Table 3

Does the type of insider affect the abnormal values

Panel A: PriceAll transactionsPurchasesSales
CAAPt-valueCAAPt-valueCAAPt-value
Director and Executives transactions570.861055.8418214.90286.5026831.896977.6157
Promoter transactions268.664127.6770592.672118.030064.02743.7946
Substantial Shareholders668.799243.5789383.007213.1620980.7421224.8313
Panel B: ReturnAll transactionsPurchasesSales
CAARt-valueCAARt-valueCAARt-value
Director and executives transactions0.01891.86310.03862.60350.00450.2826
Promoter transactions−0.0067−0.4593−0.0040−0.1826−0.0083−0.3524
Substantial shareholders0.02645.53440.02172.82740.03163.4829
Panel C : VolumeAll transactionsPurchasesSales
CAAVt-valueCAAVt-valueCAAVt-value
Director and executives transactions2.31956.96992.44104.65802.23034.6018
Promoter transactions7.69319.52323.23832.369610.506711.0282
Substantial shareholders0.94963.91300.88382.68261.02153.1180

Note(s): This table shows if the effect of insider trading on market characteristics differs with type of insider. It also contains the effect of buy and sell transactions by different type of insiders on each of the stock characteristics. The abnormal values are estimated using CAAP, CAAR and CAAV and their statistical significance is found using the t-value

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