(basically family members of senior managers and directors) profit substantially from exploiting inside information. In contrast …, members of the executive board (senior managers) can be largely exculpated from exploiting inside information as they realize …

managers of these firms are less responsive to the informational requirements of the capital market. We further find that …

(basically family members of senior managers and directors) profit substantially from exploiting inside information. In contrast …, members of the executive board (senior managers) can be largely exculpated from exploiting inside information as they realize …

managers of these firms are less responsive to the informational requirements of the capital market. We further find that …