(Universidad Icesi, 2017-07-01) del Brío, Esther B.
This paper analyzes the use of privileged information in the purchase operations of Spanish insiders
and how the ownership structure affects their transactional behavior. For this, an empirical study was
carried out with a sample of 2,233 purchase operations. For the calculation of the abnormal returns,
the methodology of event study was applied, and for the analysis of the effect of the property structure,
multiple linear regressions were used. The results provide evidence on the coexistence of control
and expropriation effects of ownership concentration, the coexistence of the effects of convergence
and entrenchment of the property of the insiders, and the effect of the shareholder type on abnormal
returns.
