This paper investigates the market's reaction to UK insider transactions and analyzes whether the reaction depends on the firm's ownership. There are three major findings. First, differences in regulation between the UK and US, in particular the speedier reporting of trades in the UK, may explain the observed larger abnormal returns in the UK.
Second, ownership by directors and outside shareholders has an impact on the abnormal returns. Third, it is important to adjust for news released before directors' trades. In particular, trades preceded by news on mergers & acquisitions and CEO replacements contain significantly less information.
The chapter provides an overview on EU Insider Law. It includes comparative remarks on US and explores insider law under the EU Markets in Crypto Assets...
The paper proposes a framework for judicial review of board decisions that have been augmented by an AI. It starts from the assumption that the law treats...