Regulated and unregulated insider trading around earnings announcements

被引：0
|
作者：
Juha-Pekka Kallunki
Henrik Nilsson
Janne Peltoniemi
机构：
[1] University of Oulu,Department of Accounting and Finance
[2] Umeå School of Business,Department of Accounting and Finance
来源：
European Journal of Law and Economics | 2009年 / 27卷
关键词：
Insider trading; Earnings announcements; Legislation; D82; G32; M40; K42;
D O I：
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中图分类号：
学科分类号：
摘要：
This paper analyses insider trading behaviour around annual and interim earnings announcements during changing legislative environments in Sweden from 1980 to 2003. Using a unique data set, we are able to explore the nature of insider trading patterns from unregulated to strongly regulated insider trading markets. We find limited evidence of opportunistic insider trading. Insiders seem to be reluctant to sell stocks before positive earnings announcements. They also tend to time their trades in conjunction with an immediate post-announcement period, i.e. “safety trading”, which becomes more evident within stronger legislation environments. Some support for contrarian trading behaviour is also found.
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页码：285 / 308
页数：23
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