I am looking for a link or information regarding the following. PLEASE
IF YOU ANSWER THIS QUESTION, DO NOT INCLUDE PURELY THEORY. MOST
IMPORTANTLY I NEED STATISTICS OR A LINK TO SUCH STATISTICS. (exchange
not important)
ie. If more than X directors buy within a short time period of one
another, share price will increase by X amount.....

The relationship between directors dealings in shares in thir own
companies and the subsequent effect on the company's share price.
Basically, do you know of a study which addresses some of the
following issues:
( no need to answer many different aspects)

If directors buy their own shares, is it usually before an important
company announcement? (as given by FSA rules)

If directors buy, does the share price subsequently increase? What is
the average period of growth and duration?

Do factors such as transaction value and number of directors relate to
the subsequent share price moves in any way?

Is director selling also significant?

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Request for Question Clarification by omnivorous-ga on 24 Mar 2004 16:44 PST

Crazybrab --

There are studies of the impact of insider buying & selling.
In this case are you referring to:
*  ONLY members of the board of directors who are not managers?
*  any directors -- including managers?

Best regards,

Omnivorous-GA

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Request for Question Clarification by answerfinder-ga on 25 Mar 2004 00:55 PST

crazybrab-ga,
Is this the type of study you are seeking?
The conclusions are: "We find that: (i) the share price reaction to
directors? purchases is considerably higher than that to sales; (ii)
the status of the trading director influences the share price, but the
information hierarchy hypothesis is not supported; (iii) control by
financial institutions reinforces the information content of
directors? share transactions; (iv) monitoring blockholders
(corporations and individuals) as well as block ownership by
(entrenched) directors weaken the announcement effect, and (vi) the
information content of directors? trades is stronger in poorly
performing firms."

You can download it using this link
http://web.eur.nl/fbk/dep/dep5/faculty/jfidrmuc/insiderfinal
OR
view it in HTML with this link
http://216.239.59.104/search?q=cache:UrHciSlA1SwJ:web.eur.nl/fbk/dep/dep5/faculty/jfidrmuc/insiderfinal+%22directors+share+dealings%22+uk&hl=en&ie=UTF-8

Let me know and I shall try and find more.
answerfinder-ga

I can see your point.  Although I have no interest in providing
references you may use FSA-disclosed data and use an econometric model
to look for highly correlated break-points (before or after).

Simple to do from 1st principals but would take at least 20 hours to
get the data and 5 hours to do the testing.