Insider Trading and Corporate Governance: The Case of Germany
分析德国公司内部人的交易，发现内幕交易能带来显著异常收益，且盈余公告前的交易影响更大；所有权结构和会计准则影响价格反应，但内部人职位无显著作用。
Abstract We analyse transactions by corporate insiders in Germany. We find that insider trades are associated with significant abnormal returns. Insider trades that occur prior to an earnings announcement have a larger impact on prices. This result provides a rationale for the UK regulation that prohibits insiders from trading prior to earnings announcements. Both the ownership structure and the accounting standards used by the firm affect the magnitude of the price reaction. The position of the insider within the firm has no effect, which is inconsistent with the informational hierarchy hypothesis.