This paper examines the performance of personal pensions (exempt unit trusts) in the UK 1980-2000. Unitised personal pension schemes are a type of mutual fund that is constituted as a contractual savings scheme, whose value can only be accessed at retirement. By studying the performance of these...

This study examines the patterns of, and long-run returns to, directors’ (insiders’) trades along the value-glamour continuum in all stocks listed on the main London Stock Exchange and analyses what these directors’ trades add to a naïve value-glamour strategy. We consider alternative...

Previous work examined the long-run profitability of strategies mimicking the trades of company directors in the shares of their own company, as a way of testing for strong-form market efficiency. However, the evidence regarding returns during the month containing the insider trade was...

This study examines the patterns of, and long-run returns to, directors’ (insiders’) trades along the Value/Glamour continuum in all stocks listed on the main London Stock Exchange from 1986-2003, and analyzes what these directors’ trades add to a “naïve” value-glamour strategy. We...