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Decoding Inside Information
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AI
DOI：10.1111/j.1540-6261.2012.01740.x.png)
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摘要
En 中文
Exploiting the fact that insiders trade for a variety of reasons, we show that there is predictable, identifiable routine insider trading that is not informative about firms futures. A portfolio strategy that focuses solely on the remaining opportunistic traders yields value-weighted abnormal returns of 82 basis points per month, while abnormal returns associated with routine traders are essentially zero. The most informed opportunistic traders are local, nonexecutive insiders from geographically concentrated, poorly governed firms. Opportunistic traders are significantly more likely to have SEC enforcement action taken against them, and reduce trading following waves of SEC insider trading enforcement.
Keyword:
INSIDER TRADES
PERFORMANCE
AI总结
对已上传原文的论文进行重点信息的提取，主要内容包括：简要概述、研究摘要、背景介绍、关键亮点、图文解析、展望与总结。
期刊
IF:
9.5
论文数:
4.0K
被引数:
5.0W
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