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Please use this identifier to cite or link to this item: http://hdl.handle.net/10400.5/2562

Title: Do Insiders Time Their Trades? Evidence from Euronext Lisbon
Authors: Gonçalves, Pedro
Duque, João
Keywords: insider trading
information and market efficiency
event studies
abnormal return
corporation and securities law
asymmetric and private information
Issue Date: Oct-2008
Publisher: ISEG - ADVANCE
Citation: Gonçalves, Pedro e João Duque. 2008. "Do Insiders Time Their Trades? Evidence from Euronext Lisbon". Instituto Superior de Economia e Gestão – ADVANCE Working paper nº 6/2008
Series/Report no.: ADVANCE Working paper;nº 6/2008
Abstract: In this paper, we examine the existence of insider trading abnormal profits in Euronext Lisbon from January 2001 to December 2005. Using the methodology of event studies, our overall results show that, in spite of existing legislation to regulate transactions, insiders are still able to make abnormal profits. Results also show that insider buying is a stronger indicator than insider selling and that the magnitude and duration of abnormal profits depend on both firm and transaction-specific factors. These include industry classification, firm size, firm valuation and relative trading volume.
URI: http://hdl.handle.net/10400.5/2562
Publisher version: http://pascal.iseg.utl.pt/~advance/200805.pdf
Appears in Collections:DG - Documentos de trabalho / Working Papers
ADVANCE Working Papers

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