, e.g., by executing a sequence of trades and reporting them jointly after the last trade. We document that the reporting … the event date is the date of the report. We find that the CARs do not decrease in the length of the reporting delay. This … implies that share prices are distorted by delayed reporting. Thus, delayed reporting is detrimental to market efficiency …

their trades and SEC filings, for example, by executing several trades and reporting them jointly after the last trade. We … document that even these lax reporting requirements were frequently violated and that the strategic timing of trades and … otherwise similar nonstrategic trades. Our results also imply that delayed reporting is detrimental to market efficiency and …

their trades and SEC filings, e.g., by executing several trades and reporting them jointly after the last trade. We document … that even these lax reporting requirements were frequently violated and that strategic timing of trades and reports was … nonstrategic trades. Our results imply that delayed reporting impedes the adjustment of prices to the information revealed by …

delay". In practice substantial reporting delays were common. We show that the delays are systematically related to the … abnormal returns after the reporting date of an insider trade are independent of the reporting delay. This implies that prices … are distorted in the period between the trading and the reporting date. This is a strong point in favor of regulation …