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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

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

Target Insiders’ Preferences When Trading Before Takeover Announcements : Deal Completion Probability, Premium and Deal Characteristics

Fidrmuc, Jana P. - 2020

pre-public takeover negotiations by analyzing insider trading during this period. We show that target insiders increase …, insider net purchases during the pre-public takeover negotiations are in line with insiders guessing well the final offer …

Persistent link: https://www.econbiz.de/10012851275

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

Do Insiders Time Management Buyouts and Freezeouts to Buy Undervalued Targets?

Harford, Jarrad V. T. - 2018

We provide evidence that managers and controlling shareholders time management buyouts (MBOs) and freezeout transactions to take advantage of industry-wide undervaluation. Portfolios of industry peers of MBO and freezeout targets show significant alphas of around 1% per month over the 12-month...

Persistent link: https://www.econbiz.de/10012936053

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

Insider Trading in Takeover Targets

Agrawal, Anup - 2012

-in-differences regressions of several insider trading measures, we find no evidence that insiders increase their purchases before takeover … takeover completion, such as friendly deals, and deals with a single bidder, domestic acquirer, or less regulated target. The … trading by target insiders during takeover negotiations points to the limits of insider trading regulation. Finally, our …

Persistent link: https://www.econbiz.de/10013110382

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