Insider Trading Following Material News Events: Evidence from Earnings
研究公司内部人在重大新闻事件（如盈余公告）后的股票交易行为，发现内部人交易能预测异常收益，对投资者和监管者了解内幕交易的影响有参考价值。
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.