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Literature: authors starting with D

51 studies, books and laws, each with its reference, a sentence on the content and the pages that cite it. All letters

D'Acunto et al. (2019) · The Promises and Pitfalls of Robo-Advising

D'Acunto, Francesco; Prabhala, Nagpurnanand; Rossi, Alberto G.. The Review of Financial Studies 32 (5), pp. 1983–2020. doi:10.1093/rfs/hhz014

After a robo-advisor is introduced, previously poorly diversified customers diversify more, and their portfolios are less volatile and earn better returns; well-diversified customers trade more; the disposition effect and trend chasing decline.

Cited in: Glossary: Robo-advisor

D'Amico et al. (2018) · Tips from TIPS: The Informational Content of Treasury Inflation-Protected Security Prices

D'Amico, Stefania; Kim, Don H.; Wei, Min. Journal of Financial and Quantitative Analysis 53 (1), pp. 395–436. doi:10.1017/s0022109017000916

Yields on US inflation-protected Treasuries were at times well above the risk-free real rate, mainly because of lower liquidity, which distorts breakeven inflation.

Cited in: Liquid real assets: inflation protection with tradable real assets in a portfolio · Market expectations: what the yield curve, inflation-linked bonds and options reveal about the future · Bond math: calculating price, yield, duration, convexity and spreads · Glossary: TIPS

D'Antona (2016) · Bloomberg Completes Acquisition of Barclays Risk Analytics and Index Solutions Business

D'Antona, John. Markets Media, August 25, 2016; accessed October 25, 2026. Source

Bloomberg acquires Barclays' bond indices, initially under the name Bloomberg Barclays Indices.

Cited in: Index providers and valuation points: why the same index is calculated differently

Da et al. (2011) · In Search of Attention

Da, Zhi; Engelberg, Joseph; Gao, Pengjie. The Journal of Finance 66 (5), pp. 1461–1499. doi:10.1111/j.1540-6261.2011.01679.x

Google search queries as a direct measure of retail investor attention: an increase predicts higher prices in the short term and a later reversal.

Cited in: Thematic ETFs and hype: what studies, costs and overlaps reveal · Alternative data: job ads, Reddit, X, satellites and card payments

Dahiya et al. (2003) · Debtor-in-possession financing and bankruptcy resolution: Empirical evidence

Dahiya, Sandeep; John, Kose; Puri, Manju; Ramírez, Gabriel. Journal of Financial Economics 69 (1), pp. 259–280. doi:10.1016/S0304-405X(03)00113-2

Firms with DIP financing emerge from Chapter 11 more often and more quickly; there is little evidence of overinvestment, and proceedings are particularly short when the existing lender provides the DIP loan.

Cited in: Distressed debt: strategies, bankruptcy law, recovery rates and returns when investing in crises

Dalio (2017) · Principles: Life and Work

Dalio, Ray. Simon & Schuster.

The founder of Bridgewater Associates on his career since 1975 and the principles by which he makes decisions and runs the firm.

Cited in: Legendary investors: the investment styles of the most famous investors, from Graham to Simons

Dammon et al. (2004) · Optimal Asset Location and Allocation with Taxable and Tax-Deferred Investing

Dammon, Robert M.; Spatt, Chester S.; Zhang, Harold H.. The Journal of Finance 59 (3), pp. 999–1037. doi:10.1111/j.1540-6261.2004.00655.x

Which assets belong in which account when part of the portfolio is tax-advantaged (asset location).

Cited in: Glossary: Asset location

Damodaran (2012) · Investment Valuation: Tools and Techniques for Determining the Value of Any Asset

Damodaran, Aswath. Wiley, 3rd edition.

Textbook on valuation: cost of capital, discounted cash flow models with a terminal value, dividend discounting and multiples such as P/E and EV/EBITDA.

Cited in: Fundamental analysis: valuing a company like an investor · Glossary: Discounted cash flow model · Glossary: Weighted average cost of capital

Daniel et al. (1997) · Measuring Mutual Fund Performance with Characteristic-Based Benchmarks

Daniel, Kent; Grinblatt, Mark; Titman, Sheridan; Wermers, Russ. The Journal of Finance 52 (3), pp. 1035–1058. doi:10.1111/j.1540-6261.1997.tb02724.x

Measures fund performance against benchmark portfolios with the same characteristics (size, valuation, momentum), built from the fund's holdings.

