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Regulated and unregulated insider trading around earnings announcements
Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
2009 (English)In: European Journal of Law and Economics, ISSN 0929-1261, E-ISSN 1572-9990, Vol. 27, no 3, 285-308 p.Article in journal (Refereed) PublishedText
Abstract [en]

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.

Place, publisher, year, edition, pages
Springer-Verlag New York, 2009. Vol. 27, no 3, 285-308 p.
Keyword [en]
Insider trading, Earnings announcements, Legislation
National Category
Economics and Business Law
Identifiers
URN: urn:nbn:se:umu:diva-115999DOI: 10.1007/s10657-008-9089-zISI: 000264810200005OAI: oai:DiVA.org:umu-115999DiVA: diva2:906821
Available from: 2016-02-25 Created: 2016-02-08 Last updated: 2016-02-25Bibliographically approved

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Nilsson, Henrik
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Umeå School of Business and Economics (USBE)
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