Access the full text.
Sign up today, get DeepDyve free for 14 days.
J. Jaffe (1974)
Special Information and Insider TradingThe Journal of Business, 47
Joseph Finnerty (1976)
Insiders' Activity and Inside Information: A Multivariate AnalysisJournal of Financial and Quantitative Analysis, 11
R. Banz (1981)
The relationship between return and market value of common stocksJournal of Financial Economics, 9
Jerome Baesel, Garry Stein (1979)
The Value of Information: Inferences from the Profitability of Insider TradingJournal of Financial and Quantitative Analysis, 14
J. Jaffe (1974)
The effect of regulation changes on insider tradingThe Bell Journal of Economics, 5
O. Joy, Charles Jones (1986)
Should We Believe the Tests of Market Efficiency?, 12
S. Phillips, Clifford Smith (1980)
Trading costs for listed options: The implications for market efficiencyJournal of Financial Economics, 8
D. Collins, W. Dent (1984)
A COMPARISON OF ALTERNATIVE TESTING METHODOLOGIES USED IN CAPITAL-MARKET RESEARCHJournal of Accounting Research, 22
E. Dimson, P. Marsh (1986)
Event study methodologies and the size effectJournal of Financial Economics, 17
Myron Scholes (1972)
The Market for Securities: Substitution Versus Price Pressure and the Effects of Information on Share PricesThe Journal of Business, 45
V. Chari, R. Jagannathan, A. Ofer (1988)
Seasonalities in security returns: The case of earnings announcementsJournal of Financial Economics, 21
Joseph Finnerty (1976)
Insiders and Market EfficiencyJournal of Finance, 31
H. Seyhun (1986)
Insiders' profits, costs of trading, and market efficiencyJournal of Financial Economics, 16
J. Lorie, Victor Niederhoffer (1968)
Predictive and Statistical Properties of Insider TradingThe Journal of Law and Economics, 11
Michael Rozeff, Mir Zaman (1988)
Market Efficiency and Insider Trading: New EvidenceFEN: Behavioral Finance (Topic)
ABSTRACT In this paper, we examine the profitability of insider trading in firms whose securities trade in the OTC/NASDAQ market. Although the evidence suggests timing and forecasting ability on the part of insiders, high transaction costs (especially bid‐ask spreads) appear to eliminate the potential for positive abnormal returns from active trading. By implication, outside investors who mimic the trading of insiders are also precluded from earning abnormal profits. In addition, we provide evidence on the determinants of insiders' profits. The data suggest that insiders closer to the firm trade on more valuable information than insiders removed from the firm.
The Journal of Finance – Wiley
Published: Sep 1, 1990
Read and print from thousands of top scholarly journals.
Already have an account? Log in
Bookmark this article. You can see your Bookmarks on your DeepDyve Library.
To save an article, log in first, or sign up for a DeepDyve account if you don’t already have one.
Copy and paste the desired citation format or use the link below to download a file formatted for EndNote
Access the full text.
Sign up today, get DeepDyve free for 14 days.
All DeepDyve websites use cookies to improve your online experience. They were placed on your computer when you launched this website. You can change your cookie settings through your browser.