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Performance-Effekte nach Directors' Dealings in Deutschland, Italien und den Niederlanden

Author

Listed:
  • Heidorn, Thomas
  • Meyer, Bernd
  • Pietrowiak, Alexander

Abstract

Directors' Dealings have been extensively analysed especially for U.S. and U.K. stock markets. This event study is meant to bridge the gap for Germany, Italy and the Netherlands. The question to be investigated is whether board members and other company insiders earn abnormal returns with market transactions in their company's stocks and whether other market participants can profitably adopt these strategies at the time company insiders make these transactions public.

Suggested Citation

  • Heidorn, Thomas & Meyer, Bernd & Pietrowiak, Alexander, 2004. "Performance-Effekte nach Directors' Dealings in Deutschland, Italien und den Niederlanden," Frankfurt School - Working Paper Series 57, Frankfurt School of Finance and Management.
    • Handle: RePEc:zbw:fsfmwp:57
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    File URL: https://www.econstor.eu/bitstream/10419/27837/1/577674722.PDF
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    Citations

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    Cited by:

    1. Herrmann-Pillath, Carsten, 2011. "The evolutionary approach to entropy: Reconciling Georgescu-Roegen's natural philosophy with the maximum entropy framework," Ecological Economics, Elsevier, vol. 70(4), pages 606-616, February.
    2. Carsten Herrmann-Pillath, 2009. "Social capital, Chinese style: individualism, relational collectivism and the cultural embeddedness of the institutions–performance link," China Economic Journal, Taylor & Francis Journals, vol. 2(3), pages 325-350.
    3. Heidorn, Thomas & Schmaltz, Christian, 2009. "Interne Transferpreise für Liquidität," Frankfurt School - Working Paper Series 125, Frankfurt School of Finance and Management.
    4. Herrmann-Pillath, Carsten, 2010. "Rethinking evolution, entropy and economics: A triadic conceptual framework for the maximum entropy principle as applied to the growth of knowledge," Frankfurt School - Working Paper Series 146, Frankfurt School of Finance and Management.
    5. Heidorn, Thomas & Kaiser, Dieter G. & Voinea, Andre, 2010. "The value-added of investable hedge fund indices," Frankfurt School - Working Paper Series 141, Frankfurt School of Finance and Management.
    6. C. Herrmann-Pillath, 2011. "A Neurolinguistic Approach to Performativity in Economics," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 2.
    7. Sebastian Dickgiesser & Christoph Kaserer, 2010. "Market Efficiency Reloaded: Why Insider Trades do not Reveal Exploitable Information," German Economic Review, Verein für Socialpolitik, vol. 11(3), pages 302-335, August.
    8. Detering, Nils & Weber, Andreas & Wystup, Uwe, 2010. "Return distributions of equity-linked retirement plans," CPQF Working Paper Series 27, Frankfurt School of Finance and Management, Centre for Practical Quantitative Finance (CPQF).
    9. Hussmann, Helge & Fieberg, Christian, 2014. "10 Jahre Directors’ Dealings in Deutschland – Gesetzliche Regelungen, empirische Entwicklung und Forschungsstand," Die Unternehmung - Swiss Journal of Business Research and Practice, Nomos Verlagsgesellschaft mbH & Co. KG, vol. 68(1), pages 47-64.
    10. Umber, Marc P. & Grote, Michael H. & Frey, Rainer, 2010. "Europe integrates less than you think: Evidence from the market for corporate control in Europe and the US," Frankfurt School - Working Paper Series 150, Frankfurt School of Finance and Management.
    11. Yu, Xiaofan, 2011. "A spatial interpretation of the persistency of China's provincial inequality," Frankfurt School - Working Paper Series 171, Frankfurt School of Finance and Management.
    12. Schäffler, Christian & Schmaltz, Christian, 2009. "Market liquidity: an introduction for practitioners," Frankfurt School - Working Paper Series 131, Frankfurt School of Finance and Management.
    13. Heidorn, Thomas & Kahlert, Dennis, 2010. "Implied correlations of iTraxx tranches during the financial crisis," Frankfurt School - Working Paper Series 145, Frankfurt School of Finance and Management.
    14. Polleit, Thorsten & Gerdesmeier, Dieter, 2005. "Measures of excess liquidity," Frankfurt School - Working Paper Series 65, Frankfurt School of Finance and Management.
    15. Kostka, Genia & Hobbs, William, 2010. "Energy efficiency in China: The local bundling of interests and policies," Frankfurt School - Working Paper Series 151, Frankfurt School of Finance and Management.
    16. repec:bla:germec:v:11:y:2010:i::p:302-335 is not listed on IDEAS
    17. Kostka, Genia & Zhou, Jianghua, 2010. "Chinese firms entering China's low-income market: Gaining competitive advantage by partnering governments," Frankfurt School - Working Paper Series 147, Frankfurt School of Finance and Management.
    18. Heidorn, Thomas & Winker, Michael & Löw, Christian, 2010. "Funktionsweise und Replikationstil europäischer Exchange Traded Funds auf Aktienindices," Frankfurt School - Working Paper Series 139, Frankfurt School of Finance and Management.

    More about this item

    Keywords

    Directors' dealings; insider trading; information efficiency; market efficiency; event study; Europe; stock market;
    All these keywords.

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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