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Empirical Evidence on Economic and Financial Aspects of Intensive Insider Trading

  • This thesis contributes to the literature by providing new insights into the patterns and market implications of insider trading. The inferences presented here are based on the insider trading reports filed with the Polish Securities and Exchange Commission and the New Zealand Exchange. First, the empirical inquiry examines the undue transaction profits accruing to supervisory and executive boards members, and their next of kin. Second, a hypothesis that an aggregate insider trading index can be used to formulate forecasts about future stock market development and macroeconomic fluctuations is tested. Third, the assertion that insider trading promotes more accurate pricing of assets is verified against the actual data. Last, it is argued that the presence of informed trading in the market increases the volume-induced return autocorrelation.

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Metadaten
Author:Tomasz Piotr Wisniewski
URN:urn:nbn:de:kobv:521-opus-00139
Advisor:Martin T. Bohl
Document Type:Doctoral Thesis
Language:English
Date of Publication (online):2007/01/22
Publishing Institution:Europa-Universität Viadrina Frankfurt
Granting Institution:Europa-Universität Viadrina Frankfurt, Wirtschaftswissenschaftliche Fakultät
Date of final exam:2004/12/14
Release Date:2007/01/22
Tag:Aktienmarkt; Asymmetrische Information; Insidergeschäft; Kapitalmarkteffizienz; Polen
Asymmetric Information; Insider Trading; Market Efficiency
GND Keyword:Polen; Aktienmarkt; Insidergeschäft; Asymmetrische Information; Kapitalmarkteffizienz
Institutes:Wirtschaftswissenschaftliche Fakultät / Wirtschaftswissenschaftliche Fakultät
Dewey Decimal Classification:3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft
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