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Insider trading and blackout periods: evidence from Italy

Author

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  • Pattitoni
  • Barbara Petracci
  • Massimo Spisni

Abstract

Using a unique hand-collected data set, we investigate the effectiveness of internal dealing regulation and self-imposed blackout periods on companies in Italy. While insiders comply with the internal dealing regulation in reporting their transactions, managers are still able to realize abnormal returns from their trades. We find that company self-imposed blackout periods are often violated as insiders continue trading around corporate events, to the point that managers realize their most profitable trades specifically during these periods.

Suggested Citation

  • Pattitoni & Barbara Petracci & Massimo Spisni, 2013. "Insider trading and blackout periods: evidence from Italy," Applied Economics Letters, Taylor & Francis Journals, vol. 20(18), pages 1625-1629, December.
    • Handle: RePEc:taf:apeclt:v:20:y:2013:i:18:p:1625-1629
    DOI: 10.1080/13504851.2013.829193
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    Cited by:

    1. Bell, Alison J.C. & Rogers, M. Brooke & Pearce, Julia M., 2019. "The insider threat: Behavioral indicators and factors influencing likelihood of intervention," International Journal of Critical Infrastructure Protection, Elsevier, vol. 24(C), pages 166-176.
    2. Riccardo Ferretti & Pierpaolo Pattitoni & Anna Salinas, 2015. "The effectiveness of insider trading regulations: The case of the Italian tender offers," Centro Studi di Banca e Finanza (CEFIN) (Center for Studies in Banking and Finance) 0057, Universita di Modena e Reggio Emilia, Dipartimento di Economia "Marco Biagi".
    3. Riccardo Ferretti & Pierpaolo Pattitoni & Anna Salinas, 2015. "The effectiveness of insider trading regulations: The case of the Italian tender offers," Centro Studi di Banca e Finanza (CEFIN) (Center for Studies in Banking and Finance) 15309, Universita di Modena e Reggio Emilia, Dipartimento di Economia "Marco Biagi".
    4. R. Ferretti & P. Pattitoni & R. Patuelli, 2016. "Market Abuse Directive and Insider Trading: Evidence from Italian Tender Offers," Working Papers wp1071, Dipartimento Scienze Economiche, Universita' di Bologna.
    5. Dagmar Linnertová & Oleg Deev, 2015. "Insider Trading Activities and Returns of German Blue Chips," Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, Mendel University Press, vol. 63(6), pages 1995-2003.

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