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UK directors' trading: the impact of dealings in smaller firms

Gregory, Alan, Matako, John, Tonks, Ian and Purkis, Richard (1993) UK directors' trading: the impact of dealings in smaller firms. Financial Markets Group Discussion Papers (160). Financial Markets Group, The London School of Economics and Political Science, London, UK.

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This paper reassesses the UK results of significant abnormal returns from directors' trading for a new sample of directors' trades 1984-1986, and finds that abnormal returns tend to be concentrated in smaller firms. When an appropriate benchmark portfolio is used, it is found that the significance of the abnormal returns is substantially reduced, with the implication that directors' trading does not yield particularly high profits to either the directors themselves or to an outside investor mimicking those trades.

Item Type: Monograph (Discussion Paper)
Official URL:
Additional Information: © 1993 The Authors
Divisions: Financial Markets Group
Subjects: H Social Sciences > HG Finance
H Social Sciences > HC Economic History and Conditions
JEL classification: G - Financial Economics > G0 - General > G00 - General
Date Deposited: 17 May 2023 23:07
Last Modified: 16 Sep 2023 00:03

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