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Regular version of the site
Student
Title
Supervisor
Faculty
Educational Programme
Final Grade
Year of Graduation
Daniyal Ilyasov
Insider Trading Around Share Repurchases
Strategic Corporate Finance
(Master’s programme)
7
2017
This paper examines the characteristics of illegal insider trading around share repurchases announcement conducted on emerging markets from 2001 to 2015 years. In order to test the presence of illegal insider trading was calculated average cumulative abnormal return, among all companies in the sample, prior the repurchases announcements and then conducted t-test. Test showed the significant positive value of average cumulative abnormal return, which indicates the presence on illegal insider trading. Further was used regression analysis in order to examine the effects of insider trader’s potential return and risk on the widespread of insider trading. Were used several proxies for potential risk and return. The analysis shows the positive effects of potential return of insider trading on its widespread: two of three proxies are significant. The effect of insider trading risk on its widespread is not confirmed. We cannot conclude that risk generally does not have effect for two reasons: 1) We could have not informative proxies in this research; 2) There is no risk for insider traders only on emerging markets due to poor legislation.

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