Estimating the returns of insider trading by a method of performance evaluation

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dc.contributor.advisor Boabang, Francis
dc.creator Sreenivasan, Akhilesh
dc.date.accessioned 2013-09-11T15:48:50Z
dc.date.available 2013-09-11T15:48:50Z
dc.date.issued 2013
dc.identifier.uri http://library2.smu.ca/xmlui/handle/01/25151
dc.description 1 online resource (36 p.) : ill.
dc.description Includes abstract and appendix.
dc.description Includes bibliographical references (p. 30-32).
dc.description.abstract Insider trading is understood as a negative motivator for regular investors. This is because they gain abnormal returns that effect the sentiments of the investors. To measure the abnormal returns earned by the insiders, I used a method of performance evaluation. The results prove that they earn abnormal returns of an average of 5.5% per year. This study provides evidence of higher returns when traded closer to the day of announcement of insider information to the public. The study also shows considerable impact on the returns due to the attributes of the firms such as the firm size, book to market ratio of the firm, insiders’ position with the firm and the ownership of the shares. This study did not find evidence of abnormal returns earned by insider sale transactions. Hence, as we find profits exceeds normal returns for insiders, there is evidence against strong form of market efficiency. en_CA
dc.language.iso en en_CA
dc.publisher Halifax, N.S. : Saint Mary's University
dc.title Estimating the returns of insider trading by a method of performance evaluation en_CA
dc.type Text en_CA
thesis.degree.name Master of Finance
thesis.degree.level Masters
thesis.degree.discipline Finance, Information Systems, & Management Science
thesis.degree.grantor Saint Mary's University (Halifax, N.S.)


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