This paper reassesses the UK results of significant abnormal returns from directors trading for a new sample of directors trades 1984-1988, and finds that abnormal returns tend to be concentrated in smaller firms. When an appropriate benchmark portfolio is used, it is found that the significance...

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...

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...

There have been three empirical studies examining the share price reaction following trades by directors of UK companies (King and Poell, 1988; Pope, Morris and Peel, 1990; and Gregory, Matatko, Tonks and Pukiss, 1994). All three of these UK studies used different definitions of 'buy' and 'sell' signals...

We analyse the trade characteristics and market conditions which determine the market share of an electronic order book at the London Stock Exchange, where an upstairs¶ network of dual-capacity firms is also available for trade.  We hypothesise and empirically verify that execution and...