Cited in: Legendary investors: the investment styles of the most famous investors, from Graham to Simons · Look-through: what is really inside your ETFs · Sharpe's style analysis: what a fund really does · Look-through: how Portfolio Lab sees inside funds · Glossary: Characteristic-based benchmark

Daniel and Moskowitz (2016) · Momentum crashes

Daniel, Kent; Moskowitz, Tobias J.. Journal of Financial Economics 122 (2), pp. 221–247. doi:10.1016/j.jfineco.2015.12.002

Momentum crashes occur after bear markets, when the market rebounds sharply; volatility scaling mitigates them.

Cited in: Factor investing: understanding the Fama-French factors · Tactical allocation: momentum, dual momentum and trend following · Momentum crashes: why momentum collapses rarely but violently, and what volatility scaling and crowding measures show · Trend following: riding each asset's own trend · Tactical allocation methodology: how the eleven tactical models work · Glossary: Momentum crash

Dao et al. (2017) · Tail Protection for Long Investors: Trend Convexity at Work

Dao, Tung-Lam; Nguyen, Trung-Tu; Deremble, Cyril; Lempérière, Yves; Bouchaud, Jean-Philippe; Potters, Marc. The Journal of Investment Strategies 7 (1), pp. 61–84. doi:10.21314/jois.2017.093

The result of trend following depends on the difference between long-term and short-term realized variance, which explains the positive convexity of CTA returns.

Cited in: CTAs and managed futures: industry, position sizing, costs and crisis protection · Glossary: Crisis alpha

Davis Wright Tremaine (2024) · District Court Vacates CFTC Prohibition on Trading “Congressional Control Contracts” Predicting Election Results

Davis Wright Tremaine. Financial Services Law Advisor, October 2, 2024; accessed October 25, 2026. Source

In September 2023, the CFTC barred Kalshi's contracts on control of Congress; the district court in Washington vacated that decision on September 6, 2024, and the court of appeals refused a stay on October 2, 2024.

Cited in: Prediction markets as bets on events: what they can and cannot do

Davis et al. (2014) · Private Equity, Jobs, and Productivity

Davis, Steven J.; Haltiwanger, John; Handley, Kyle; Jarmin, Ron; Lerner, Josh; Miranda, Javier. American Economic Review 104 (12), pp. 3956–3990. doi:10.1257/aer.104.12.3956

US buyouts from 1980 to 2005 with 3,200 target firms: small net job losses, but a great deal of job creation and destruction, and higher productivity.

Cited in: Buyout funds and management buyouts: how LBOs, MBOs and MBIs work

Davis et al. (2019) · The (Heterogenous) Economic Effects of Private Equity Buyouts

Davis, Steven J.; Haltiwanger, John; Handley, Kyle; Lipsius, Ben; Lerner, Josh; Miranda, Javier. National Bureau of Economic Research, Working Paper 26371. doi:10.3386/w26371

Employment falls by 13% after buyouts of listed firms and rises by 13% after buyouts of private firms (over two years, relative to comparable firms); the effects depend on credit conditions and the type of buyer.

Cited in: Buyout funds and management buyouts: how LBOs, MBOs and MBIs work

De Bondt and Thaler (1985) · Does the Stock Market Overreact?

De Bondt, Werner F. M.; Thaler, Richard. The Journal of Finance 40 (3), pp. 793–805. doi:10.1111/j.1540-6261.1985.tb05004.x

Past losers outperform past winners over several years, a long-term reversal regarded as evidence of overreaction.

Cited in: Equal weight vs cap weight: weighting, rebalancing and factor tilts · Glossary: Reversal effect

de Zwart et al. (2012) · Private Equity Recommitment Strategies for Institutional Investors

de Zwart, Gerben; Frieser, Brian; van Dijk, Dick. Financial Analysts Journal 68 (3), pp. 81–99. doi:10.2469/faj.v68.n3.1

Dynamic recommitment strategy designed to maintain a strategic private equity allocation: the size of new commitments depends on distributions, outstanding commitments and the current allocation relative to the target.

Cited in: Takahashi-Alexander model: forecasting the cash flows of private markets funds · Glossary: Commitment pacing

Dechert LLP (2019) · SEC Grants Exemptive Relief to Operate Non-Fully Transparent Active ETFs

Dechert LLP. Dechert LLP, Financial Services Quarterly Report, July 1, 2019; accessed October 25, 2026. Source

Describes the SEC's first approval, on May 20, 2019, of active ETFs without daily disclosure: a confidential account for the authorized participants, a verified indicative value every second, and only securities traded on US exchanges.

