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Informed Trading Prior to Court Decisions: Evidence from Russia

Student: Vladimir Kulikov

Supervisor: Sergey Stepanov

Faculty: International College of Economics and Finance

Educational Programme: Financial Economics (Master)

Year of Graduation: 2017

This paper studies the presence of indicators of informed trading of securities of Russian public listed companies prior court decisions. The study is based on the analysis of average cumulative abnormal return and average abnormal return around final court decision. Obtained evidences allow suggesting that there exist such signs especially in trials that crucially influence a company’s market position i.e. PJSC Mechel vs creditors, OJSC Transaero vs creditors. Also a group of conflicts with energy companies was highlighted - special attributes of informed trading was emphasized due to systematic frequent trials they are involved. In addition, an indicator of downward trend of informed trading due to publishing of federal law No.224-FZ that prohibit any form of informed trading in Russia was detected.

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