In this paper we investigate whether trading by CEOs and CFOs is motivated by contrarian beliefs or superior information about future cash flow realizations. We find that even though both CEOs and CFOs earn significant abnormal returns following their trades, CFO trades are associated with...

Informativeness of CEO and CFO trades gains ground in the academic literature. The existing research on CEO and CFO trades is unable to answer whether trades made by the CEOs and CFOs are based on the superior information or contrarian beliefs, especially in the category of opportunistic and...

Using a unique international dataset, we show that the CEOs of large banks exhibit an increased probability of forced turnover when their organizations are more exposed to idiosyncratic tail risks. The importance of idiosyncratic tail risk in CEO dismissals is strengthened when there is more...

The global financial sector recently suffered from two interrelated crises: the credit crisis and the sovereign debt crisis. A common question is whether there, for the sovereign debt crisis, has been any lessons learnt from the credit crisis. One interesting specific question is the...