Avcı, Süreyya Burcu (2024) Profitability of insider trading in Turkey. European Journal of Finance, 30 (6). pp. 549-574. ISSN 1351-847X (Print) 1466-4364 (Online)
This is the latest version of this item.
Official URL: https://dx.doi.org/10.1080/1351847X.2023.2216730
Abstract
This study presents the first comprehensive evidence of insider trading patterns and abnormal profits in the Turkish stock market using almost 65,000 insider transactions for the period of 2008–2019. Our findings show that insiders earn a significant 6.58% abnormal profit during the one year following insider trading. Officers, directors, and institutional investors earn even more. Both purchases and sales are profitable. Top executives, major shareholders, and institutional investors earn significant dollar profits. Additionally, uninformed investors can beat the market by mimicking the portfolios of insiders, while evidence shows that regulatory changes do not reduce insiders’ profits. Finally, this study provides important trading implications for investors and regulatory implications for policymakers everywhere.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | dollar profits; event study; Fama-French factors for emerging markets; Insider trading; market mispricing; short-swing profits rule |
| Divisions: | Sabancı Business School |
| Depositing User: | Süreyya Burcu Avcı |
| Date Deposited: | 24 Sep 2024 21:54 |
| Last Modified: | 24 Sep 2024 21:54 |
| URI: | https://research.sabanciuniv.edu/id/eprint/50115 |
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Profitability of insider trading in Turkey. (deposited 06 Aug 2023 20:56)
- Profitability of insider trading in Turkey. (deposited 24 Sep 2024 21:54) [Currently Displayed]
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