تاثیر جلسات سرمایه گذار/ارائه بر روی قیمت سهم، تجارت داخلی و اوراق بهادار مقررات

The purpose of this article is to investigate whether the current EU securities regulations contribute successfully toward efficient stock markets. An event study of investor meetings/presentations held by listed Danish firms is conducted. The article finds significantly positive abnormal returns a few days around investor meetings as well as increased variance. Share turnover reaches maximum 1 day after investor meetings. This indicates the presence of possible insider trading. The introduction of common EU rules dealing explicitly with investor meetings is suggested in order to improve investor protection. The use of webcasting of investor meetings over the Internet is strongly recommended.