Are Insider Trades Informative?
研究了1975-1995年间纽交所、美交所和纳斯达克上市公司的内幕交易活动，发现内幕交易整体上预测市场走势的能力有限，但能预测小公司的横截面股票收益，且信息主要来自买入而非卖出。
We examine insider trading activities of all companies traded on the NYSE, AMEX, and Nasdaq during the 1975–1995 period. In general, very little market movement is observed when insiders trade and when they report their trades to the SEC. Insiders in aggregate are contrarian investors. However, they predict market movements better than simple contrarian strategies. Insiders also seem to be able to predict cross-sectional stock returns. The result, however, is driven by insider's ability to predict returns in smaller firms. In addition, informativeness of insiders' activities is coming from purchases, while insider selling appears to have no predictive ability.