How Insiders Traded Before Rules
Tilburg University - Center and Faculty of Economics and Business Administration; Tilburg University - European Banking Center
University of Melbourne
January 13, 2012
CentER Discussion Paper Series No. 2012-007
U.K. company insiders, such as directors, were legally allowed to trade in the shares of their own companies up until the Companies Act of 1980. We investigate the trading behaviour of directors over the period 1893 to 1907 in the U.K. Although insider trading was profitable, we find relatively few instances of directors who exploited their informational advantage.
Number of Pages in PDF File: 25
Keywords: Corporate Governance, Insider Trading, London Stock Exchange
JEL Classification: N23, G14, G35working papers series
Date posted: January 19, 2012
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