Betzer, André; Gider, Jasmin; Metzger, Daniel; … - 2009
strategic trading. Only 32.1% of the insider trades in our sample are classified as non-strategic. The probability of strategic … trading depends on firm and trade characteristics and on the role of the insider in the firm. We perform an event study where …. Finally, we find that the event study CARs are larger after the report of strategic insider trades as compared to otherwise …