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Observing evidence of insider trading in the Athens Stock Exchange

Author

Listed:
  • Eleftherios Thalassinos
  • Dimitrios Maditinos
  • Athanasios Paschalidis

Abstract

This study proposes a process for observing evidence of insider trading in the Athens Stock Exchange (ASE). This is performed by building an environment which, based upon previous research, common sense and information technology, may be used for observing such evidence. It is designed to be parametrically used for each stock in the sample, perform event study analysis and indicate abnormal performance that might be attributed to insider trading. To some extent, it applies knowledge discovery to retrieve meaningful information from the existing data. In this case, to identify transaction dates that might be associated with certain events. The validity of this process is assessed by relating the identified events to published announcements. JEL Classification: G02, G12, G14, G15. Copyright E. Thalassinos et al.; licensee Springer 2012

Suggested Citation

  • Eleftherios Thalassinos & Dimitrios Maditinos & Athanasios Paschalidis, 2012. "Observing evidence of insider trading in the Athens Stock Exchange," Journal of Economic Structures, Springer;Pan-Pacific Association of Input-Output Studies (PAPAIOS), vol. 1(1), pages 1-26, December.
    • Handle: RePEc:spr:jecstr:v:1:y:2012:i:1:p:1-26:10.1186/2193-2409-1-8
    DOI: 10.1186/2193-2409-1-8
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    References listed on IDEAS

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    1. Del Brio, Esther B. & Miguel, Alberto & Perote, Javier, 2002. "An investigation of insider trading profits in the Spanish stock market," The Quarterly Review of Economics and Finance, Elsevier, vol. 42(1), pages 73-94.
    2. Fama, Eugene F, 1970. "Efficient Capital Markets: A Review of Theory and Empirical Work," Journal of Finance, American Finance Association, vol. 25(2), pages 383-417, May.
    3. Minenna, Marcello, 2003. "Insider trading, abnormal return and preferential information: Supervising through a probabilistic model," Journal of Banking & Finance, Elsevier, vol. 27(1), pages 59-86, January.
    4. Ke, Bin & Huddart, Steven & Petroni, Kathy, 2003. "What insiders know about future earnings and how they use it: Evidence from insider trades," Journal of Accounting and Economics, Elsevier, vol. 35(3), pages 315-346, August.
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    More about this item

    JEL classification:

    • G02 - Financial Economics - - General - - - Behavioral Finance: Underlying Principles
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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