This paper provides an analysis of legal insider trading on the Euronext Amsterdam stock exchange by using data published in the register held by the AFM, the dutch financial markets authority. The sample includes 822 transactions executed by corporate insiders between the beginning of January...

This paper provides an analysis of legal insider trading on the Euronext Amsterdam stock exchange by using data published in the register held by the AFM, the dutch financial markets authority. The sample includes 822 transactions executed by corporate insiders between the beginning of January...

Recent empirical papers report a declining trend in the cumulative abnormal return (CAR)of acquirers during an M&A program. Does this necessarily imply that acquiring CEOs areinfected by hubris and are not learning from previous mistakes? We first confirm theexistence of this declining trend on...

Does legal insider trading contribute to market efficiency? Using the refinementproposed by the recent microstructure literature, we analyze the information contentof legal insider trading. Our sample encompasses 2,110 different companies subject to59,244 aggregated daily insider trades over the...