Two upcoming TILEC-AFM seminars on insider trading

Does legal insider trading (e.g. by a director when authorized by the board) contribute to market efficiency? Can supervision help eliminate abnormal stock returns ahead of news announcements, thereby increasing market "cleanliness"? The TILEC-AFM research network on financial market regulation will soon organize two seminars on these important issues. The first seminar, entitled "Market cleanliness and legal insider trading in Dutch financial markets", will be held at the Autoriteit Financiele Markten (AFM, the Dutch financial market supervisor) in Amsterdam on October 2. Two speakers, Bas ter Weel (AFM) and Jérémie Lefebvre (TILEC), will present their recent research, discussing the impact of the market abuse European directive on market cleanliness and the impact of legal insider trading on Dutch stock markets. The second seminar will be held at TILEC on December 14. Eric de Bodt (Université de Lille, CORE & IAG Louvain School of Management) will discuss the impact of legal insider trading on US stock markets, while François Kristen (University of Amsterdam) will highlight the corresponding legal issues. More information about those two events as well as other activities of the TILEC-AFM research network can be found here.