<div class="csl-bib-body">
<div class="csl-entry">Presich, M. (2014). <i>Director’s dealings in Germany and their consequences for the firm value</i> [Diploma Thesis, Technische Universität Wien]. reposiTUm. https://doi.org/10.34726/hss.2014.22392</div>
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dc.identifier.uri
https://doi.org/10.34726/hss.2014.22392
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dc.identifier.uri
http://hdl.handle.net/20.500.12708/7499
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dc.description
Literaturverz. S. 74 - 80
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dc.description.abstract
This thesis examines directors' dealings transactions in Germany. The sample includes over 3,612 events which were reported to the German financial authority BaFin from January 2002 until August 2013. Since the release of the European Market Abuse Directive there is a regulatory framework for doing such transactions. When managers are buying and selling their own companies' stocks they reveal information about their companies' values to the public. In fact, they often take the contrarian role to investors. This position is often based on the fact of information asymmetry and often managers or investors may earn excess returns. This abnormality is clearly a violation of the strong form efficient market hypothesis. Through this study an important hypothesis will be tested, for purchase and sale transactions. The results for the first category show that directors act as contrarian investors and usually trade against the general market wisdom. Indeed, other studies suggest similar results.
en
dc.language
English
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dc.language.iso
en
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dc.rights.uri
http://rightsstatements.org/vocab/InC/1.0/
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dc.subject
Management-Transaktion
de
dc.subject
Insider Handel
de
dc.subject
Deutschland
de
dc.subject
Firmenwert
de
dc.subject
Event Studie
de
dc.subject
Markt Modell
de
dc.subject
BaFin
de
dc.subject
Management transaction
en
dc.subject
Insider trading
en
dc.subject
Germany
en
dc.subject
firm value
en
dc.subject
Event study
en
dc.subject
market model
en
dc.subject
BaFin
en
dc.title
Director's dealings in Germany and their consequences for the firm value
en
dc.type
Thesis
en
dc.type
Hochschulschrift
de
dc.rights.license
In Copyright
en
dc.rights.license
Urheberrechtsschutz
de
dc.identifier.doi
10.34726/hss.2014.22392
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dc.contributor.affiliation
TU Wien, Österreich
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dc.rights.holder
Marcus Presich
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tuw.version
vor
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tuw.thesisinformation
Technische Universität Wien
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tuw.publication.orgunit
E330 - Institut für Managementwissenschaften
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dc.type.qualificationlevel
Diploma
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dc.identifier.libraryid
AC11705048
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dc.description.numberOfPages
80
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dc.identifier.urn
urn:nbn:at:at-ubtuw:1-74049
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dc.thesistype
Diplomarbeit
de
dc.thesistype
Diploma Thesis
en
dc.rights.identifier
In Copyright
en
dc.rights.identifier
Urheberrechtsschutz
de
tuw.advisor.staffStatus
staff
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item.fulltext
with Fulltext
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item.cerifentitytype
Publications
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item.mimetype
application/pdf
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item.openairecristype
http://purl.org/coar/resource_type/c_bdcc
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item.languageiso639-1
en
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item.openaccessfulltext
Open Access
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item.openairetype
master thesis
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item.grantfulltext
open
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crisitem.author.dept
E188 - Institut für Softwaretechnik und Interaktive Systeme