We analyze the relationship between insider trading density and the future stock returns in Chinese listed companies. We introduce a new aspect of the trading pattern, insider trading density, to investigate the information advantage held by insiders. Insiders who trade at a low density during...

This paper considers the impact of legal insider trading on subsequent investment returns. With filings data gathered directly from the Security Exchange Commission, various machine learning algorithms are applied, scored and compared for their return predictability relative to the Russell 3000...

We present evidence of investors underreacting to the absence of events in financial markets. Routine-based insiders strategically choose to be silent when they possess private information not yet reflected in stock prices. Consistent with our hypothesis, insider silence following routine sell...