Does stealth trading coexist with high levels of insider trading? Evidence from Kuwait

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• 作者：Bader Alhashel ; ^{balhashel@cba.edu.kw" class="auth_mail" title="E-mail the corresponding author}
• 关键词：Stealth trading ; Microstructure ; Insider trading ; Emerging market
• 刊名：Global Finance Journal
• 出版年：2015
• 出版时间：July 2015
• 年：2015
• 卷：27
• 期：Complete
• 页码：112-118
• 全文大小：200 K

文摘

Stealth trading has been found to exist in the US, where informed investors submit medium-sized trades to reduce price impacts and camouflage their information. This paper reexamines this finding by placing the analysis in a different setting in which insider trading and private information sharing is very common during two different time periods — bull and bear markets. Using data on 34 stocks listed on the Kuwait Stock Exchange, I find that stealth trading exists in these two time periods. However, during bullish periods, stealth trading occurs through small-sized trades, while in bear markets, it occurs through medium-sized trades.