UK Directors' Trading: The Impact of Dealings in Smaller Firms

Gregory, Alan, et al
Authors registered in the RePEc Author Service: Ian Tonks

Economic Journal, 1994, vol. 104, issue 422, 37-53

Abstract: This paper reasesses the U.K. results of significant abnormal returns from directors' trading for a new sample of directors' trades, 1984-86, 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. Coauthors are John Matatko, Ian Tonks, and Richard Purkis. Copyright 1994 by Royal Economic Society.

Date: 1994
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Citations: View citations in EconPapers (31)

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Working Paper: UK Directors Trading: The Impact of Dealings in Smaller Firms (1993)
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