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Market Abuse Directive and Insider Trading : Evidence from Italian Tender Offers

Ferretti, Riccardo; Pattitoni, Pierpaolo; Patuelli, Roberto - 2016

This study analyzes the effectiveness of the Market Abuse Directive (MAD) in reducing possible profits from insider trading during voluntary tender offers with the purpose of delisting initiated by controlling shareholders. Exploiting the quasi-experimental setting provided by the introduction...

Persistent link: https://www.econbiz.de/10011703440

Insider Trading and the Market Abuse Directive : Are Voluntary and Mandatory Takeover Bids Different?

Ferretti, Riccardo - 2019

trading during takeover bids. Exploiting the quasi-experimental setting provided by the introduction of the MAD, our event …

Persistent link: https://www.econbiz.de/10012861747

Do Cross-Border Mergers and Acquisitions Import More Aggressive Insider Trading?

Guo, Lixiong - 2019

Foreign acquirers own private information about domestic targets in cross-border M&As. Has this led to more aggressive insider trading by foreign insiders on domestic markets due to barriers to cross-border law enforcement? Using a sample of 10,600 M&As around the world between 1990 and 2017, we...

Persistent link: https://www.econbiz.de/10012897503

Information Content of Directors’ Trading Around Acquisition

Shams, Syed - 2016

This paper investigates the patterns of directors' trades and returns around takeover announcements. We find that the …

Persistent link: https://www.econbiz.de/10013005344

Informed Trading Reactions to New Private Information : Evidence from Nonpublic Merger Negotiations

Heitzman, Shane - 2019

Theory provides competing predictions on the question of whether informed investors immediately trade on newly generated private information. We address this question using SEC-mandated disclosures to identify the dates when new private information about target or acquiring firm value is...

Persistent link: https://www.econbiz.de/10012905807

Informed Trading Around Merger and Acquisition Announcements : Evidence from the UK Equity and Options Market

Siougle, Georgia - 2011

This paper offers new evidence on informed trading around merger and acquisition announcements from the UK equity and options market. The analysis suggests that in about 25%-33% of events there is abnormal option trading volume during the month that precedes the announcement. Such evidence is...

Persistent link: https://www.econbiz.de/10013133655

Short Sales, Informed Trading, and Merger Announcements

Blau, Benjamin M. - 2011

Research argues that short sellers are informed investors as current short selling relates inversely with future returns. However, empirical results have yet to determine whether short sellers trade on private information before, say, an upcoming negative new. This paper takes a step in this...

Persistent link: https://www.econbiz.de/10013133912

Institutional Trades around Takeover Announcements : Skill Vs. Inside Information

Jegadeesh, Narasimhan - 2011

This paper examines the pattern and profitability of institutional trades around takeover announcements. We find that … the trades of funds as a group, either before or after takeover announcements, are not profitable. However, funds whose …

Persistent link: https://www.econbiz.de/10013134118

Takeover Bids and Insider Trading

Schouten, Michael C. - 2013

This paper analyzes the law and economics of insider trading in the context of takeover bids, focusing on the European …

Persistent link: https://www.econbiz.de/10013090185

Informed Options Trading Prior to Takeover Rumors

Khadivar, Hamed; Davis, Frederick James; Walker, Thomas John - 2022

We examine derivatives trading prior to takeover rumors in a sample of 1,638 publicly traded U.S. firms. The volume of … options traded. In addition, the direction of option trades (abnormal call volume minus abnormal put volume) prior to takeover … rumors predicts forthcoming takeover announcements and rumor date returns. Identifying suspicious trades, we find evidence of …

Persistent link: https://www.econbiz.de/10014238260