Cheng, Shijun; Nagar, Venky; Rajan, Madhav V. - In: Review of Financial Studies 20 (2007) 6, pp. 1833-1864
In certain circumstances, insider trades such as private transactions between executives and their firms could be disclosed after the end of the firm's fiscal year, on a Form-5 filing. We find that insider sales disclosed in such a delayed manner for large firms are predictive of negative future...