Trading on Inside Track : An Event Study of Market Reactions to Legal Insider Trading on the Oslo Stock Exchange

This master thesis investigates the market reactions to legal insider trading on the Oslo Stock Exchange using the methodology outlined by MacKinlay (1997). The analysis is based on a sample of 2419 insider trades publicly disclosed between 01.01.2017 and 31.12.2022. The results of the event study suggest that insider purchases generate significantly abnormal returns, yielding 1.14 percent for the full sample in the event window [0, 1]. We observe a pattern indicating that larger transactions yield higher abnormal returns than smaller transactions. However, we do not observe a similar pattern for insider sales. Furthermore, the market reacts more strongly to purchases made by insiders higher up in the company hierarchy, such as chief officers and chairs. The market reactions were stronger for insider purchases within industrial companies and in R&D-intense companies, specifically in the health care and information technology industry. Conversely, insider sales within companies related to information technology, industrials, and financial services gave significantly negative abnormal returns. Finally, for our cross-sectional regression analysis, larger companies and companies with a high share of insider ownership had a negative effect on the abnormal return. On the opposite side, insider purchases in companies with higher volatility and liquidity positively affect abnormal returns.nhhma

Stochastic evolutionary-based optimization for rapid diagnosis and energy-saving in pilot- and full-scale Carrousel oxidation ditches

Energy consumption is a primary issue needed to be considered for wastewater treatment targeting qualified effluent. In this paper, a hybrid model is proposed for rapid diagnosis of operational conditions meeting requirements of discharge standards and energy saving in the pilot-and full-scale Carrousel Oxidation Ditches (ODs). Based on a three-dimensional (3D) three-phase computational fluid dynamics (CFD) model, we developed an artificial neural network (ANN) model with back propagation algorithm and an accelerating genetic algorithm (AGA) model to achieve real-time simulation and system optimization in the Carrousel ODs. By incorporating the 3D-CFD and multi-site ANN models, the hybrid model provided reasonable predictions of liquid flow, sludge sedimentation and water quality in the Carrousel ODs. With help of the AGA model based on evolution theory, system optimization could be reached to meet multiple purposes such as energy saving, water-quality improving and normal sludge distribution, which was demonstrated that a 31% saving in total energy could possibly be made under an optimum operating condition compared to the existing operating condition in a full-scale OD

Three-dimensional structure of the milky way dust: modeling of LAMOST data

We present a three-dimensional modeling of the Milky Way dust distribution by fitting the value-added star catalog of LAMOST spectral survey. The global dust distribution can be described by an exponential disk with scale-length of 3,192 pc and scale height of 103 pc. In this modeling, the Sun is located above the dust disk with a vertical distance of 23 pc. Besides the global smooth structure, two substructures around the solar position are also identified. The one located at $150^{\circ}<l<200^{\circ}$ and $-5^{\circ}<b<-30^{\circ}$ is consistent with the Gould Belt model of \citet{Gontcharov2009}, and the other one located at $140^{\circ}<l<165^{\circ}$ and $0^{\circ}<b<15^{\circ}$ is associated with the Camelopardalis molecular clouds.Comment: 15 pages, 6 figure, accepted by Ap

Solar-type Stars Observed by LAMOST and Kepler

Obtaining measurements of chromospheric and photometric activity of stars with near-solar fundamental parameters and rotation periods is important for a better understanding of solar-stellar connection. We select a sample of 2603 stars with near-solar fundamental parameters from the Large Sky Area Multi-Object Fiber Spectroscopic Telescope (LAMOST)-Kepler field and use LAMOST spectra to measure their chromospheric activity and Kepler light curves to measure their photospheric activity (i.e., the amplitude of the photometric variability). While the rotation periods of 1556 of these stars could not be measured due to the low amplitude of the photometric variability and highly irregular temporal profile of light curves, 254 stars were further identified as having near-solar rotation periods. We show that stars with near-solar rotation periods have chromospheric activities that are systematically higher than stars with undetected rotation periods. Furthermore, while the solar level of photospheric and chromospheric activity appears to be typical for stars with undetected rotation periods, the Sun appears to be less active than most stars with near-solar rotation periods (both in terms of photospheric and chromospheric activity).Comment: 7 pages, 6 figure