This paper investigates the relationship between market reaction to earnings surprises and institutional concentration in the firm’s shareholders base. We use data from the Polish stock market where pension funds form a homogenous and highly competitive investor class with an increasing share...

We analyze the importance of personal attributes in explaining the performance of reported share transactions by corporate insiders. While prior literature has focused on observable firm and trade characteristics, little effort has been made to understand how individual attributes, such as...

We use the largest cross-country sample of reported share transactions by corporate insiders to date to establish that insiders in the majority of European countries do not make statistically significant abnormal trading profits. This finding stands in contrast to the earlier evidence from the...