Disclosure of mergers without regulatory restrictions: Insider trading in pre-1914 Germany

In the pre-World-War I period, lacking regulatory restrictions allowed ‘hidden' mergers however, some companies disclosed information voluntarily. I analyze insider gains by investigating the share price behavior prior to merger announcements. When companies hid information, stocks exhibited positive abnormal returns prior to newspaper reports that uncovered hidden transactions.

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Year of publication:	2008-01-05
Authors:	Kling, Gerhard
Published in:	Economics Bulletin. - AccessEcon, ISSN 1545-2921. - Vol. 7.2008, 2, p. 1-7
Publisher:	AccessEcon

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Extent:	application/pdf
Type of publication:	Article
Classification:	G1 - General Financial Markets ; N2 - Financial Markets and Institutions
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010630105