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UK Directors Trading: The Impact of Dealings in Smaller Firms

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  • John Matatko
  • Alan Gregory
  • Ian Tonks
  • Richard Purkis

Abstract

This paper reassesses the UK results of significant abnormal returns from directors trading for a new sample of directors trades 1984-1988, and finds that abnormal returns tend to be concentrated in smaller firms. When an appropriate benchmark portfolio is used, it is found that the significance of the abnormal returns is substantially reduced. The implication is that after allowing for a size effect, directors trading does not yield particularly high profits to either the directors themselves or to any outside investors mimicking those directors trades.

Suggested Citation

  • John Matatko & Alan Gregory & Ian Tonks & Richard Purkis, 1993. "UK Directors Trading: The Impact of Dealings in Smaller Firms," FMG Discussion Papers dp160, Financial Markets Group.
    • Handle: RePEc:fmg:fmgdps:dp160
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