Cited in: Active ETFs: how they work and what they deliver · Glossary: Semi-transparent ETF

Demirer et al. (2019) · On the predictability of stock market bubbles: evidence from LPPLS confidence multi-scale indicators

Demirer, Riza; Demos, Guilherme; Gupta, Rangan; Sornette, Didier. Quantitative Finance 19 (5), pp. 843–858. doi:10.1080/14697688.2018.1524154

LPPLS confidence for the S&P 500, FTSE and Nikkei: it captures some large bubbles in advance, and short selling and liquidity help to predict bubbles.

Cited in: Speculative bubbles: what they are and how the LPPLS model detects them · Bubble indicator (LPPLS): methodology · Glossary: Qualified fit · Glossary: Negative bubble

Dempster et al. (1977) · Maximum Likelihood from Incomplete Data Via the EM Algorithm

Dempster, A. P.; Laird, N. M.; Rubin, D. B.. Journal of the Royal Statistical Society Series B: Statistical Methodology 39 (1), pp. 1–22. doi:10.1111/j.2517-6161.1977.tb01600.x

The general EM algorithm for estimation with missing or hidden data, such as mixture distributions and hidden Markov models.

Cited in: Regime models: hidden Markov, Markov switching and more · Regime methodology: how the hidden Markov model works · Glossary: EM algorithm

Denis et al. (2003) · S&P 500 Index Additions and Earnings Expectations

Denis, Diane K.; McConnell, John J.; Ovtchinnikov, Alexei V.; Yu, Yun. The Journal of Finance 58 (5), pp. 1821–1840. doi:10.1111/1540-6261.00589

After inclusion in the S&P 500, earnings forecasts and actual earnings rise more than for comparable firms, so inclusion is not an information-free event.

Cited in: The index effect: what happens to prices when stocks join or leave an index

Deutsche Börse, trading parameters (2026) · Handelsparameter Xetra (Stand 18. Mai 2026) [Xetra trading parameters (as of May 18, 2026)]

Deutsche Börse AG. Deutsche Börse AG; accessed October 25, 2026. Source

Times of the trading phases on Xetra: call phase of the closing auction from 17:30, auction price at around 17:35, followed by Trade-at-Close; all times are approximate.

Cited in: Order types and execution: from limit orders to MOC, VWAP, TAS and BTIC · Glossary: Closing auction

Deutsche Börse, market model (2026) · Continuous Trading with Auctions

Deutsche Börse AG. Deutsche Börse AG, description of the Xetra trading model; accessed October 25, 2026. Source

Continuous trading with opening, intraday and closing auctions; the call phase ends at a random point to make manipulation harder.

Cited in: Order types and execution: from limit orders to MOC, VWAP, TAS and BTIC

Deutsche Börse, Trade-at-Close (2026) · Xetra Trade-at-Close (fact sheet, as of July 2026)

Deutsche Börse AG. Deutsche Börse AG; accessed October 25, 2026. Source

After a closing auction with turnover, participants can trade continuously at the closing price for up to five minutes, until 17:40; participation requires an explicit opt-in.

Cited in: Order types and execution: from limit orders to MOC, VWAP, TAS and BTIC

Deutsche Bundesbank (2025) · Household wealth and finances in Germany: Results of the 2023 household wealth survey (Monthly Report, April 2025)

Deutsche Bundesbank. Deutsche Bundesbank, April 10, 2025; accessed October 25, 2026. Source

Results of the 2023 Private Households and their Finances (PHF) study: median net wealth of €103,200 and mean net wealth of €324,800; 42% of households live in their own home.

Cited in: Your whole wealth: total wealth from portfolio, home, human capital and car

Bundesbank, weekly activity index (2026) · Wöchentlicher Aktivitätsindex für die deutsche Wirtschaft (WAI), Zeitreihe BBDE1.W.DE.Y.WAI.A2N400000.A.N.R00.A und Methodik [Weekly activity index for the German economy (WAI), time series BBDE1.W.DE.Y.WAI.A2N400000.A.N.R00.A and methodology]

Deutsche Bundesbank. Deutsche Bundesbank; accessed October 27, 2026. Source

Experimental weekly index of real economic activity from nine weekly indicators (including electricity, truck tolls, flights, search queries, footfall, air pollutants and card payments), monthly industrial production and GDP; detrended growth rate of the last 13 weeks against the 13 weeks before, published on the first business day of each week.

