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Insider Trading in the Swiss Stock Market

Andreas Zingg, Sebastian Lang & Daniela Wyttenbach

abstract Many studies on insider trading are based on data of the U.S. market and conclude that insiders can earn abnormal profits. This paper examines for the Swiss stock market whether insiders can earn abnormal profits and whether outsiders can make abnormal profits by mimicking the transactions of insiders. We find significant abnormal returns for insider trading, as well as some evidence for profitable mimicking strategies. We can reject the strong form Efficient Market Hypothesis for the Swiss stock market. However, with regard to the semi-strong form Efficienct Market Hypothesis, it remains unclear whether it is true for the Swiss stock market.
   
type journal paper
   
keywords
   
language Deutsch
kind of paper journal article
date of appearance 1-9-2007
journal Schweizerische Zeitschrift für Volkswirtschaft und Statistik
publisher Lang (Bern)
ISSN 0303-9692
volume of journal 143
number of issue 3
page(s) 331-362
review double-blind review
   
citation Zingg, A., Lang, S., & Wyttenbach, D. (2007). Insider Trading in the Swiss Stock Market. Schweizerische Zeitschrift für Volkswirtschaft und Statistik, 143(3), 331-362.