Art der Arbeit

Status

Abgeschlossene Arbeit

Ansprechpartner*in

Jens Heckmann, M.Sc.

Gutachter

• Prof. Dr. Heiko Jacobs

Kurzfassung

Company insiders have different motivations for trading their own stocks. This might be due to liquidity needs or their compensation structure but can also be motivated by exploiting non-public information. There are several approaches to determine whether a trade is information-driven or not. This work should focus on the connection between trading patterns and the information content of insider trades by analyzing the causal effect on profitability.

• Cohen, L., C. Malloy, & L. Pomorski (2012): Decoding Inside Information.  Journal of Finance Vol. 67 (3), pp. 1009 - 1043.   
• Hong, C. Y., & F. W. Li (2019): The Information Content of Sudden Insider Silence. Journal of Financial and Quantitative Analysis Vol 54 (4), pp. 1499–1538.

Kurzfassung in Englisch:

Company insiders have different motivations for trading their own stocks. This might be due to liquidity needs or their compensation structure but can also be motivated by exploiting non-public information. There are several approaches to determine whether a trade is information-driven or not. This work should focus on the connection between trading patterns and the information content of insider trades by analyzing the causal effect on profitability.

• Cohen, L., C. Malloy, & L. Pomorski (2012): Decoding Inside Information.  Journal of Finance Vol. 67 (3), pp. 1009 - 1043.   
• Hong, C. Y., & F. W. Li (2019): The Information Content of Sudden Insider Silence. Journal of Financial and Quantitative Analysis Vol 54 (4), pp. 1499–1538.