We investigate if directors of Australian companies can generate abnormal returns on their reported trades, if these abnormal returns are significant enough to be mimicked by outsiders, and if insider trades have an effect on returns of other investors. We find that insiders take advantage of...

We present institutional features of the Nordic initial public offering (IPO) markets and relate initial return, long-run performance and size of companies listed during 1991-2002 to industry clustering and level of listing requirements. High industry clustering is related to higher initial...

This paper investigates whether CEOs that have active share trading accounts engage in higher levels of corporate innovation. Prior studies show that individuals who trade on the stock market are less financially conservative. We find that this behavioural attribute is consistent over both the...

Existing theoretical models indicate that intraday patterns on stock exchanges are caused by the strategic interaction of informed and liquidity traders. Using unique data from the Helsinki Stock Exchange, which allows individual trades to be attributed to informed and liquidity traders, this...

In this paper, we investigate the information content of trading intensity applying the Madhavan, Richardson and Roomans (1997) structural model to express trading intensity as trading momentum in duration and volume. Using both transactions and intraday data from the Helsinki Stock Exchange...

This survey summarizes and analyzes theoretical, empirical and experimental research that addresses limit order book transparency in securities markets. We conclude that changes in market design that alter transparency have far reaching but complex impacts on market quality, market efficiency...

type="main" <title type="main">ABSTRACT</title> <p>This study shows that the guardians behind underaged accounts are successful at picking stocks. Moreover, they tend to channel their best trades through the accounts of children, especially when they trade just before major earnings announcements, large price changes, and...</p>

We study the intraday price impact of algorithmic trading (AT) on futures markets. We find that AT exhibits a strong reverse U-shape intraday pattern, and greater AT activity is related to lower effective spreads, higher realized spreads and lower adverse selection risk, which suggests that...

Cover -- Editorial advisory board -- Guest editorial -- Price discovery and convergence in fragmented securities markets -- Short sales and price discovery of Chinese cross-listed firms -- Individual and institutional trading volume around firm-specific announcements -- The impact of...