Thesis (doctoral)--Johann Wolfgang Goethe-Universität Frankfurt/Main.

Thesis (M. Phil.)--University of Hong Kong, 2002. / Includes bibliographical references (leaves 79-82).

Thesis (Ph. D.)--University of Washington, 1999. / Vita. Includes bibliographical references (leaves 81-84).

Much work has been conducted on the signalling effect that a directors’ trade has on outsiders. This is based on the premise that insiders, or directors, shareholders and managers of companies have access to information about their companies that outsiders do not (Bhana, 2007; Fidrmuc, Goergen and Renneboog, 2006; Hodgson and van Praag, 2006), raising questions about the efficiency of markets (Fidrmuc, Goergen and Renneboog, 2004). Other research concludes that the greater the shareholding percentage or percentage control held by an insider, the greater would be their access to company information, and that this would lead directly to an increase in the strength of the signal to the market. Hillier and Marshall (2002) find that the abnormal returns occur most strongly where directors have increased their shareholding. Fidrmuc, Goergen and Renneboog in various studies found that the opposite is true, particularly for purchases, citing a perceived danger of increased entrenchment as the reason for this anomaly. This study will use the AltX of the JSE and attempt to show that there is a positive return on shareholder investment following an insider purchase and a negative return on investment following an insider sale as outsiders react to these signals and the information contained in these trades. This study will also attempt to prove that the percentage control of a director who purchases their own shares has an inverse relationship to the abnormal returns. This study uses the event study methodology and analyses the abnormal returns in the event windows extending back to twenty days prior to the events and for the following twenty days after the event. Abnormal returns are modelled using the control portfolio model of Mordant and Muller (2003) which is based on the Fama and French Three-Factor model. These abnormal returns are then tested for significance using T-tests and the bootstrapping technique. Relationships between shareholding interest and returns is established using linear correlation. No statistical significance could be found on the returns compared to the market following either a purchase or sale insider trade. However, it was found that the reaction to purchases was significantly higher than the reaction to sales, and results indicate that the reaction to sales on the AltX of the JSE leads to abnormal losses in the short term. This study finds that there is no indistinguishable relationship between shareholding and returns that are different to zero. While it is clear that other bourses internationally demonstrate clear evidence of the existence of signals contained in insider trades, and other South African studies find corroborative evidence on the JSE main board, there is no evidence that insider trades on the AltX contain any signalling value in them for outsiders, particularly pertaining to purchases. Although not economically significant, sales do suggest that there is information contained in the trade, but is this reaction in the market due to the information contained in the trade, or simply due to a culture of trading on market sentiment? / Dissertation (MBA)--University of Pretoria, 2010. / Gordon Institute of Business Science (GIBS) / unrestricted

by Leung Wai Yuen and Wong Che Keung. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1995. / Includes bibliographical references (leaves 79-81). / ABSTRACT --- p.iv / ACKNOWLEDGMENT --- p.v / TABLE OF CONTENTS --- p.vi / LIST OF TABLES --- p.x / LIST OF FIGURES --- p.xi / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Background --- p.1 / Objective of This Study --- p.5 / Chapter II --- THE DEVELOPMENT OF THE STOCK MARKET IN HONG KONG --- p.6 / Development of the Stock Exchange --- p.6 / Performance of the Stock Market --- p.10 / Chapter III --- CURRENT SITUATION OF THE SEHK --- p.14 / Performance in 1994 --- p.14 / Future Development of the SEHK --- p.19 / Chapter IV --- REGULATORY ENVIRONMENT IN HONG KONG --- p.20 / History of Securities Legislation in Hong Kong --- p.20 / Regulatory Hierarchy of the Securities Market in Hong Kong --- p.24 / The Securities and Futures Commission --- p.25 / Mission and Functions of the SFC --- p.25 / Chapter V --- SECURITIES (INSIDER DEALING) ORDINANCE --- p.29 / Definition of Insider Dealing --- p.29 / The Insider Dealing Tribunal --- p.30 / Chapter VI --- SECURITIES (DISCLOSURE OF INTEREST) ORDINANCE --- p.32 / Gist of the Ordinance --- p.32 / Duties of Substantial Shareholders --- p.33 / Disclosure of Directors and Chief Executives --- p.34 / Interests That Can be Disregarded --- p.35 / Penalties for Breaches --- p.36 / Chapter VII --- LITERATURE REVIEW --- p.37 / Research on Overseas Stock Markets --- p.37 / Watchdog Report by Credit Lyonnais --- p.42 / Chapter VIII --- METHODOLOGY --- p.43 / Data Sampling --- p.43 / Definition of Insider Activities Index --- p.45 / Design of the Study --- p.46 / Chapter IX --- RESULTS AND IMPLICATIONS --- p.50 / Industry Type --- p.50 / Company Size --- p.51 / Seasonal Effect --- p.52 / Ownership Concentration --- p.53 / Chapter X --- CONCLUSION AND RECOMMENDATIONS --- p.55 / Conclusion --- p.55 / Recommendations for Further Studies --- p.56 / APPENDICE --- p.58 / Appendix 1 --- p.59 / Appendix 2 --- p.63 / Appendix 3 --- p.67 / Appendix 4 --- p.71 / Appendix 5 --- p.73 / Appendix 6 --- p.75 / Appendix 7 --- p.77 / BIBLIOGRAPHY --- p.79

Thesis (B.A.)--Haverford College, Dept. of Economics, 2008. / Includes bibliographical references.

Thesis (Ph. D.)--University of Washington, 2004. / Vita. Includes bibliographical references (leaves 269-283).

Note: / This thesis is a critical analysis of the law relating to insider trading in three common law countries. Chapter One, addresses the merits and demerits of the regulation of insider trading and presents a review of the academic literature relating to this field. In Chapters Two, Three and Four, the law ofinsider trading in the United States, Canada and the United Kingdom is analysed and discussed on a comparative basis. Each of these chapters is in two sections. The tirst section describes the regulatory system and institutions, and the second section discusses the regulation of insider trading, highlighting the critical elements ofthis type ofregulation, such as the definition of an 'insider' and the scope of 'inside infonnation'. It concludes with a broad discussion of the differing approaches ofthese countries to insider trading. Cette thèse est un analyse critique du délit d'initiés dans trois pays 'common law'. / Dans le premier chapitre, on discute les avantages et les inconvénients de la réglementation du délit d'initiés et la littérature academique rélatif à ce sujet. Dans les Deuxième, Troisième et Quatrième Chapitres on analyse et compare le droit concernant le délit d'initiés dans les Etats-Unis, le Canada et le Royaume-Uni. Chacun de ces chapitres comprend deux parties. La première partie décrit le système réglementaire et les institutions. La deuxième partie discute le droit du délit d'initiés et les éléments critiques de ce droit (par exemple, le définition d'initié et d'information privilegiée). La Conclusion discute les approches différents de ces trois pays quant au délit d'initiés.

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This thesis is a critical analysis of the law relating to insider trading in three common law countries. Chapter One, addresses the merits and demerits of the regulation of insider trading and presents a review of the academic literature relating to this field. In Chapters Two, Three and Four, the law of insider trading in the United States, Canada and the United Kingdom is analysed and discussed on a comparative basis. Each of these chapters is in two sections. The first section describes the regulatory system and institutions, and the second section discusses the regulation of insider trading, highlighting the critical elements of this type of regulation, such as the definition of an 'insider' and the scope of 'inside information'. It concludes with a broad discussion of the differing approaches of these countries to insider trading.