We use the controversial aspect of insider trading to analyze the impact of local social norms on insiders' profits. We argue that religiosity is a source of social norms curbing self-interested behavior and, accordingly, it limits corporate insiders' opportunistic trading on private...

In this article we test the influence of ownership structure on the information content of earnings in Polish-listed companies. Our investigation is based on the notion that in a weak corporate governance environment expropriation of private benefits of control is pervasive and manipulation of...

We use a unique data set of more than 240,000 reported insider transactions across 15 European countries and the USA to analyze the link between country-level shareholder protection and abnormal returns following insider trades. We show that abnormal returns after insider transactions are...

We analyze the importance of personal attributes in explaining the performance of reported share transactions by corporate insiders. While prior literature has focused on observable firm and trade characteristics, little effort has been made to understand how individual attributes, such as...

This paper examines whether the increased legal and reputational constraints associated with cross-listing in the U.S. reduces the propensity of insiders to trade on private information. We find that the directors in both domestic and cross-listed firms trade on private information, particularly...