Do German Capital Markets React When Corporate Insiders Exercise Stock Options? PDF Download
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Author: Simon Oertel
Publisher: GRIN Verlag
ISBN: 3640332512
Category :
Languages : en
Pages : 65
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Book Description
Diploma Thesis from the year 2007 in the subject Business economics - Business Management, Corporate Governance, grade: 1,7, University of Tubingen, language: English, abstract: Trading by corporate insiders in their company's stock and the impact of insider trading on capital markets has long been a field of interest for academics as well as policy makers and regulators who aim to guarantee the effectiveness and fairness of capital markets. Outside investors are following corporate insiders' trading behavior closely and might intend to mimic their trading strategies, trying to realize abnormal profits. Newspapers and information services regularly report insider trading activity.3 The term insider trading will generally be used to describe trading by corporate insiders. It does, however, not necessarily imply illegal behavior. Corporate insiders might trade for a multitude of reasons which do not have to include the illegal exploitation of inside information. The definition of corporate insiders might differ from country to country and their corresponding regulations. The differences in the definition of corporate insiders between the US, the UK, and Germany will later be explained.The academia has provided a multitude of papers on insider trading over different decades (e.g., Jaffe (1974), Seyhun (1986), Rozeff and Zaman (1998), and Lakonishok and Lee (2001)) and research has been conducted to analyze the effects of insider trading on different countries' capital markets (e.g., Jeng et al. (2003) for the US, Fidrmuc et al. (2006) for the UK, Eckbo and Smith (1998) for Norway, and Betzer and Theissen (2005) for Germany). The majority of research publications, however, excludes stock option exercises from the analysis. The reasons for the exclusion of stock options are versatile. Early papers on insider trading exclude the exercises due to the complexity of identifying reasons for the exercise of stock options4 or the difficulty of getting price information associat
Author: Simon Oertel
Publisher: GRIN Verlag
ISBN: 3640332504
Category : Business & Economics
Languages : en
Pages : 57
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Book Description
Diploma Thesis from the year 2007 in the subject Business economics - Business Management, Corporate Governance, grade: 1,7, University of Tubingen, language: English, abstract: Trading by corporate insiders in their company’s stock and the impact of insider trading on capital markets has long been a field of interest for academics as well as policy makers and regulators who aim to guarantee the effectiveness and fairness of capital markets. Outside investors are following corporate insiders’ trading behavior closely and might intend to mimic their trading strategies, trying to realize abnormal profits. Newspapers and information services regularly report insider trading activity.3 The term insider trading will generally be used to describe trading by corporate insiders. It does,however, not necessarily imply illegal behavior. Corporate insiders might trade for a multitude of reasons which do not have to include the illegal exploitation of inside information. The definition of corporate insiders might differ from country to country and their corresponding regulations. The differences in the definition of corporate insiders between the US, the UK, and Germany will later be explained.The academia has provided a multitude of papers on insider trading over different decades (e.g., Jaffe (1974), Seyhun (1986), Rozeff and Zaman (1998), and Lakonishok and Lee (2001)) and research has been conducted to analyze the effects of insider trading on different countries’ capital markets (e.g., Jeng et al. (2003) for the US, Fidrmuc et al. (2006) for the UK, Eckbo and Smith (1998) for Norway, and Betzer and Theissen (2005) for Germany). The majority of research publications, however, excludes stock option exercises from the analysis. The reasons for the exclusion of stock options are versatile. Early papers on insider trading exclude the exercises due to the complexity of identifying reasons for the exercise of stock options4 or the difficulty of getting price information associated with option exercises.5 Rozeff and Zaman (1998), Jeng et al. (2003), and Fidrmuc et al. (2006) do not give any specific reasons but exclude stock options from their sample as well. Other studies retain the sale of the shares in their sample when stock options are exercised and the acquired shares are sold immediately.6 Nonetheless, a new strand of literature has emerged that specifically focuses on the exercise of stock options by corporate insiders. Carpenter and Remmers (2001) pioneer in this field with their research on inside information related to the decisions by corporate insiders to exercise their stock options.
Author: R.C.H. Alexander
Publisher: Routledge
ISBN: 1317116054
Category : Law
Languages : en
Pages : 289
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Book Description
This work presents a comparative study of the provisions relating to insider dealing under the EC Insider Dealing Directive. The volume begins with a discussion of the rationale for regulating financial services in general and controlling insider dealing and money-laundering in particular. It examines the definition of an insider and of inside information and the various criminal offenses relating to insider dealing. The role of money-laundering is also recognized and the anti-money laundering regime as well as the considerable impact on the financial sector is discussed in detail. The work assesses the efficacy of criminal law in controlling insider dealing and considers the increasing trend to deal with it by means of civil/administrative measures.
