Der Erfolg von Insidertransaktionen – Timing oder Fundamentalbewertung

Summary/Zusammenfassung The Success of Insider Transactions – Timing or Fundamental Valuation? The present article confirms the profitability of insider transactions in the German stock market and analyses the reasons explaining this success. We have identified three such reasons: 1) The investment behaviour of insiders is consistent with an investment strategy based on fundamental valuation of the respective undertaking. 2) Moreover, insider transactions are the source of timing information, because insiders are still successful to a certain degree even in the event of adverse fundamental valuation results. 3) In terms of strategic imitation, it is best to combine the information on insider transactions with the fundamental valuation results. Finally, we have identified the most important factors influencing the level of accumulated abnormal returns. Der Erfolg von Insidertransaktionen – Timing oder Fundamentalbewertung? Die vorliegende Arbeit bestatigt die Profitabilitat von Insidertransaktionen am deut...