This study investigates the opportunistic trading behaviour of core insiders' group compared with that of non-core insiders' group. Specifically, we investigate whether trades of these corporate insiders' groups are driven by superior information or contrarian beliefs about firms' future...

In this paper we investigate whether trading by CEOs and CFOs is motivated by contrarian beliefs or superior information about future cash flow realizations. We find that even though both CEOs and CFOs earn significant abnormal returns following their trades, CFO trades are associated with...

Informativeness of CEO and CFO trades gains ground in the academic literature. The existing research on CEO and CFO trades is unable to answer whether trades made by the CEOs and CFOs are based on the superior information or contrarian beliefs, especially in the category of opportunistic and...

Two explanations are commonly offered for the large number of recent IPOs by Internet firms: that they are rushing to go public when Internet stock prices are irrationally high, and that they are trying to grab market share in an industry with large economies of scale. We examine the actions of...

We decompose realized market returns into expected return, unexpected cash flow news and unexpected discount rate news to test the relation between aggregate market returns and aggregate insider trading. Our motivation is to distinguish whether the observed relation between market returns and...

Insider transactions are not random across growth and value stocks. We find that insider buying climbs as stocks change from growth to value categories. Insider buying is also greater after lower stock returns, and lower after high stock returns. These findings are consistent with a version of...

It is not surprising that corporate insiders earn profits from trading their stocks, but it is surprising that outsiders can earn abnormal returns by mimicking the insider trades using publically available information. We suggest that these anomalous returns are explained by the size and...