This study systematically examines the ability of aggregate insider trading to predict future market returns in the Chinese A-share market. After controlling for the contrarian investment strategy, aggregate executive (large shareholder) trading conducted over the past six months can predict 66%...

Globalization, deregulation, and European Union accession talks triggered a merger wave in Turkish banking. We investigate how this massive restructuring shaped the ownership structure, returns, and risk of target banks. Before the merger wave, 75 percent of target banks were part of a...