All Rights Reserved
AccessEcon LLC 2006, 2008.
Powered by MinhViet JSC

 
Gerhard Kling
 
''Disclosure of mergers without regulatory restrictions: Insider trading in pre-1914 Germany''
( 2008, Vol. 7 No.2 )
 
 
In the pre-World-War I period, lacking regulatory restrictions allowed ‘hidden' mergers however, some companies disclosed information voluntarily. I analyze insider gains by investigating the share price behavior prior to merger announcements. When companies hid information, stocks exhibited positive abnormal returns prior to newspaper reports that uncovered hidden transactions.
 
 
Keywords:
JEL:
N2 - Economic History: Financial Markets and Institutions: General, International, or Comparative
 
Manuscript Received : Oct 15 2007 Manuscript Accepted : Jan 05 2008

  This abstract has been downloaded 1825 times                The Full PDF of this paper has been downloaded 166600 times