التفاصيل البيبلوغرافية
| العنوان: |
Die Veröffentlichung der Eigengeschäfte von Führungskräften. (German) |
| المؤلفون: |
Hellgardt, Alexander, Herrnberger, Johannes |
| المصدر: |
Zeitschrift für Bankrecht und Bankwirtschaft; Jun2024, Vol. 36 Issue 3, p181-194, 14p |
| مصطلحات موضوعية: |
CAPITAL market, FINANCIAL instruments, MARKET manipulation, DISCLOSURE laws, DISCLOSURE, INSIDER trading in securities, COLLATERALIZED debt obligations |
| Abstract (English): |
The study analyzes the disclosure of transactions by executives in accordance with Article 19 of the Market Abuse Regulation (MAR) in the German capital market. The reporting obligation applies to issuers of financial instruments and includes the purchase, sale, and other transactions involving shares or debt securities of the issuer. The purpose of the disclosure requirement is to increase market transparency and prevent insider trading and market manipulation. The analysis shows that a few reporting entities are responsible for a high number of reports, while the majority of reporting entities report infrequently. The introduction of MAR has led to an increased reporting burden but has not resulted in a reduction in the absolute number of reports. Most reported transactions relate to purchases and sales of securities of the issuer itself. Transactions involving derivatives are rarely reported. The performance of purchases by related companies does not differ significantly from the average performance of the DAX. The reporting obligation under Article 19 of MAR tends to represent overregulation. [Extracted from the article] |
| Abstract (German): |
Führungskräfte von Emittenten und ihnen nahestehende natürliche und juristische Personen müssen Eigengeschäfte in Finanzinstrumenten des Emittenten nach Art. 19 MAR melden. Der Veröffentlichung dieser Meldungen werden im juristischen Diskurs viele wichtige Funktionen für die Funktionsfähigkeit des Kapitalmarkts zugeschrieben. Die vorliegende Studie ist die erste, die eine Langzeitanalyse der tatsächlich am deutschen Kapitalmarkt veröffentlichten Meldungen vornimmt. [ABSTRACT FROM AUTHOR] |
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| قاعدة البيانات: |
Complementary Index |
