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Directors’ Dealings and Insider Trading in Germany

An Empirical Analysis


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.
The Author: Patrick Ams, M.B.L., born in 1979, studied Business Administration at the European Business School (EBS) in Germany. After graduating in 2004 he attended the executive Master of European and International Business Law Program at the University of St. Gallen (Switzerland) and started simultaneous his doctoral research at the endowed Chair of Asset Management at the EBS.