. He starts out with a short-term analysis tying in with previous research on the German market and follows with an in-depth long-term analysis. He closes with an ordered-probit model analyzing the relationship between corporate actions and directors' dealings.
Directors Dealings In Germany
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Author : Daniel Becker
language : en
Publisher: GRIN Verlag
Release Date : 2019-10-16
Directors Dealings In Germany written by Daniel Becker and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-10-16 with Business & Economics categories.
Master's Thesis from the year 2016 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 12,0, Justus-Liebig-University Giessen, language: English, abstract: According to Stützel (1960), insider transactions are comparable with roulette, where corporate insiders – in contrast with regular players – have the privilege to place their chips after the ball begins to rest. In other words, certainly, the outcome of the game is well known to corporate insiders. Apart from that, focusing on capital market transactions, are corporate insiders turned out to be winners? Due to their closeness to the business, it is said that corporate insiders possess firm-specific, non-public, and value-relevant information. Various international empirical findings support that they are able to exploit their information advantage towards market participants, so-called outsiders. Additionally, corporate insiders represent anti-cyclical abilities and they are also capable to realize price discrepancies deviating from the firm’s intrinsic value. Is there an opportunity for market participants to benefit as well? Because of legal leeway and a lag in technical transmission, typically, outsiders are informed later about transactions in own company stocks by insiders. However, referring to existing literature, predominantly, they also benefit by imitating transactions after public announcement as long as transaction costs are ignored. Thus, capital market efficiency is violated. Of course, this link is recognized. For instance, in 2006, in cooperation with the FIFAM Research Institute for Asset Management, Handelsblatt, and the Technical University of Aachen, the Commerzbank published an insider trend barometer displaying the ratio from purchases to sales every two weeks (Handelsblatt, 2016). Furthermore, the Commerzbank issued a certificate containing companies of the DAX30 associated with directors’ dealings (Commerzbank, 2006). In comparison with established nations like the USA or the UK, Germany looks back on a brief history regulating insider trading; therefore, research activities are manageable. While one strand of literature concentrates on performance effects for insiders, the other strand analyzes performance effects for outsiders. This thesis examines directors’ dealings in two ways.
Insider Regulation And Timely Disclosure
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Author : Klaus J. Hopt
language : en
Publisher: Springer
Release Date : 1996-02-27
Insider Regulation And Timely Disclosure written by Klaus J. Hopt and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996-02-27 with Business & Economics categories.
The general problems regarding the timely topic of regulation of insider dealing and timely disclosure of new facts are discussed in a comparative fashion in this lecture in the light of the EC Directive of 13 November 1989 And The German Securities Exchange Act. In particular, attention is given to efforts to harmonize German law with the EC Directive.
Directors Duties And Insider Dealing
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Author : Philip L. R. Mitchell
language : en
Publisher:
Release Date : 1982
Directors Duties And Insider Dealing written by Philip L. R. Mitchell and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1982 with Business & Economics categories.
Insider Trading Sanctions Act Of 1984
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Author : United States
language : en
Publisher:
Release Date : 1984
Insider Trading Sanctions Act Of 1984 written by United States and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1984 with Insider trading in securities categories.
The Regulation Of Insider Trading
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Author : Barry Alexander K. Rider
language : en
Publisher:
Release Date : 1979
The Regulation Of Insider Trading written by Barry Alexander K. Rider and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1979 with Law categories.
Does Anonymity Matter In Electronic Limit Order Markets
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Author : Thierry Foucault
language : en
Publisher:
Release Date : 2013
Does Anonymity Matter In Electronic Limit Order Markets written by Thierry Foucault and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
We develop a model in which limit order traders possess volatility information. We show that in this case the size of the bid ask spread is informative about future volatility. Moreover, if volatility information is in part private, we establish that (i) the size of the bid ask spread and (ii) its informativeness about future volatility should change in the same direction when limit order traders' identifiers stop being disclosed. We test these predictions using data from the Paris Bourse. As expected, we find that the average quoted spread and its informativeness are significantly smaller when limit order traders' identifiers are concealed. These findings suggest that the limit order book is a channel for volatility information.
Does Insider Trading Raise Market Volatility
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Author : Mr.Julan Du
language : en
Publisher: International Monetary Fund
Release Date : 2003-03-01
Does Insider Trading Raise Market Volatility written by Mr.Julan Du and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-03-01 with Business & Economics categories.
This paper studies the role of insider trading in explaining cross-country differences in stock market volatility. The central finding is that countries with more prevalent insider trading have more volatile stock markets, even after one controls for liquidity/maturity of the market and the volatility of the underlying fundamentals (volatility of real output and of monetary and fiscal policies). Moreover, the effect of insider trading is quantitively significant when compared with the effect of economic fundamentals.
Comparative Company Law
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Author : Andreas Cahn
language : en
Publisher: Cambridge University Press
Release Date : 2018-10-04
Comparative Company Law written by Andreas Cahn and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-10-04 with Law categories.
Presents in-depth, comparative analyses of German, UK and US company laws illustrated by leading cases, with German cases in English translation.
Corporate Governance Strengthening Latin American Corporate Governance The Role Of Institutional Investors
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Author : OECD
language : en
Publisher: OECD Publishing
Release Date : 2011-07-01
Corporate Governance Strengthening Latin American Corporate Governance The Role Of Institutional Investors written by OECD and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-07-01 with categories.
This report reflects long-term, in-depth discussion and debate by participants in the Latin American Roundtable on Corporate Governance.