Insider Trading in Germany - Do Corporate Insiders Exploit Inside Information?

Our study focuses on the question whether corporate insiders in Germany exploit inside information while trading in their company’s stock. In contrast to prior international studies, which are not able to link insider transactions to a formal definition of inside information, we relate insider transactions to subsequent releases of inside information via ad-hoc news disclosures. We find evidence that corporate insiders as a group seem to trade on inside information. Moreover, members of the supervisory board seem to be most active in exploiting inside information, since they realize exceptionally high profits with their frequent front-running transactions.

Motive Structures and Violence among Young Globalization Critics. A Statistical Typology of the Motives for Protest at the 2007 G8 Summit

The results of a questionnaire survey of 3,578 young protesters aged 15 to 24 were used to create a typology of the motive structures of the young globalization critics who participated in protests against the G8 summit in Heiligendamm in June 2007. Eight groups with different motive structures identified using cluster analysis reveal the spectrum of motives of the young demonstrators, ranging from social and political idealism to hedonistic fun-seeking and nationalist motives. Despite the diversity of motives, two cross-cluster motives can be identified: the results clearly show that the majority of respondents were motivated by political idealism and rejected violence. Two overlapping minorities were found: one where political idealism was largely lacking, and another where violence was a prominent motive.