Purpose–The purpose of this paper is to conduct an empirical analysis of the trading performance of US corporate insiders. Design/methodology/approach–Based on the volume weighted average price (VWAP), the authors propose a metric to measure the trading performance of US corporate insiders:...

Purpose–The purpose of this paper is to provide some rational perspectives for the flight-to-liquidity event rather than simply attributing it to the change in investor sentiment. Design/methodology/approach–The paper builds a model to highlight the inherent difference in investors'...

Purpose–The purpose of this paper is to investigate how insiders’ trades are executed and whether and how outside investors can mimic outperforming insiders and reap substantial portfolio returns that withstand the erosion from adjustments for both the standard factors and stock...