How insiders traded before rules

F. Braggion, L. Moore

Research output: Contribution to journalArticleScientificpeer-review

11 Citations (Scopus)


UK company insiders, such as directors, were legally allowed to trade in the shares of their own companies up until the Companies Act of 1980. This article investigates the trading behaviour of directors over the period 1890 to 1909 in the UK. It finds relatively few instances of directors who exploited their informational advantage. However when they did sell their own shares, it tended to be before a period of poor profitability and poor stock market performance.
Original languageEnglish
Pages (from-to)562-581
JournalBusiness History
Issue number4
Publication statusPublished - 2013


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