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Profitability of directors' share dealings on the JSE

Profitability of directors' share dealings on the JSE N Mordant and C Muller* Profitability of directors' share dealings on the JSE LITERATURE REVIEW 1. INTRODUCTION 2. Directors are generally assumed to be better informed 2.1 Existing studies than the average outside investor about the prospects and value of their companies (Lakonishok & Lee, No academic research on the profitability of insider 1998; Roth, 1999). Therefore when directors buy and trading in South Africa was found although two pieces sell shares in their own company, their trading of stockbroker research were located (Arntz, Murray & activities might provide valuable information regarding Napier, 2001, 2002). The literature review therefore the outlook and share prices for these firms. Outside relies predominantly on international studies, in which investors (a person without any privileged relationship directors' dealings are generally called "insider" with a company; also called "outsiders") might trading/dealings , conclude that benefits can be derived from watching in their firm's Research on the profitability of insider trading has and then copying directors' actions shares (Lorie & Niederhoffer, 1968; Lakonishok & Lee, been conducted in numerous markets around the 1998). world including on bourses in Canada (Heinkel & Kraus, 1987; Lee & Bishara, 1989), Great Britain Directors of companies on the JSE http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Investment Analysts Journal Taylor & Francis

Profitability of directors' share dealings on the JSE

Mordant, N; Muller, C
Investment Analysts Journal , Volume 32 (57): 15 – Jan 1, 2003
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References (40)

Publisher
Taylor & Francis
Copyright
© 2003 Taylor and Francis Group, LLC
ISSN
2077-0227
eISSN
1029-3523
DOI
10.1080/10293523.2003.11082445
Publisher site
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Abstract

N Mordant and C Muller* Profitability of directors' share dealings on the JSE LITERATURE REVIEW 1. INTRODUCTION 2. Directors are generally assumed to be better informed 2.1 Existing studies than the average outside investor about the prospects and value of their companies (Lakonishok & Lee, No academic research on the profitability of insider 1998; Roth, 1999). Therefore when directors buy and trading in South Africa was found although two pieces sell shares in their own company, their trading of stockbroker research were located (Arntz, Murray & activities might provide valuable information regarding Napier, 2001, 2002). The literature review therefore the outlook and share prices for these firms. Outside relies predominantly on international studies, in which investors (a person without any privileged relationship directors' dealings are generally called "insider" with a company; also called "outsiders") might trading/dealings , conclude that benefits can be derived from watching in their firm's Research on the profitability of insider trading has and then copying directors' actions shares (Lorie & Niederhoffer, 1968; Lakonishok & Lee, been conducted in numerous markets around the 1998). world including on bourses in Canada (Heinkel & Kraus, 1987; Lee & Bishara, 1989), Great Britain Directors of companies on the JSE

Journal

Investment Analysts Journal – Taylor & Francis

Published: Jan 1, 2003

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