This paper aims to investigate market participants' reactions to sequential information, presenting firm-specific news and market-wide information. Experimental study takes place in the COVID-19 pandemic era, as market-wide information representation. We also provide firm-specific information in...

We present a closed-form solution connecting the probability of informed trading (PIN) to the overlooked parameter that signaling private information is good or bad. Estimating PIN using illegal insider trading data, we find it sensitive to the certainty of positive private information in...