Trading by corporate insiders has been a significant public policy issue in the United States for the past several decades. Despite a series of laws and prohibitions against trading by insiders on material non-public information, the academic literature unambiguously suggests that insiders earn abnormal profits on their stock transactions. In general, the literature suggests that purchases (sales) by insiders are followed by positive (negative) abnormal stock returns. Because ordinary investors may benefit from knowledge of insider trading activity, the financial press and investment analysts frequently provide information on recent insider trades.
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