How insiders traded before rules

Fabio Braggion and Lyndon Moore

Business History, 2013, vol. 55, issue 4, 565-584

Abstract: UK company insiders, such as directors, were legally allowed to trade in the shares of their own companies up until the Companies Act of 1980. This article investigates the trading behaviour of directors over the period 1890 to 1909 in the UK. It finds relatively few instances of directors who exploited their informational advantage. However when they did sell their own shares, it tended to be before a period of poor profitability and poor stock market performance.

Date: 2013
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DOI: 10.1080/00076791.2012.741973

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