Author: Dagmar C. G. Lorenz
Publisher: Wayne State University Press
ISBN: 9780814324974
Category : Austria
Languages : en
Pages : 394
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Book Description
Insiders and Outsiders addresses various aspects of Jewish and Gentile interaction since the development of the German-Jewish literary and cultural identity in the early nineteenth century. Containing the work of prominent scholars, critics, and journalists involved with German-Jewish studies from around the world, this ambitious anthology of literary and cultural criticism suggests a reevaluation of important cultural and literary issues, including the problem of cultural diversity with regard to German-speaking countries and the question as to what constitutes German cultural identity in multicultural central Europe. This volume highlights the centrality of the Jewish presence in the heart of German and Austrian culture as well as the important role German culture played in Jewish society. While most previously published studies emphasize either the grandeur of German-Jewish achievement or the tragedy of these two cultures in contact, Insiders and Outsiders examines both the failures and the successes of this tense and troubling relationship. It suggests that rather than being the product of a nurturing multicultural environment, the achievements of German-Jewish intellectuals and poets grew out of friction, unrest, and discomfort.
Author: Norbert Walter
Publisher: Woodhead Publishing
ISBN: 9781855731523
Category : Business & Economics
Languages : en
Pages : 254
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Book Description
Looks at the role and structure of the Deutsche Bundesbank, bank supervision, investment funds, stock exchanges and financial markets
Author: Marion O'Dowd
Publisher: Hachette UK
ISBN: 1473676851
Category : Foreign Language Study
Languages : en
Pages : 128
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Book Description
Do you want to be able to express yourself in German with confidence and fluency? Insider's German offers a local perspective on German culture, opinions and language use so that you can speak confidently on today's most important and relevant topics. This intermediate German conversation course, devised for all intermediate-level learners or those following on from Total or Perfect German, will advance your overall fluency, listening comprehension and conversation skills, expand your vocabulary and improve your grammar. Through authentic, lively conversations around engaging topics, and the unique Michel Thomas Method for learning, this course focuses on the colloquial language and conversation strategies used by native German speakers so that you can fit in and communicate more naturally. Michel Thomas, the preeminent language teacher, always said that learners start by mastering basic linguist structures (as in his Total and Perfect courses), which provide the bare walls of the house, but that it was up to us, the learner, to decorate it in our own personal way. Insider's German reflects Michel Thomas's 'Phase 2' courses that he and his team offered at his New York language school, allowing increased vocabulary, improved speaking, comprehension and reading and writing skills - the tools with which to decorate their houses. Insider's German includes: · Twenty authentic conversations around a comprehensive range of subjects that reflect contemporary German culture · Language plus: conversation strategies, pronunciation and intonation to help learners express themselves naturally · Listening and speaking practice to help learners progress to the next level · Cultural insights into the unspoken rules of the language This ebook includes 10 chapters with integrated audio conversations. Why is the Michel Thomas Method so successful? The Michel Thomas Method draws on the principles of instructional psychology. Knowledge is structured and organised for the student so that you assimilate the language easily and don't forget it. The method deconstructs the language into building blocks that are introduced sequentially in such a way that the learner creates his/her response and moves on to ever-more-complex sentences. Michel said: I will dissect everything into small parts and reassemble it in such a way that one will understand everything step by step. He was also very clear about his ground rules: no memorisation, no drills, no homework; relax and leave off the anxiety normally associated with language learning.
Author: Hilary Hylton
Publisher: Rowman & Littlefield
ISBN: 0762755687
Category : Austin (Tex.)
Languages : en
Pages : 450
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Book Description
An illustrated guide to Austin, Texas.
Author: Jan P. Krahnen
Publisher: OUP Oxford
ISBN: 0191531030
Category : Business & Economics
Languages : en
Pages : 550
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Book Description
This book is both a reference book on Germany's financial system and a contribution to the economic debate about its status at the beginning of the twenty-first century. In giving a comprehensive account of the many facets of the system, it covers corporate governance, relationship lending, stock market development, investor protection, the venture capital industry, and the accounting system, and reports on monetary transmission and the credit channel, regulation and banking competition, the insurance and investment industry, and mergers and acquisitions. Special chapters at the beginning and at the end of the book adopt the financial system perspective, analysing the mutual fit of different features of the financial system; and each of the fifteen chapters addresses particular myths that surround it. The book is invaluable for those who want to understand the German economy and its financial system, promising not only a compilation of facts and statistics on Germany's financial markets and institutions, but also an analysis of its current structure and the determinants of its future development.
