This study examines long-term excess returns subsequent to directors' dealings announcements between January 2002 and December 2009 from 17 Western European countries. Excess returns are adjusted with equally weighted portfolios which are size and sector neutral. The main findings show that...

This article analyzes intraday stock price and trading volume reactions to directors' dealings announcements in Germany and the United Kingdom from January 2007 to June 2010. The main findings show that prompt public disclosure of directors' dealings, as mandated by the EU Transparency...

In 2001, government guarantees for savings banks in Germany were removed following a law suit. We use this natural experiment to examine the effect of government guarantees on bank risk taking, using a large data set of matched bank/borrower information. The results suggest that banks whose...