Some Insiders are Indeed Smart Investors

Giamouridis, Daniel; Liodakis, Manolis; Moniz, Andrew J.

doi:10.2139/ssrn.1160305

Cited by 3 publications

(2 citation statements)

References 24 publications

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“…For further discussion on the "stealth trading" hypothesis, see Friederich et al (2002), Blau et al (2009) and Lebedeva et al (2009). 28 See also Giamouridis et al (2008).…”

Section: Transaction Sizementioning

confidence: 99%

“…Thus, we do not follow the strict U.K. definition of "directors," but refer to all company insiders whenever using the term "directors." 2 For long-term studies examining portfolios based on insider trades, see Jeng et al (2003) for the United States, and Giamouridis et al (2008) for the United Kingdom. daily returns following the trading days of insiders in the United Kingdom.…”

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confidence: 99%

See 1 more Smart Citation

Are directors’ dealings informative? Evidence from European stock markets

Dardas

Güttler

2011

Financ Mark Portf Manag

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Are directors' dealings reports informative for outside investors? We analyze short-term announcement effects for 2782 companies from eight European countries between January 2003 and December 2009. We find significant announcement effects in four out of eight countries after directors' dealings reports have been disclosed. For most countries, the magnitude of the announcement effect depends on transaction size, firm size, book-to-market ratio, and multiple trades by different insiders on the same trading day. The results are stronger for purchases than for sales. For France, Ireland, and Sweden, we find tentative evidence that the corporate position of an insider is connected to the size of the announcement effect.

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“…For further discussion on the "stealth trading" hypothesis, see Friederich et al (2002), Blau et al (2009) and Lebedeva et al (2009). 28 See also Giamouridis et al (2008).…”

Section: Transaction Sizementioning

confidence: 99%

mentioning

confidence: 99%