Market efficiency reloaded: Why insider trades do not reveal exploitable information

Keyphrases

• Market Efficiency 100%
• Insider Trades 100%
• Trading Strategy 50%
• Germany 25%
• Least Squares Approach 25%
• Outperformance 25%
• Abnormal Returns 25%
• Generalized Least Squares 25%
• Return Difference 25%
• Transaction Costs 25%
• Simple Zeros 25%
• Arbitrage 25%
• Price Adjustment 25%
• Idiosyncratic Risk 25%
• Bid-ask Spread 25%
• Arbitrage Trading 25%
• Arbitrage Risk 25%
• Underreaction 25%

Economics, Econometrics and Finance

• Arbitrage 100%
• Efficient Market Hypothesis 100%
• Transaction Costs 33%
• Bid-Ask Spread 33%