The impact of Regulatory Change on Insider Trading Profitability: some early evidence from New Zealand

dc.contributor.author	Gilbert, A
dc.contributor.author	Tourani-Rad, A
dc.contributor.author	Wisniewski, T
dc.date.accessioned	2011-02-21T02:49:16Z
dc.date.available	2011-02-21T02:49:16Z
dc.date.copyright	2004
dc.date.created	2004
dc.date.issued	2004
dc.description.abstract	This paper adds to the scant literature on the tightening of regulations and its impact on the profitability of insider trades by examining the effects of the recent enactment of the Securities Market Amendment Act 2002 in New Zealand. We investigate the abnormal returns around the date of insider transactions both before and after the introduction of this Act. We find that the number of insider transactions decreased just prior to the introduction of the Act; further we observe a marked reduction in profitability of directors. However, the difference between the pre and post-change returns lacks statistical significance.
dc.identifier.other	Dec-04
dc.identifier.uri	https://hdl.handle.net/10292/1138
dc.publisher	AUT Faculty of Business
dc.relation.uri	http://www.aut.ac.nz/__data/assets/pdf_file/0004/48469/enterprise_and_innovation_12-2004.pdf
dc.rights	2004 © - Copyright of the Author(s)
dc.rights.accessrights	OpenAccess
dc.source	Enterprise and Innovation, 2004, 12
dc.subject	Insider Trading
dc.subject	Profitability
dc.subject	Regulatory Change
dc.title	The impact of Regulatory Change on Insider Trading Profitability: some early evidence from New Zealand
dc.type	Working Paper

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