We examine the relation between the investment horizons of insiders and the information content of their trading activity regarding future stock returns. We conjecture that an insider's investment horizon establishes a benchmark for expected patterns of continued trading behavior, and thus helps...

On the day that dividends are paid we find a significant positive mean abnormal return that is completely reversed over the following days. This dividend pay date effect has strengthened since the 1970s, and is consistent with the temporary price pressure hypothesis. The pay date effect is...