Directors' dealings, market efficiency, and strategic insider trading in the German stock market [Elektronische Ressource] / Carl Philipp Sebastian Dickgießer

TECHNISCHE UNIVERSITAT MUNCHENLehrstuhl fur Finanzmanagement und Kapitalmarkte Directors’ Dealings, Market E ciency, and StrategicInsider Trading in the German Stock MarketCarl Philipp Sebastian Dickgie er, M.Sc.Vollstandiger Abdruck der von der Fakultat fur Wirtschaftswissenschaften der Technischen UniversitatMunchen zur Erlangung des akademischen Grades einesDoktors der Wirtschaftswissenschaften (Dr. rer. pol.)genehmigten Dissertation.Vorsitzender: Univ.-Prof. Dr. Isabell M. WelpePrufer der Dissertation:1. Univ.-Prof. Dr. Christoph Kaserer2. Univ.-Prof. Dr. Gunther FriedlDissertation wurde am 03.05.2010 bei der Technischen Universitat Munchen eingereicht und durch dieFakultat fur Wirtschaftswissenschaften am 07.07.2010 angenommen.AbstractThis dissertation studies two distinct aspects of directors’ dealings in the German stock market. First, itis empirically examined if insiders trade strategically around news announcements. The results show thatwhile insiders do trade prior to ad-hoc announcements, trading activity increases in particular after newsevents. This suggests that insiders delay their transactions to periods of time that are associated withlow reputational and litigation risks. The second empirical study is concerned with the slow adjustmentof stock prices and the excess returns that follow reported insider trades.