Cited in: Economic pulse: how Portfolio Lab calculates early indicators · Glossary: Weekly Activity Index (Bundesbank)

SPIVA Europe (2026) · SPIVA Europe Year-End 2025

Di Gioia, Davide; Edwards, Tim; Smith, Euan; Malinowski, Agatha. S&P Dow Jones Indices, March 19, 2026; accessed October 25, 2026. Source

Compares active funds in Europe with benchmarks over 1 to 10 years, including fund survival rates.

Cited in: Stock picking: why individual stocks are so hard to get right

Dichev (2007) · What Are Stock Investors' Actual Historical Returns? Evidence from Dollar-Weighted Returns

Dichev, Ilia D. American Economic Review 97 (1), pp. 386–401. doi:10.1257/aer.97.1.386

Compares the returns of securities with investors' dollar-weighted returns: because of the timing of investors' inflows and outflows, the latter are systematically lower in almost all major markets.

Cited in: CAGR: how to calculate the average annual return correctly · How to backtest an ETF portfolio: a guide to portfolio backtesting · Lump sum or dollar-cost averaging: invest a large amount at once or in installments? · Market timing: can you pick the right moment? · Equity risk premium: how much more equities return and why it is a puzzle · Portfolio reporting: how to report return, risk, attribution and costs properly · Time-weighted and money-weighted return: what measures what? · Backtest methodology: data, process, rebalancing and costs · Glossary: Money-weighted return · Glossary: Investor return gap

Dick-Nielsen et al. (2012) · Corporate bond liquidity before and after the onset of the subprime crisis

Dick-Nielsen, Jens; Feldhütter, Peter; Lando, David. Journal of Financial Economics 103 (3), pp. 471–492. doi:10.1016/j.jfineco.2011.10.009

The illiquidity component of corporate bond yield spreads rose sharply with the onset of the subprime crisis, slowly and persistently for investment grade, and more strongly but more briefly for high-yield bonds.

Cited in: Market making and bond trading: spread, inventory, axes, RFQ, cross trades and matrix pricing

Dickey and Fuller (1979) · Distribution of the Estimators for Autoregressive Time Series with a Unit Root

Dickey, David A.; Fuller, Wayne A.. Journal of the American Statistical Association 74 (366a), pp. 427–431. doi:10.1080/01621459.1979.10482531

A unit root test (Dickey-Fuller): is a time series stationary or a random walk?

Cited in: Return forecasting models: ARIMA, GARCH, LSTM and machine learning · Speculative bubbles: what they are and how the LPPLS model detects them · Asset analysis: methodology from correlation to cointegration · Glossary: Unit root · Glossary: Augmented Dickey-Fuller test

Diebold and Mariano (1995) · Comparing Predictive Accuracy

Diebold, Francis X.; Mariano, Roberto S.. Journal of Business & Economic Statistics 13 (3), pp. 253–263. doi:10.1080/07350015.1995.10524599

A test of whether two forecasts are equally accurate, with any loss function and with autocorrelated, non-normal errors.

Cited in: Return forecasting models: ARIMA, GARCH, LSTM and machine learning · Glossary: Diebold-Mariano test

Diebold and Li (2006) · Forecasting the term structure of government bond yields

Diebold, Francis X.; Li, Canlin. Journal of Econometrics 130 (2), pp. 337–364. doi:10.1016/j.jeconom.2005.03.005

Makes the Nelson-Siegel model dynamic: level, slope and curvature of the yield curve as time series that can be forecast.

Cited in: Yield curve: what the term structure reveals and why an inverted curve is seen as a warning sign

Diether et al. (2009) · Short-Sale Strategies and Return Predictability

Diether, Karl B.; Lee, Kuan-Hui; Werner, Ingrid M.. Review of Financial Studies 22 (2), pp. 575–607. doi:10.1093/rfs/hhn047

US short-selling data for 2005: short sales make up a large part of volume, and short sellers trade after price rises and correctly predict negative abnormal returns.

Cited in: Short selling, hedge funds and hedging: types and how they work

Dimson et al. (2002) · Triumph of the Optimists: 101 Years of Global Investment Returns

Dimson, Elroy; Marsh, Paul; Staunton, Mike. Princeton University Press.

