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| Gerhard Kling |
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| ''Disclosure of mergers without regulatory restrictions: Insider trading in pre-1914 Germany'' |
| ( 2008, Vol. 7 No.2 ) |
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| 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. |
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| Keywords: |
JEL:
N2 - Economic History: Financial Markets and Institutions: General, International, or Comparative |
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| Manuscript Received : Oct 15 2007 | | Manuscript Accepted : Jan 05 2008 |
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