Working Paper Series, Department of Finance, Copenhagen Business School
Impact of Investor Meetings/Presentations on Share Prices, Insider Trading and securities Regulation
Abstract: Abstract: The purpose of this article is to investigate
whether the securities regulation put forward by the EU contributes to an
efficient stock market. An event study of investor meetings/presentations
held by listed Danish firms is conducted.
The article finds
significantly positive abnormal returns a few days around investor
meetings. Share turnover reaches maximum one day after investor meetings.
The variances of the abnormal returns increase substantially the closer we
get to the holding of an investor meeting, indicating the presence of
possible insider trading. The relevant securities regulation based on EU
directives is critically discussed and thus compared with US regulation.
Keywords: Keywords: Insider trading; investor meetings; securities regulation; corporate governance; (follow links to similar papers)
JEL-Codes: A00; (follow links to similar papers)
28 pages, February 1, 2001
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