Insider trading properties affect on information asymmetry
Hart, Martijn 't
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Previous research finds conflicting evidence for the effect of insider trading on an efficient stock market. It could be a tool for insiders to signal the performance of the company or a tool to make easy money off outsiders. In this paper we will try to identify which characteristics of the inside trade has the most effect on the stock market efficiency to help policy makers create effective regulations. This paper examines the effect of insider trading on the cumulative abnormal returns (CAR) and information asymmetry exchange trades shares. It does so with a simple OLS regression where the position of an insider within the firm and the volume traded by the insider is regressed on the bid-ask spread and the CAR. The regression finds no significant effect of position or volume on the CAR neither on the bid-ask spread. This contradicts previous research and shows further research on this topic is necessary
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