We revisit the information content of stock trading by corporate insiders with an expectation that opportunistic insiders will spread their trades over longer periods of time when they have a longer-lived informational advantage, and trade in a short window of time when their advantage is...

We investigate if prior professional legal education either restrains or increases the extent to which the insider trades of company executives and directors are informed. We show that executives and directors with legal expertise (lawyer-insiders) earn significantly lower abnormal returns than...

Insiders must disclose indirect trades made through accounts they control, including family, trust, retirement, and foundation accounts. Trades made in these indirect accounts are more profitable than direct trades in the insider's own account. In addition, indirect trades better predict...