CEU Electronic Theses and Dissertations, 2018
| Author | Oleksandrenko, Andrii |
|---|---|
| Title | The Presence of Opportunistic Insider Trading: the Case of Canada |
| Summary | This thesis studies the opportunism among corporate insiders in Canada from 2003 to 2018. I use the methodology proposed by Ali and Hirshleifer, which looks at the profitability of insiders’ trades prior to quarterly earnings announcements (QEAs). I use a calendar-time portfolio approach and monthly abnormal returns to measure the performance of the insiders’ trades. The results suggest that the return on pre-QEA trades does not identify opportunistic insiders. I also investigate if the opportunism of the corporate insiders depends on their role in the organization. The data indicates that only trades by the managers of the company generate consistent and statistically significant abnormal returns. Furthermore, the opportunistic insider trading is more common in the small and medium-sized companies. |
| Supervisor | Ádám Zawadowski |
| Department | Economics MA |
| Full text | https://www.etd.ceu.edu/2018/oleksandrenko_andrii.pdf |
Visit the CEU Library.
© 2007-2021, Central European University