Author: Marion O'Dowd
Publisher: Hodder Education Publishers
ISBN: 9781444170955
Category : German language
Languages : de
Pages : 160
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Book Description
Do you want to be able to express yourself in German with confidence and fluency? Insider's German offers a local perspective on German culture, opinions and language use so that you can speak confidently on today's most important and relevant topics. This intermediate German conversation course, devised for all intermediate-level learners or those following on from Total or Perfect German, will advance your overall fluency, listening comprehension and conversation skills, expand your vocabulary and improve your grammar. Through authentic, lively conversations around engaging topics, and the unique Michel Thomas Method for learning, this course focuses on the colloquial language and conversation strategies used by native German speakers so that you can fit in and communicate more naturally. Michel Thomas, the preeminent language teacher, always said that learners start by mastering basic linguist structures (as in his Total and Perfect courses), which provide the bare walls of the house, but that it was up to us, the learner, to decorate it in our own personal way. Insider's German reflects Michel Thomas's 'Phase 2' courses that he and his team offered at his New York language school, allowing increased vocabulary, improved speaking, comprehension and reading and writing skills - the tools with which to decorate their houses. Insider's German includes: - Twenty authentic conversations around a comprehensive range of subjects that reflect contemporary German culture - Language plus: conversation strategies, pronunciation and intonation to help learners express themselves naturally - Listening and speaking practice to help learners progress to the next level - Cultural insights into the unspoken rules of the language This course includes a 100+ page book, MP3 audio CD-ROM, and interactive review and practice on CD-ROM. Why is the Michel Thomas Method so successful? The Michel Thomas Method draws on the principles of instructional psychology. Knowledge is structured and organised for the student so that you assimilate the language easily and don't forget it. The method deconstructs the language into building blocks that are introduced sequentially in such a way that the learner creates his/her response and moves on to ever-more-complex sentences. Michel said: I will dissect everything into small parts and reassemble it in such a way that one will understand everything step by step. He was also very clear about his ground rules: no memorisation, no drills, no homework; relax and leave off the anxiety normally associated with language learning
Author: Daniel Becker
Publisher: GRIN Verlag
ISBN: 334603772X
Category : Business & Economics
Languages : en
Pages : 79
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Book Description
Master's Thesis from the year 2016 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 12,0, Justus-Liebig-University Giessen, language: English, abstract: According to Stützel (1960), insider transactions are comparable with roulette, where corporate insiders – in contrast with regular players – have the privilege to place their chips after the ball begins to rest. In other words, certainly, the outcome of the game is well known to corporate insiders. Apart from that, focusing on capital market transactions, are corporate insiders turned out to be winners? Due to their closeness to the business, it is said that corporate insiders possess firm-specific, non-public, and value-relevant information. Various international empirical findings support that they are able to exploit their information advantage towards market participants, so-called outsiders. Additionally, corporate insiders represent anti-cyclical abilities and they are also capable to realize price discrepancies deviating from the firm’s intrinsic value. Is there an opportunity for market participants to benefit as well? Because of legal leeway and a lag in technical transmission, typically, outsiders are informed later about transactions in own company stocks by insiders. However, referring to existing literature, predominantly, they also benefit by imitating transactions after public announcement as long as transaction costs are ignored. Thus, capital market efficiency is violated. Of course, this link is recognized. For instance, in 2006, in cooperation with the FIFAM Research Institute for Asset Management, Handelsblatt, and the Technical University of Aachen, the Commerzbank published an insider trend barometer displaying the ratio from purchases to sales every two weeks (Handelsblatt, 2016). Furthermore, the Commerzbank issued a certificate containing companies of the DAX30 associated with directors’ dealings (Commerzbank, 2006). In comparison with established nations like the USA or the UK, Germany looks back on a brief history regulating insider trading; therefore, research activities are manageable. While one strand of literature concentrates on performance effects for insiders, the other strand analyzes performance effects for outsiders. This thesis examines directors’ dealings in two ways.
Author: Nancy Woloch
Publisher: Columbia University Press
ISBN: 023155544X
Category : Biography & Autobiography
Languages : en
Pages : 454
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Book Description
Virginia C. Gildersleeve was the most influential dean of Barnard College, which she led from 1911 to 1947. An organizer of the Seven College Conference, or “Seven Sisters,” she defended women's intellectual abilities and the value of the liberal arts. She also amassed a strong set of foreign policy credentials and, at the peak of her prominence in 1945, served as the sole woman member of the U.S. delegation to the drafting of the United Nations Charter. But her accomplishments are undercut by other factors: she had a reputation for bias against Jewish applicants for admission to Barnard and early in the 1930s voiced an indulgent view of the Nazi regime. In this biography, historian Nancy Woloch explores Gildersleeve’s complicated career in academia and public life. At once a privileged insider, prone to elitism and insularity, and a perpetual outsider to the sexist establishment in whose ranks she sought to ascend, Gildersleeve stands out as richly contradictory. The book examines her initiatives in higher education, her savvy administration, her strategies for gaining influence in academic life, the ways that she acquired and deployed expertise, and her drive to take part in the world of foreign affairs. Woloch draws out her ambivalent stance in the women’s movement, concerned with women’s status but opposed to demands for equal rights. Tracing resonant themes of ambition, competition, and rivalry, The Insider masterfully weaves Gildersleeve’s life into the histories of education, international relations, and feminism.