Returns on equities, bonds and money market instruments in 16 countries over 101 years; the basis of many estimates of risk premiums.

Cited in: CAGR: how to calculate the average annual return correctly · Compound interest: how returns on returns make wealth grow · Real return: what is left after inflation · World portfolio: the whole world in one or two ETFs · Equity risk premium: how much more equities return and why it is a puzzle · Asset classes with a long history: methodology · Glossary: Equity risk premium

Dimson and Spaenjers (2011) · Ex post: The investment performance of collectible stamps

Dimson, Elroy; Spaenjers, Christophe. Journal of Financial Economics 100 (2), pp. 443–458. doi:10.1016/j.jfineco.2010.12.005

British collectible stamps 1900–2008: 7.0% a year in nominal terms and 2.9% in real terms, i.e. more than bonds and less than equities, with equity-like volatility.

Cited in: Collectibles as an investment: what art, wine, watches and classic cars really return

Dimson et al. (2013) · Credit Suisse Global Investment Returns Yearbook 2013

Dimson, Elroy; Marsh, Paul; Staunton, Mike. Credit Suisse Research Institute, Zurich 2013 (catalog entry of the KIT Library). Source

Long-term returns in 22 countries; at the end of the 1980s Japan was briefly the world's largest stock market, with 45% at its peak and still 8% at the end of 2012, against 51% for the US.

Cited in: MSCI World vs ACWI vs FTSE All-World: structure, concentration and combinations

Dimson et al. (2015) · The price of wine

Dimson, Elroy; Rousseau, Peter L.; Spaenjers, Christophe. Journal of Financial Economics 118 (2), pp. 431–449. doi:10.1016/j.jfineco.2015.08.005

Prices of Bordeaux first growths 1900–2012: a real return after storage costs of 4.1% a year, more than bonds, art and stamps; wine and equity returns are positively correlated.

Cited in: Collectibles as an investment: what art, wine, watches and classic cars really return · Glossary: Emotional dividend

Do and Faff (2010) · Does Simple Pairs Trading Still Work?

Do, Binh; Faff, Robert. Financial Analysts Journal 66 (4), pp. 83–95. doi:10.2469/faj.v66.n4.1

Repeats the distance method with more recent data: profitability keeps declining, but the strategy performs strongly during prolonged periods of turbulence.

Cited in: Pairs trading and statistical arbitrage: idea, methods, research

Dominguez and Robin (1992) · Your Money or Your Life: Transforming Your Relationship with Money and Achieving Financial Independence

Dominguez, Joe; Robin, Vicki. Viking.

Early foundational work of the financial independence movement: handle money and spending more consciously so that you can live off investment income.

Cited in: FIRE (Financial Independence, Retire Early): Lean, Fat, Coast and Barista FIRE · Glossary: FIRE

Donohue and Yip (2003) · Optimal Portfolio Rebalancing with Transaction Costs

Donohue, Christopher; Yip, Kenneth. The Journal of Portfolio Management 29 (4), pp. 49–63. doi:10.3905/jpm.2003.319894

Optimal rebalancing bands under transaction costs.

Cited in: Rebalancing: getting your portfolio back on course · Strategic and tactical asset allocation and the total portfolio approach

Doyle and Deane (2025) · Central Bank of Ireland Updates its UCITS Q&A on Portfolio Transparency for ETFs

Doyle, Hazel; Deane, Lucy. K&L Gates, April 29, 2025; accessed October 25, 2026. Source

Since April 2025 the Central Bank of Ireland has allowed UCITS ETFs to disclose their holdings quarterly as well as daily, provided that enough information is available every day for arbitrage.

Cited in: Active ETFs: how they work and what they deliver · Glossary: Semi-transparent ETF

Driessen et al. (2012) · A New Method to Estimate Risk and Return of Nontraded Assets from Cash Flows: The Case of Private Equity Funds

Driessen, Joost; Lin, Tse-Chun; Phalippou, Ludovic. Journal of Financial and Quantitative Analysis 47 (3), pp. 511–535. doi:10.1017/s0022109012000221

Estimates beta and excess return from the cash flows of 958 funds: venture capital has a high market beta and buyouts a rather low one, and the reported values of mature funds are too high.

