Decoding Inside Information
Published in The Journal of Finance • May 21, 2012
Authors:,,
LAUREN COHEN
CHRISTOPHER MALLOY
LUKASZ POMORSKI
Abstract
ABSTRACT Exploiting the fact that insiders trade for a variety of reasons, we show that there is predictable, identifiable “routine” insider trading that is not informative about firms’ futures. A portfolio strategy that focuses solely on the remaining “opportunistic” traders yields value‐weighted a...
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