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.
Frankfurt am Main, Berlin, Bern, Bruxelles, New York, Oxford, Wien, 2010. XVI, 175 pp., num. tables and graphs
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.