Cited in: Measuring private markets: J-curve, cash flows, smoothing and public proxies

Du et al. (2023) · Active ETFs Cloned from Mutual Funds: Competing for Investor Flows

Du, Linda; Starks, Laura T.; Xiaolan, Mindy Z.. SSRN Working Paper 4653702. doi:10.2139/ssrn.4653702

US fund families also launch active mutual funds as ETFs; the clones do not take flows away from the parent fund and, thanks to its reputation, attract more money than comparable active ETFs.

Cited in: Active ETFs: how they work and what they deliver

Du et al. (2018) · Deviations from Covered Interest Rate Parity

Du, Wenxin; Tepper, Alexander; Verdelhan, Adrien. The Journal of Finance 73 (3), pp. 915–957. doi:10.1111/jofi.12620

Deviations from covered interest parity for major currencies are large, persistent and systematic, especially across quarter-ends, which points to the effect of bank regulation.

Cited in: Carry trade: earning interest with currencies and bonds · Basis trades: positive and negative basis in bonds, CDS and futures · Basket swaps, total return swaps or futures: building market exposure efficiently · Carry backtest: methodology for FX and bond carry · Glossary: Covered interest parity

Duffie and Singleton (1999) · Modeling Term Structures of Defaultable Bonds

Duffie, Darrell; Singleton, Kenneth J.. Review of Financial Studies 12 (4), pp. 687–720. doi:10.1093/rfs/12.4.687

Reduced-form models with a default intensity for valuing defaultable bonds and credit derivatives.

Cited in: Counterparty and issuer risk: CVA, ETCs, certificates and swaps · Private debt in practice: direct lending, unitranche, mezzanine, loan structure and fund vehicles

Duffie (2010) · Presidential Address: Asset Price Dynamics with Slow-Moving Capital

Duffie, Darrell. The Journal of Finance 65 (4), pp. 1237–1267. doi:10.1111/j.1540-6261.2010.01569.x

Capital moves only slowly to trading opportunities: prices react sharply to shocks and recover slowly, and in the financial crisis impediments to raising capital distorted prices.

Cited in: Basis trades: positive and negative basis in bonds, CDS and futures

Duffie and Zhu (2011) · Does a Central Clearing Counterparty Reduce Counterparty Risk?

Duffie, Darrell; Zhu, Haoxiang. Review of Asset Pricing Studies 1 (1), pp. 74–95. doi:10.1093/rapstu/rar001

A central counterparty for only one class of derivatives can reduce netting efficiency and increase average counterparty exposure.

Cited in: Counterparty and issuer risk: CVA, ETCs, certificates and swaps

Dumas et al. (1998) · Implied Volatility Functions: Empirical Tests

Dumas, Bernard; Fleming, Jeff; Whaley, Robert E.. The Journal of Finance 53 (6), pp. 2059–2106. doi:10.1111/0022-1082.00083

Models with a deterministic volatility function do not forecast or hedge S&P 500 options any better than smoothed Black-Scholes volatilities.

Cited in: Option pricing: where fair option prices come from

Dunn and Barden (2025) · Amid regional conflict, the Strait of Hormuz remains critical oil chokepoint

Dunn, Candace; Barden, Justine. U.S. Energy Information Administration, Today in Energy, June 16, 2025. Source

About 20 million barrels of oil a day flowed through the Strait of Hormuz in 2024, more than a quarter of seaborne oil trade and about a fifth of LNG trade.

Cited in: Ship tracking data and satellite images: what they reveal about commodities · Glossary: Chokepoint (maritime trade)

Dyer and Guest (2022) · A Tale of Two Index Funds: Full Replication vs. Representative Sampling

Dyer, Travis; Guest, Nicholas. SSRN Working Paper (July 2022 version). doi:10.2139/ssrn.4057537

US equity index funds that use sampling trade more, cost more and return 50 to 70 basis points less per year than fully replicating funds.

Cited in: Index replication: full replication, optimized sampling and swaps

Dymke and Walter (2008) · Insider Trading in Germany — Do Corporate Insiders Exploit Inside Information?

Dymke, Björn M.; Walter, Andreas. Business Research 1 (2), pp. 188–205. doi:10.1007/bf03343533

Links insider trades in Germany to subsequent ad hoc announcements: insiders as a group appear to exploit inside information, supervisory board members most of all.

Cited in: Insider trading: what is prohibited, what is allowed and what insider purchases reveal

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