We study informed trading around announcements of merger bids (M&AD) and quarterly earnings (EAD). Extending the EKOP (1996) approach, we compute the daily posterior probabilities of informed trading on good and bad news. We find evidence of informed trading before and after M&AD and EAD. A...

By constructing high-frequency measures of informed trading and news about technological competition, we provide evidence that the news about a firm's disadvantage in competition leads to informed selling. Such a pattern is weaker among firms in the industries with faster technology obsolescence...

This paper relates informed repurchases to firm information asymmetry. We propose a new measure of informed repurchases, which is based on causality tests relating repurchase information to firm returns. Our results indicate that informed repurchases show larger abnormal returns surrounding the...