PT  - JOURNAL ARTICLE
AU  - Kaspar Dardas
TI  - Intraday Effects around Directors’ Dealings: <em>Disclosures in</em>
               <br/>
               <em>Germany and the United Kingdom</em>
AID  - 10.3905/jot.2012.7.2.083
DP  - 2012 Mar 31
TA  - The Journal of Trading
PG  - 83--105
VI  - 7
IP  - 2
4099  - https://pm-research.com/content/7/2/83.short
4100  - https://pm-research.com/content/7/2/83.full
AB  - This article analyzes intraday stock price and trading volume reactions to directors’ dealings announcements in Germany and the United Kingdom from January 2007 to June 2010. The main findings show that prompt public disclosure of directors’ dealings, as mandated by the EU Transparency Directive, is relevant for the pricing of stocks. For stocks with the highest instant market reaction, the main price and volume formation takes place within 15 minutes following the announcement and remains unchanged in the subsequent days.TOPICS: Information providers/credit ratings, exchanges/markets/clearinghouses, statistical methods