Abstract
Insider trading and corporate governance have been two major interrelated issues that are of main concern in all capital markets around the world. This paper examines the effect that corporate governance characteristics have on the stock price reaction caused by insider trading announcements. Based on the event study methodology, we have examined 636 announcements of insider transactions of 14 companies in the Athens Stock Exchange technology sector, during 2007 and 2013, and selected corporate governance characteristics such as the identity of the insider, ownership structure, separation of ownership and control, and financial variables. Our findings suggest that there the identity of the insider, and especially the CEO, has an effect on the abnormal stock returns. Ownership structure and high levels of ownership concentration and control seem to have an effect in abnormal stock returns of the firms only in long periods of time after the announcement.
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Antoniadis, I., Gkasis, C., Kontsas, S. (2017). Corporate Governance, Insider Trading, and Stock Returns in the Greek Technology Sector. In: Tsounis, N., Vlachvei, A. (eds) Advances in Applied Economic Research. Springer Proceedings in Business and Economics. Springer, Cham. https://doi.org/10.1007/978-3-319-48454-9_46
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DOI: https://doi.org/10.1007/978-3-319-48454-9_46
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