Can you trade company stock transaction windows?

[Elite_Master]

Hello
I worked for a company that awards employees with sharers of stock at the end of the year. A separate company administers that program, and they only allow employees to sell their stock during a few regularly scheduled windows during the year. Employees are not allows to trade the stock otherwise, but many large companies operate this way.
Has anyone looked in to trading these transaction windows? Are there any legal issues? Do stock prices fluctuate consistently when these windows open and close? Thanks

 

[Sig]

Hello
I worked for a company that awards employees with sharers of stock at the end of the year. A separate company administers that program, and they only allow employees to sell their stock during a few regularly scheduled windows during the year. Employees are not allows to trade the stock otherwise, but many large companies operate this way.
Has anyone looked in to trading these transaction windows? Are there any legal issues? Do stock prices fluctuate consistently when these windows open and close? Thanks

It might be a good idea if it's a company with very low average trading volume, a large amount of employee stock relative to that trading volume, and a reason why the employees would all be trading in one direction. If you're talking about any big names though I would have to think it would be drowned out in the noise. There's got to be an academic study on this somewhere, I'll do some searching when I get some down time.