This study analyzes information production and trading behavior of banks with lending relationships. We combine trade … trading pattern is more pronounced in situations when banks are likely to possess private information about their borrowers …-by-trade supervisory data and credit-registry data to examine banks' proprietary trading in borrower stocks around a large number of …

material information or to abstain from trading in their firm's securities. Four sets of tests support our conjecture that … benefits (i.e., reduce information asymmetry between managers and investors to lower a firm's cost of capital), to reduce the …

-in-differences regressions of several insider trading measures, we find no evidence that insiders increase their purchases before takeover … even more, thus increasing their net purchases. This ‘passive’ insider trading holds for each of the five insider groups we … trading by target insiders during takeover negotiations points to the limits of insider trading regulation. Finally, our …

Using the artifice of a hypothetical trial, this article presents the cases for and against insider trading. Both sides … in the trial produce as evidence the salient points made in more than 100 years of literature on insider trading. The … initial days of the trial focus on the issues raised in the law literature such as fiduciary responsibility, the …

We provide evidence that some profitable insider stock selling is motivated by public information. At firms that … information about their principal customers. Supplier insiders also sell more stock when public information about their customers … sales are less profitable. We do not find similar patterns for insider purchases. …

opposed to when) a forecast is given, we link insider selling to silence in advance of earnings disappointments. This raises … the question of whether the absence of incriminating trading drives reductions in litigation risk potentially attributed …