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Article

Диагностирование инсайдерской торговли в период перед случаями административного давления на бизнес

Корпоративные финансы. 2015. Т. 4. № 36. С. 51-71.
Чиркова Е. В., Петров В. В.
This article presents the results of a study of insider trading prior to the cases of    administrative pressure on the Russian public companies. The study is based on an analysis of    cumulative abnormal returns during the period prior to the publication of a news. In the study we    analyzed 71 news about the administrative pressure. We have not found the presence of a large-scale    insider trading prior to the administrative pressure on business by the representatives of executive    and legislative authorities of the Russian Federation. The cumulative abnormal return (CAR)    amounted -0,4% – -0,6% depending on utilized model. We found a large-scale insider trading prior    to the to the administrative pressure on business by the representatives of security agencies (CAR =    -8,2% – -10,4%). Market reaction was significant in both cases. Also we detected a small-scale    insider trading prior to the administrative pressure on business by the representatives of Federal Tax    Service and Federal Antimonopoly Service (-2,3% – -4,4% and -3,9% – -4,4% respectively).    Meanwhile, the market reaction was insignificant in both of these cases. We did not find the    relationship between the scale of insider trading and the rigidity of the insider trading regulation in    Russian Federation.