Insider Trading in the Swiss Stock Market

Zingg, Andreas; Lang, Sebastian; Wyttenbach, Daniela

doi:10.1007/bf03399242

Cited by 7 publications

(1 citation statement)

References 29 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…7 Overall, the evidence for Germany (Klinge et al, 2005;Dymke and Walter, 2008;Aussenegg and Ranzi, 2008;Betzer and Theissen, 2009;Dardas and Guttler, 2011), Belgium (Fidrmuc et al, 2013) and Netherlands (Aktas et al, 2007;Dardas and Guttler, 2011;Fidrmuc et al, 2013;Cziraki et al, 2014;Biesta et al, 2003) is more conclusive in suggesting statistically significant abnormal returns around the announcement of insider trades. A rare study on Switzerland also suggests statistically significant price effects (Zingg et al, 2007). Del Brio et al (2002) report that outsiders cannot benefit from mimicking disclosed insider trades in Spain.…”

Section: Price Effect Of Legal Insider Tradingmentioning

confidence: 99%

Corporate insider trading in Europe

Aussenegg¹,

Jelic

Ranzi³

2018

Journal of International Financial Markets, Institutions and Mo

View full text Add to dashboard Cite

We analyse stock price behaviour around the disclosure of corporate insider transactions after the introduction of the Market Abuse Directive (MAD). Ranking according to our Insider Trading Enforcement (ITE) index highlights significant differences in the MAD enforcement between French and German legal origin countries. We document contrarian behaviour of insiders in all of the sample countries. Insiders reveal significant information to the public through both their purchases and sales. The price impact of the insiders' transactions is particularly strong in countries with a lower ITE index (i.e. weaker public enforcement).

show abstract

Section: Price Effect Of Legal Insider Tradingmentioning

confidence: 99%

Corporate insider trading in Europe

Aussenegg¹,

Jelic

Ranzi³

2018

Journal of International Financial Markets, Institutions and Mo

View full text Add to dashboard Cite

show abstract

Are directors’ dealings informative? Evidence from European stock markets

Dardas

Güttler

2011

Financ Mark Portf Manag

View full text Add to dashboard Cite

Are directors' dealings reports informative for outside investors? We analyze short-term announcement effects for 2782 companies from eight European countries between January 2003 and December 2009. We find significant announcement effects in four out of eight countries after directors' dealings reports have been disclosed. For most countries, the magnitude of the announcement effect depends on transaction size, firm size, book-to-market ratio, and multiple trades by different insiders on the same trading day. The results are stronger for purchases than for sales. For France, Ireland, and Sweden, we find tentative evidence that the corporate position of an insider is connected to the size of the announcement effect.

show abstract