Government agencies routinely allow pre-release access to information to accredited news agencies under embargo agreements. Using high frequency data, we find evidence consistent with informed trading during embargoes of the Federal Open Market Committee's scheduled announcements. The E-mini S&P...

This paper examines how the probability of informed trading (PIN), a measure of information-based trading risk developed by Easley et al (1996), affects the speed at which stock prices adjust to market-wide information. We find that in all but the least active stock portfolios, prices of low PIN...

This dissertation consists of three essays examining the behavior of informed traders in financial markets and how they affect asset pricing. It examines informed traders' role in shaping securities prices in three ways. It examines whether on a macro and micro basis insider traders move prices...