Regulated and unregulated insider trading around earnings announcements |
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| Authors: | Juha-Pekka?Kallunki Henrik?Nilsson Email author" target="_blank">Janne?PeltoniemiEmail author |
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| Institution: | 1.Department of Accounting and Finance,University of Oulu,Oulu,Finland;2.Department of Accounting and Finance,Ume? School of Business,Ume?,Sweden |
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| Abstract: | This paper analyses insider trading behaviour around annual and interim earnings announcements during changing legislative
environments in Sweden from 1980 to 2003. Using a unique data set, we are able to explore the nature of insider trading patterns
from unregulated to strongly regulated insider trading markets. We find limited evidence of opportunistic insider trading.
Insiders seem to be reluctant to sell stocks before positive earnings announcements. They also tend to time their trades in
conjunction with an immediate post-announcement period, i.e. “safety trading”, which becomes more evident within stronger
legislation environments. Some support for contrarian trading behaviour is also found.
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| Keywords: | Insider trading Earnings announcements Legislation |
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