INSIDERS AND SYSTEMATIC ABNORMAL RETURNS - A Case Study on the Romanian Capital Market –

Autor:	Ruxandra Trifan, Victor Dragotă
Rok vydání:	2020
Předmět:	nvestors’ behaviour lcsh:HB71-74 Romanian lcsh:Economic theory. Demography lcsh:Economics as a science Monetary economics insider trading language.human_language lcsh:HB1-3840 abnormal returns Economics language Capital market health care economics and organizations
Zdroj:	Bulletin of the Transilvania University of Brasov. Series V : Economic Sciences, Vol 13 (62), Iss 1, Pp 73-84 (2020)
ISSN:	2065-2208 2065-2194
DOI:	10.31926/but.es.2020.13.62.1.9
Popis:	The aim of this article is to offer some insights into the Romanian investors’ behaviour by examining insiders’ transactions and to check for possible abnormal returns. We analyse the behaviour of institutional and individual insiders using a data sample of 158 investors for the period 2013-2017. Results show excessive abnormal returns registered by individuals, especially men, compared to companies. We identify different investment strategies performed by these investors: individuals tend to keep their assets for a shorter time in their portfolio than corporations do, the latter being more interested in long term earnings; while the extremes (maximum and minimum returns) are recorded by men, women earn a higher mean abnormal return than men.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_dedup___::f0a68a39aa8c460f3fb7c923a47c7067 https://doi.org/10.31926/but.es.2020.13.62.1.9 Zobrazit plný text záznamu