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Description de l’éditeur
Abstract After an accurate analysis of European and Italian laws and rules regarding market transparency, confidential information abuse, and internal dealing, we decided to x-ray all S&P MIB Corporations at 2006/12/29 (insiders buy and sell transactions) during the 2003-2006 period, in order-to verify extra-gains compared to the benchmark of reference-market.This paper aims at analyzing the information potential that the market can pinpoint in all insiders trade-offs, and how much the latter, knowing strategic and confidential information, could gain advantage from the stock trade-off of the corporations they are working for. The adopted methodology is two-folded: (a) event study: aims at analyzing event information impact to the corporation value, stock market price, refusing hypothesis of no market reaction (b) portfolio analysis of corporate insiders strategy and more precisely, the number of stock trade-offs and the closing price for these trade-offs. Thereafter, we determined the portfolio value at every new check and the value of the same after one week, one month, six months, one year from the date of last trade-off. At the end we measured portfolio performances, compared to the market portfolio ones.