This paper investigates insider trading before scheduled versus unscheduled corporate announcements to explore how corporate insiders utilize their private information when the amount of liquidity trading is varying over time in a predictable way. Using a comprehensive insider trading database...

Using the comprehensive trading data for the U.S. corporate insiders between 1993 and 2008, we document robust evidence that insiders as a whole achieve transaction prices superior to the volume-weighted average prices. This outperformance, expressed as a positive trading alpha, remains after we...

Purpose–The purpose of this paper is to conduct an empirical analysis of the trading performance of US corporate insiders. Design/methodology/approach–Based on the volume weighted average price (VWAP), the authors propose a metric to measure the trading performance of US corporate insiders:...

Purpose–The purpose of this paper is to investigate how insiders’ trades are executed and whether and how outside investors can mimic outperforming insiders and reap substantial portfolio returns that withstand the erosion from adjustments for both the standard factors and stock...

Purpose – The purpose of this paper is to conduct an empirical analysis of the trading performance of US corporate insiders. Design/methodology/approach – Based on the volume weighted average price (VWAP), the authors propose a metric to measure the trading performance of US corporate...

Purpose – The purpose of this paper is to investigate how insiders’ trades are executed and whether and how outside investors can mimic outperforming insiders and reap substantial portfolio returns that withstand the erosion from adjustments for both the standard factors and stock...