Skip to main content

Insider Trading in the Swiss Stock Market

References

  1. Ammann, M. and S. Kessler (2004), “Information Processing on the Swiss Stock Market”, Financial Markets and Portfolio Management, 18(3), pp. 256–284.

    Article  Google Scholar 

  2. Barclay, M. J. and J. B. Warner (1993), “Stealth Trading and Volatility: Which Trades Move Prices?”, Journal of Financial Economics, 34 (3), pp. 281–305.

    Article  Google Scholar 

  3. Bettis, C., D. Vickrey and D. W. Vickrey (1997), “Mimickers of Corporate Insiders Who Make Large-Volume Trades”, Financial Analysts Journal, 53(5), pp. 57–66.

    Article  Google Scholar 

  4. Brown, S. J. and J. B. Warner (1985), “Using Daily Stock Returns: The Case of Event Studies”, Journal of Financial Economics, 14(1) pp. 3–31.

    Article  Google Scholar 

  5. M.-Y. Cheuk, D. K. Fan and R. W. So (2006), “Insider Trading in Hong Kong: Some Stylized Facts”, Pacific-Basin Finance Journal, 14(1), pp. 73–90.

    Article  Google Scholar 

  6. Corrado, C. J. (1989), “A Nonparametric Test for Abnormal Security Returns”, Journal of Financial Economics, 23(2), pp. 385–395.

    Article  Google Scholar 

  7. Fama, E. F. (1970), “Efficient Capital Markets: A Review of Theory and Empirical Work”, Journal of Finance, 25(2), pp. 383–417.

    Article  Google Scholar 

  8. Fama, E. F., L. Fisher, M. C. Jensen and R. Roll (1969), “The Adjustment of Stock Prices to New Information”, International Economic Review, 10(1), pp. 1–21.

    Article  Google Scholar 

  9. Fidrmuc, J. P., M. Goergen and L. Renneboog (2006), “Insider Trading, News Releases and Ownership Concentration”, Journal of Finance, 61(6), pp. 2931–2973.

    Article  Google Scholar 

  10. Finnerty, J. E. (1976), “Insiders and Market Efficiency”, Journal of Finance, 31(4), pp. 1141–1148.

    Article  Google Scholar 

  11. Friederich, S., A. Gregory, J. Matatko and I. Tonks (2002), “Short-run Returns Around the Trades of Corporate Insiders on the London Stock Exchange”, European Financial Management, 8(1), pp. 7–30.

    Article  Google Scholar 

  12. Givoley, D. and D. Palmon (1986), “Insider Trading and the Exploitation of Inside Information: Some Empirical Evidence”, Journal of Business, 58(1), pp. 69–87.

    Article  Google Scholar 

  13. Gregory, A., J. Matatko, I. Tonks and R. Purkis (1994), “UK Directors’ Trading: The Impact of Dealings in Smaller Firms”, The Economic Journal, 104(422), pp. 37–53.

    Article  Google Scholar 

  14. Hillier, D. and A. P. Marshall (2002), “The Market Evaluation of Information in Directors’ Trades”, Journal of Business Finance and Accounting, 29(1 and 2), pp. 77–110.

    Article  Google Scholar 

  15. Jaffe, J. F. (1974), “Special Information and Insider Trading”, Journal of Business, 47(3), pp. 410–428.

    Article  Google Scholar 

  16. Jeng, L. A., A. Metrick and R. Zeckhauser (2003), “Estimating the Returns to Insider Trading: A Performance-Evaluation Perspective”, The Review of Economics and Statistics, 85(2), pp. 453–471.

    Article  Google Scholar 

  17. John, K. and B. Mishra (1990), “Information Content of Insider Trading Around Corporate Announcements: The Case of Capital Expenditures”, Journal of Finance, 45(3), pp. 835–854.

    Article  Google Scholar 

  18. King, M. and A. Roell (1988), “Insider Trading”, Economic Policy, 3(1), pp. 163–193.

    Article  Google Scholar 

  19. Lakonishok, J. and Immoo Lee (2001), “Are Insider Trades Informative”, The Review of Financial Studies, 14(1), pp. 79–111.

    Article  Google Scholar 

  20. MacKinlay, A. C. (1997), “Event Studies in Economics and Finance”, Journal of Economic Literature, 35(1), pp. 13–39.

    Google Scholar 

  21. Mikkelson, W. H. and M. M. Partch (1988), “Withdrawn Security Offerings”, The Journal of Financial and Quantitative Analysis, 23(2), pp. 119–133.

    Article  Google Scholar 

  22. Patell, J. and M. Wolfson (1979), “Anticipated Information Releases Reflected in Call Option Prices”, Journal of Accounting and Economics, 1(2), pp. 117–140.

    Article  Google Scholar 

  23. Rozeff, M. S. and M. A. Zaman (1988), “Market Efficiency and Insider Trading: New Evidence”, Journal of Business, 61(1), pp. 25–44.

    Article  Google Scholar 

  24. Seyhun, H. N. (1988), “The Information Content of Aggregate Insider Trading”, Journal of Business, 61(1), pp. 1–24.

    Article  Google Scholar 

  25. Seyhun, H. N. (1986), “Insiders’ Profits, Costs of Trading, and Market Efficiency”, Journal of Financial Economics, 16(2), pp. 189–212.

    Article  Google Scholar 

  26. Wisniewski, T. P. and Martin T. Bohl (2005), “The Information Content of Registered Insider Trading Under Lax Law Enforcement”, International Review of Law and Economics, 25(2), pp. 169–185.

    Article  Google Scholar 

  27. Wong, W., Y.-L. Cheung and L. Wu (2000), “Insider Trading in the Hong Kong Stock Market”, Asia-Pacific Financial Markets, 7(3), pp. 275–288.

    Article  Google Scholar 

Download references

Author information

Affiliations

Authors

Corresponding author

Correspondence to Andreas Zingg.

Additional information

We would like to thank Prof. Dr. Klaus Spremann, Dr. Rico von Wyss, and Stephan Süss for their helpful comments. Furthermore we would like to thank two anonymous referees for their helpful comments.

Rights and permissions

Reprints and Permissions

About this article

Cite this article

Zingg, A., Lang, S. & Wyttenbach, D. Insider Trading in the Swiss Stock Market. Swiss J Economics Statistics 143, 331–362 (2007). https://doi.org/10.1007/BF03399242

Download citation

Keywords

  • Insider trading
  • Market efficiency
  • Swiss stock market

JEL Classification

  • G140