Year-end Sale % OFF 
Abstract
This study examines the information value of corporate insider trading disclosures for a sample of 490 German companies. Our results indicate that insiders selling stocks in their own company reveal negative information about the in- trinsic firm value. This is especially the case for large volume sale transactions. In addition, stock prices of smaller com- panies react stronger to insider transactions. Furthermore, insiders tend to time their transactions, selling shares after stock price increases and buying shares after stock price decreases.
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