Previous work examined the long-run profitability of strategies mimicking the trades of company directors in the shares of their own company, as a way of testing for strong-form market efficiency. However, the evidence regarding returns during the month containing the insider trade was...

Previous work has identified that IPOs underperform a market index, and the purpose of this paper is to examine the robustness of this finding. We re-examine the evidence on the long-term returns of IPOs in the UK using a new data set of firms over the period 1985-92, in which we compare...

This study examines the patterns of, and long-run returns to, directors’ (insiders’) trades along the Value/Glamour continuum in all stocks listed on the main London Stock Exchange from 1986-2003, and analyzes what these directors’ trades add to a “naïve” value-glamour strategy. We...