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Insider Trading Activity, Different Market Regimens, and Abnormal Returns

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  • Ferreira, Eurico J

Abstract

This paper shows that corporate insiders earn abnormal returns by adjusting their own firm's stock trading to future market movements. Insider trading activity in bear markets is characterized by decreases in insider sales and increases in purchases, consistent with the view that those markets are followed by improved economic conditions. Conversely, insider sales increase and purchases decrease in bull markets, consistent with the view that inferior market conditions tend to follow those periods. Copyright 1995 by MIT Press.

Suggested Citation

  • Ferreira, Eurico J, 1995. "Insider Trading Activity, Different Market Regimens, and Abnormal Returns," The Financial Review, Eastern Finance Association, vol. 30(2), pages 193-210, May.
    • Handle: RePEc:bla:finrev:v:30:y:1995:i:2:p:193-210
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    Cited by:

    1. Shangkun Deng & Chenguang Wang & Zhe Fu & Mingyue Wang, 2021. "An Intelligent System for Insider Trading Identification in Chinese Security Market," Computational Economics, Springer;Society for Computational Economics, vol. 57(2), pages 593-616, February.
    2. Nivelleau De La Brunière, Stanislas & Haye, Jean-Come & Mazza, Paolo, 2020. "The performance of corporate legal insiders on the French stock market," International Review of Law and Economics, Elsevier, vol. 61(C).
    3. Stanislas Nivelleau de La Brunière & Jean-Come Haye & Paolo Mazza, 2020. "The performance of corporate legal insiders on the French stock market," Post-Print hal-02998232, HAL.

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