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[{"key": "dc.contributor.advisor", "value": "Lehkonen, Heikki", "language": null, "element": "contributor", "schema": "dc", "qualifier": "advisor"}, {"key": "dc.contributor.author", "value": "Nissinen, Okko-Pekka", "language": null, "element": "contributor", "schema": "dc", "qualifier": "author"}, {"key": "dc.date.accessioned", "value": "2025-04-11T12:45:43Z", "language": null, "element": "date", "schema": "dc", "qualifier": "accessioned"}, {"key": "dc.date.available", "value": "2025-04-11T12:45:43Z", "language": null, "element": "date", "schema": "dc", "qualifier": "available"}, {"key": "dc.date.issued", "value": "2025", "language": null, "element": "date", "schema": "dc", "qualifier": "issued"}, {"key": "dc.identifier.uri", "value": "https://jyx.jyu.fi/handle/123456789/101397", "language": null, "element": "identifier", "schema": "dc", "qualifier": "uri"}, {"key": "dc.description.abstract", "value": "Abstract\n\nThis study analyzes whether the closely associated persons to corporate insiders can achieve abnormal returns through informed trading and how litigation pressure affects these returns. Utilizing the event study methodology, the analysis is focused on the transactions made by individuals required to be reported as closely related insiders in companies listed on the OMX Helsinki between 2016 and 2024. Data were obtained from official stock bulletins, daily prices from Eikon Datastream and Nasdaq and enforcement records published by the Finnish Financial Supervisory Authority.\nThe results show that closely associated persons tend to make purchases after the stock has suffered poor performance, indicating that they time these trades after price declines. However, the observed abnormal returns from these trades were small and didn\u2019t last for more than a few days. Sales by closely associated persons did not reveal any significant patterns in abnormal returns. The litigation pressure that was proxied with the amount of regulatory enforcement actions, showed no significant impact on the returns. \nThese findings suggest that there might be short windows of opportunity for closely associated persons to realize quite minor abnormal returns. These abnormal returns diminish rapidly. The returns are minimally affected by litigation pressure. This could indicate that the regulation currently in place is enough to deter consistent exploitation of insider information by these closely associated persons.", "language": "en", "element": "description", "schema": "dc", "qualifier": "abstract"}, {"key": "dc.description.abstract", "value": "Tiivistelm\u00e4\n\nT\u00e4m\u00e4n tutkimuksen tarkoituksena on analysoida sis\u00e4piiril\u00e4isten l\u00e4hipiirin kyky\u00e4 luoda ylisuuria tuottoja sek\u00e4, miten kaupank\u00e4ynnin valvonta vaikuttaa tuottoon. Analyysiss\u00e4 k\u00e4ytet\u00e4\u00e4n apuna tapahtumatutkimusmetodeja ja keskityt\u00e4\u00e4n yksityishenkil\u00f6iden tekemiin kauppoihin vuosien 2016 ja 2024 v\u00e4lill\u00e4. Data on ker\u00e4tty p\u00f6rssitiedotteista, Eikon Datastreamista, Nasdaqilta ja Finanssivalvonnalta. \nTulokset osoittavat, ett\u00e4 l\u00e4hipiiril\u00e4iset ovat taipuvaisia ostamaan osaketta yrityksen huonon suoriutumisen j\u00e4lkeen, jolloin osakkeen hinta on laskenut. Ylisuuret tuotot eiv\u00e4t kuitenkaan kest\u00e4neet muutamaa p\u00e4iv\u00e4\u00e4 pidemp\u00e4\u00e4n ja olivat m\u00e4\u00e4r\u00e4lt\u00e4\u00e4n v\u00e4h\u00e4isi\u00e4. Myyntitransaktoiden osalta, ep\u00e4normaaleissa tuotoissa ei havaittu kaavamaisuuksia. Kaupank\u00e4ynnin valvonnan m\u00e4\u00e4r\u00e4, jota mitattiin valvontatapausten m\u00e4\u00e4r\u00e4n avulla, ei n\u00e4ytt\u00e4nyt vaikuttavan merkitt\u00e4viss\u00e4 m\u00e4\u00e4rin ep\u00e4normaaleihin tuottoihin. \nN\u00e4iden tulosten valossa voidaan sanoa, ett\u00e4 sis\u00e4piiril\u00e4isten l\u00e4hipiirill\u00e4 saattaa olla ajallisesti lyhyit\u00e4 tilaisuuksia tehd\u00e4 v\u00e4h\u00e4ist\u00e4 ep\u00e4normaalia tuottoa. Ylisuuret tuotot h\u00e4vi\u00e4v\u00e4t nopeasti transaktion j\u00e4lkeen. Valvonnan m\u00e4\u00e4r\u00e4 ei juurikaan vaikuttanut