Insider trading en la banca española

Zusammenfassung

There exists previous evidence on the profitability obtained by corporate directors in their open-market transactions based on private corporate information. However, not much can be said about bank directors, outside US markets. The current study attempts to save the gap by aiming two objectives in the Spanish context. The first one being whether there exists a causal relationship in Granger sense between stock returns and insider trading by bank managers. Secondly, by determining which are the factors affecting bank insider trading. Our results confirm that bank insider trading causes stock returns being positively related at the short run and negatively at the long run. Furthermore, the lower directors' capital ownership, the worse investment opportunities and the lower level of bank capitalization the higher the intensiveness of insider trading by Spanish bank directors.