TY - JOUR T1 - Intraday Effects around Directors’ Dealings: <em>Disclosures in</em> <br/> <em>Germany and the United Kingdom</em> JF - The Journal of Trading SP - 83 LP - 105 DO - 10.3905/jot.2012.7.2.083 VL - 7 IS - 2 AU - Kaspar Dardas Y1 - 2012/03/31 UR - https://pm-research.com/content/7/2/83.abstract N2 - 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 ER -