RT Journal Article
SR Electronic
T1 Intraday Effects around Directors’ Dealings: Disclosures in
Germany and the United Kingdom
JF The Journal of Trading
FD Institutional Investor Journals
SP 83
OP 105
DO 10.3905/jot.2012.7.2.083
VO 7
IS 2
A1 Kaspar Dardas
YR 2012
UL https://pm-research.com/content/7/2/83.abstract
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