ep\u00e4normaaleihin tuottoihin, joka saattaa olla merkki siit\u00e4, ett\u00e4 t\u00e4m\u00e4nhetkinen valvonta on riitt\u00e4v\u00e4ll\u00e4 tasolla est\u00e4m\u00e4\u00e4n l\u00e4hipiirin sis\u00e4piiritiedon v\u00e4\u00e4rink\u00e4ytt\u00f6\u00e4.", "language": "fi", "element": "description", "schema": "dc", "qualifier": "abstract"}, {"key": "dc.description.provenance", "value": "Submitted by jyx lomake-julkaisija (jyx-julkaisija.group@korppi.jyu.fi) on 2025-04-11T12:45:42Z\nNo. of bitstreams: 0", "language": "en", "element": "description", "schema": "dc", "qualifier": "provenance"}, {"key": "dc.description.provenance", "value": "Made available in DSpace on 2025-04-11T12:45:43Z (GMT). No. of bitstreams: 0", "language": "en", "element": "description", "schema": "dc", "qualifier": "provenance"}, {"key": "dc.format.extent", "value": "54", "language": null, "element": "format", "schema": "dc", "qualifier": "extent"}, {"key": "dc.format.mimetype", "value": "application/pdf", "language": null, "element": "format", "schema": "dc", "qualifier": "mimetype"}, {"key": "dc.language.iso", "value": "eng", "language": null, "element": "language", "schema": "dc", "qualifier": "iso"}, {"key": "dc.rights", "value": "CC BY 4.0", "language": null, "element": "rights", "schema": "dc", "qualifier": null}, {"key": "dc.title", "value": "Insider Trading and Abnormal Returns: The Role of Closely Associated Persons in the Finnish Market", "language": null, "element": "title", "schema": "dc", "qualifier": null}, {"key": "dc.type", "value": "master thesis", "language": null, "element": "type", "schema": "dc", "qualifier": null}, {"key": "dc.identifier.urn", "value": "URN:NBN:fi:jyu-202504113225", "language": null, "element": "identifier", "schema": "dc", "qualifier": "urn"}, {"key": "dc.contributor.faculty", "value": "Jyv\u00e4skyl\u00e4n yliopiston kauppakorkeakoulu", "language": "fi", "element": "contributor", "schema": "dc", "qualifier": "faculty"}, {"key": "dc.contributor.faculty", "value": "Jyv\u00e4skyl\u00e4 University School of Business and Economics", "language": "en", "element": "contributor", "schema": "dc", "qualifier": "faculty"}, {"key": "dc.contributor.organization", "value": "Jyv\u00e4skyl\u00e4n yliopisto", "language": "fi", "element": "contributor", "schema": "dc", "qualifier": "organization"}, {"key": "dc.contributor.organization", "value": "University of Jyv\u00e4skyl\u00e4", "language": "en", "element": "contributor", "schema": "dc", "qualifier": "organization"}, {"key": "dc.subject.discipline", "value": "Master's Degree Programme in Banking and International Finance", "language": "fi", "element": "subject", "schema": "dc", "qualifier": "discipline"}, {"key": "dc.subject.discipline", "value": "Master's Degree Programme in Banking and International Finance", "language": "en", "element": "subject", "schema": "dc", "qualifier": "discipline"}, {"key": "dc.type.coar", "value": "http://purl.org/coar/resource_type/c_bdcc", "language": null, "element": "type", "schema": "dc", "qualifier": "coar"}, {"key": "dc.rights.copyright", "value": "\u00a9 The Author(s)", "language": null, "element": "rights", "schema": "dc", "qualifier": "copyright"}, {"key": "dc.rights.accesslevel", "value": "openAccess", "language": null, "element": "rights", "schema": "dc", "qualifier": "accesslevel"}, {"key": "dc.type.publication", "value": "masterThesis", "language": null, "element": "type", "schema": "dc", "qualifier": "publication"}, {"key": "dc.format.content", "value": "fulltext", "language": null, "element": "format", "schema": "dc", "qualifier": "content"}, {"key": "dc.rights.url", "value": "https://creativecommons.org/licenses/by/4.0/", "language": null, "element": "rights", "schema": "dc", "qualifier": "url"}, {"key": "dc.description.accessibilityfeature", "value": "unknown accessibility", "language": "en", "element": "description", "schema": "dc", "qualifier": "accessibilityfeature"}, {"key": "dc.description.accessibilityfeature", "value": "ei tietoa saavutettavuudesta", "language": "fi", "element": "description", "schema": "dc", "qualifier": "accessibilityfeature"}]
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