Scandinavian Working Papers in Economics

Working Papers,
Copenhagen Business School, Department of Finance

No 2001-3: Impact of Investor Meetings/Presentations on Share Prices, Insider Trading and securities Regulation

Caspar Rose ()
Additional contact information
Caspar Rose: Department of Finance, Copenhagen Business School, Postal: Department of Finance, Copenhagen Business School, Solbjerg Plads 3, A5, DK-2000 Frederiksberg, Denmark

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

JEL-codes: A00

28 pages, February 1, 2001

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