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.

Considering Stage Direction as Building Informed Virtual Environments

This article begins with some recent considerations about real-time music, inspired by the latest contribution of French composer Philippe Manoury. Then, through the case study of the scenic performance La Traversée de la nuit, we analyse some perspectives for designing an Informed Virtual Environment dedicated to live show artistic domain.