We examine insider trading surrounding takeover rumors in a sample of 1,642 publicly traded U.S. firms. Using … of a takeover rumor, particularly when rumor articles are either accurate (lead to a takeover announcement) or … significant predictor of takeover announcements occurring within the following year. Finally, passive net purchasing (i …

-in-differences regressions of several insider trading measures, we find no evidence that insiders increase their purchases before takeover … takeover completion, such as friendly deals, and deals with a single bidder, domestic acquirer, or less regulated target. The … trading by target insiders during takeover negotiations points to the limits of insider trading regulation. Finally, our …

become more rampant over time. Our evidence indicates that the pre-takeover announcement run-up in stock prices has become …

This paper examines the pattern and profitability of institutional trades around takeover announcements. We find that … the trades of funds as a group, either before or after takeover announcements, are not profitable. However, funds whose …

insider net purchase ratios receive higher takeover premiums. Overall, our findings suggest that, even under the “Short Swing …