The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.
Are Insider Trades Informative?
Abstract
We examine insider trading activities of all companies traded on the NYSE, AMEX, and Nasdaq during the 1975–1995 period. In general, very little market movement is observed when insiders trade and when they report their trades to the SEC. Insiders in aggregate are contrarian investors. However, they predict market movements better than simple contrarian strategies. Insiders also seem to be able to predict cross-sectional stock returns. The result, however, is driven by insider’s ability to predict returns in smaller firms. In addition, informativeness of insiders’ activities is coming from purchases, while insider selling appears to have no predictive ability.
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Cites
Common risk factors in the returns on stocks and bonds
Fama, E. F., & French, K. R. (1993) · Journal of Financial Economics · doi:10.1016/0304-405x(93)90023-5 · Cited by 25,754
Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency
JEGADEESH, N., & TITMAN, S. (1993) · The Journal of Finance · doi:10.1111/j.1540-6261.1993.tb04702.x · Cited by 11,584
Cited by
Investor Sentiment and the Cross‐Section of Stock Returns
BAKER, M., & WURGLER, J. (2006) · The Journal of Finance · doi:10.1111/j.1540-6261.2006.00885.x · Cited by 6,049
Investor Sentiment and the Cross-section of Stock Returns
Baker, M. P., & Wurgler, J. A. (2003) · SSRN Electronic Journal · doi:10.2139/ssrn.464843 · Cited by 1,456
Does backdating explain the stock price pattern around executive stock option grants?
Heron, R. A., & Lie, E. (2007) · Journal of Financial Economics · doi:10.1016/j.jfineco.2005.12.003 · Cited by 441
Economic Sources of Gain in Stock Repurchases
Chan, K., Ikenberry, D., & Lee, I. (2004) · Journal of Financial and Quantitative Analysis · doi:10.1017/s0022109000003987 · Cited by 264
Self-citationCheng, C., Jones, S., & Moser, W. J. (2018) · Journal of Business Finance & Accounting · doi:10.1111/jbfa.12338 · Cited by 20
Metadata
- Authors
- Lakonishok, J., & Lee, I.
- Venue
- Review of Financial Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 2001-01
- Volume
- 14
- Issue
- 1
- Pages
- 79-111
- ISSN
- 0893-9454 (ISSN-L)
- 1465-7368
- OpenAlex
- W3123062772
- Cited by
- 1,227
- References
- 2
- FWCI
- 33.97
- Type
- journal article
- Language
- en
- Open access
- closed
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- Lakonishok, J., & Lee, I. (2001). Are Insider Trades Informative? Review of Financial Studies. https://doi.org/10.1093/rfs/14.1.79
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
