This paper investigates how the prevailing sentiment portrayed by the media influences abnormal net purchases of retail and institutional traders around earnings announcements in ASX200 constituent firms from 2009-2013. We find that media sentiment influences institutional traders into...

Using XBRL as a quasi-natural experiment, we examine whether the mandated improvement on financial information presentation attenuates the profitability of insiders' trades. We provide unique insights on how insiders profit from publicly available information. We find that XBRL adoption...