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Insider Trading Following Material News Events: Evidence from Earnings

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  • Volume 23 Number 1

Abstract

Trading by corporate insiders has been a significant public policy issue in the United States for the past several decades. Despite a series of laws and prohibitions against trading by insiders on material non-public information, the academic literature unambiguously suggests that insiders earn abnormal profits on their stock transactions. In general, the literature suggests that purchases (sales) by insiders are followed by positive (negative) abnormal stock returns. Because ordinary investors may benefit from knowledge of insider trading activity, the financial press and investment analysts frequently provide information on recent insider trades.

Suggested Citation

  • Volume 23 Number 1, 1994. "Insider Trading Following Material News Events: Evidence from Earnings," Financial Management, Financial Management Association, vol. 23(1), Spring.
    • Handle: RePEc:fma:fmanag:sivakumar94
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    Cited by:

    1. Hans Degryse & Frank Jong & Jérémie Lefebvre, 2014. "An Empirical Analysis of Legal Insider Trading in The Netherlands," De Economist, Springer, vol. 162(1), pages 71-103, March.
    2. Juha-Pekka Kallunki & Henrik Nilsson & Janne Peltoniemi, 2009. "Regulated and unregulated insider trading around earnings announcements," European Journal of Law and Economics, Springer, vol. 27(3), pages 285-308, June.
    3. Adriana Korczak & Piotr Korczak & Meziane Lasfer, 2010. "To Trade or Not to Trade: The Strategic Trading of Insiders around News Announcements," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 37(3‐4), pages 369-407, April.
    4. Huddart, Steven & Ke, Bin & Shi, Charles, 2007. "Jeopardy, non-public information, and insider trading around SEC 10-K and 10-Q filings," Journal of Accounting and Economics, Elsevier, vol. 43(1), pages 3-36, March.

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