The Signaling Effect of Insider Trading on the Swedish Stock Market

Detta är en Kandidat-uppsats från Uppsala universitet/Företagsekonomiska institutionen; Uppsala universitet/Företagsekonomiska institutionen

Sammanfattning: This paper investigates the signaling effect of insider trading by analyzing the market reaction to 147 insider transactions executed within the period 2014-2016 on the Stockholm Stock Exchange. We present three major findings. First, we find significant market reactions for both insider purchases and insider sales, suggesting a signaling effect of insider trading. Second, we find the signaling effect to be similar for both insider purchases and insider sales. Third, we find that firm size has an influence on the signaling effect. Our findings indicate that the market values information about insider trading and that firm size has an effect on this informative value.

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