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Directors’ Dealings and Insider Trading in Germany

An Empirical Analysis

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Patrick Ams

Directors’ Dealings and Insider Trading are well-known patrons to both, the academic literature and the financial press. While directors’ dealings have been regulated in the US and many other countries, the German legislator tightened only a few years ago trading rules for insiders and imposed in July 2002 a notification requirement for directors’ dealings. The author addresses directors’ dealings and insider trading in Germany from different perspectives. He starts out with a short-term analysis tying in with previous research on the German market and follows with an in-depth long-term analysis. He closes with an ordered-probit model analyzing the relationship between corporate actions and directors’ dealings.
Contents: Directors’ Dealings and Insider Trading in Germany – Legal and economic aspects of insider trading – Market abuse directive and Anlegerschutzverbesserungsgesetz – Short- and long-term event-study on directors’ dealings – Ordered-probit model analyzing corporate actions and directors’ dealings.