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Impact of Investor Meetings/Presentations on Share Prices, Insider Trading and securities Regulation

Author

Listed:
  • Rose, Caspar

    (Department of Finance, Copenhagen Business School)

Abstract

The purpose of this article is to investigate whether the securities regulation put forward by the EU contributes to an efficient stock market. An event study of investor meetings/presentations held by listed Danish firms is conducted. The article finds significantly positive abnormal returns a few days around investor meetings. Share turnover reaches maximum one day after investor meetings. The variances of the abnormal returns increase substantially the closer we get to the holding of an investor meeting, indicating the presence of possible insider trading. The relevant securities regulation based on EU directives is critically discussed and thus compared with US regulation.

Suggested Citation

  • Rose, Caspar, 2001. "Impact of Investor Meetings/Presentations on Share Prices, Insider Trading and securities Regulation," Working Papers 2001-3, Copenhagen Business School, Department of Finance.
    • Handle: RePEc:hhs:cbsfin:2001_003
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    File URL: http://openarchive.cbs.dk/cbsweb/handle/10398/7182
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    References listed on IDEAS

    as
    1. Meulbroek, Lisa K, 1992. "An Empirical Analysis of Illegal Insider Trading," Journal of Finance, American Finance Association, vol. 47(5), pages 1661-1699, December.
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    More about this item

    Keywords

    Keywords: Insider trading; investor meetings; securities regulation; corporate governance;
    All these keywords.

    JEL classification:

    • A00 - General Economics and Teaching - - General - - - General

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