Universität zu Köln

Betzer, Andr, Gider, Jasmin ORCID: 0000-0002-3729-2989, Metzger, Daniel and Theissen, Erik ORCID: 0000-0003-4460-8168 (2015). Stealth Trading and Trade Reporting by Corporate Insiders. Rev. Financ., 19 (2). S. 865 - 906. OXFORD: OXFORD UNIV PRESS. ISSN 1573-692X

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Abstract

Regulations in the pre-Sarbanes-Oxley era allowed corporate insiders considerable flexibility in timing their trades and engaging in stealth trading, for example, by executing several trades and reporting them jointly after the last trade. We document that even these lax reporting requirements were frequently violated and stealth trading was common. Event study abnormal returns are larger after reports of stealth trades than after reports of otherwise similar non-stealth trades. Our results imply that delayed reporting impedes the adjustment of prices to the information revealed by insider trades. They lend strong support to the more stringent reporting requirements established by the Sarbanes-Oxley Act.

Item Type:	Journal Article
Creators:	Creators Email ORCID ORCID Put Code Betzer, Andr UNSPECIFIED UNSPECIFIED UNSPECIFIED Gider, Jasmin UNSPECIFIED orcid.org/0000-0002-3729-2989 UNSPECIFIED Metzger, Daniel UNSPECIFIED UNSPECIFIED UNSPECIFIED Theissen, Erik UNSPECIFIED orcid.org/0000-0003-4460-8168 UNSPECIFIED
URN:	urn:nbn:de:hbz:38-405478
DOI:	10.1093/rof/rfu007
Journal or Publication Title:	Rev. Financ.
Volume:	19
Number:	2
Page Range:	S. 865 - 906
Date:	2015
Publisher:	OXFORD UNIV PRESS
Place of Publication:	OXFORD
ISSN:	1573-692X
Language:	English
Faculty:	Unspecified
Divisions:	Unspecified
Subjects:	no entry
Uncontrolled Keywords:	Keywords Language PRIVATE INFORMATION; GOVERNANCE; DISCLOSURE; RETURNS Multiple languages Business, Finance; Economics Multiple languages
URI:	http://kups.ub.uni-koeln.de/id/eprint/40547