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People with insight are known as insiders and they often have access to information which have not yet been publiched. Previous research show that insiders can use their information leverage to assimilate abnormal returns. The purpose of this study is to examine whether insiders in a company can generate abnormal returns by trading shares in their own company. A quantitative methodology has ben practiced in order to achieve the desired result. Data has been collected through Finansinspektionen about the insider trades on the Swedish stock market. We have further used an event study to calculate both the expected and also the abnormal return in order to answer our research issue. The results given from this study show significant abnormal returns when insiders trade with shares in their own company. / Aktier medför ett placeringsalternativ med en viss risk och ger investerare möjligheten att generera en avkastning på sin portfölj. Personer som anses ha tillgång till förtrolig samt kurspåverkande information inom ett företag betecknas som insynspersoner. Tidigare forskning visar att insynspersoner kan utnyttja detta informationsövertag i sin egen vinning för att tillgodogöra sig överavkastning. Syftet med denna studie är att granska huruvida insynspersoner kan generera en viss överavkastning gentemot andra aktörer på marknaden. I denna forskning har en kvantitativ metod tillämpats med en deduktiv ansats. Via Finansinspektionens insynslista kan vi detektera transaktioner genomförda av insiders för att sedan, med användandet av en eventstudie, besvara forskningsfrågan, om insynspersoner kan generera en överavkastning. Hypotesprövningar ligger sedan till grund för att bedöma huruvida resultatet påvisar signifikans. Utifrån denna studie kan vi dra slutsatsen om att nollhypotesen bör förkastas, således menar vi att det förekommer en signifikant överavkastning i samband med att insynspersoner bedriver handel på värdepappersmarknaden.

Zugl.: Passau, Universiẗat, Diss., 2008.

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The market abuse regulation has the objective of investor protection and increasing market integrity. Regarding disclosure of inside information according to art.17.1 there is a challenge for issuers to unravel when there is inside informationand from when it has occurred, and that results in very high compliance costs,especially for SMEs. Given that SMEs is the backbone of the EU economy it isof importance to simplify the regulation and make the capital market more accessible to the SMEs. The Capital Market Union aims to get investments flowing within the EU, tocreate a strong economy, as integrated capital markets are essential for the competitiveness and independence of EU. To achieve the goals, changes must bemade. The capital market within the EU has fallen behind and is much smallerthan for example, US, and feedbacks from market participants shows that compliance costs are relevant when companies decides whether to go public or seekprivate funding. There is a decline in listing within the EU, especially for SMEs,and without reasonable access to finance through alternatives to expensive bankloans, SMEs and the EU economy are not given the best chance for growth. A well-functioning capital market is crucial for an efficient allocation of capitalbetween issuers and investors. SMEs could be a key driver that creates new innovations and jobs. As said, they are the backbone of the EU economy and forthat reason there should be a simplification of the regulation.

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