The Market Evaluation of Information in Directors’ Trades
研究董事交易的倾向、特征和表现，发现董事平均能跑赢市场，但许多交易缺乏信息含量，对利用董事交易信号的市场参与者有重要启示。
The purpose of this paper is to examine the propensity, characteristics and performance of directors’ trades. Consistent with prior research we show that on average, directors outperform the market. However, we also find that there exist a large number of trades which do not share these abnormal share price returns and consequently have little information content. This has important consequences for market participants who use director trading activity as a signal for their own trading strategies. Using different measures of directors’ trades based on trade characteristics, we report that purchases by directors are more informative than sales. In addition, the number of directors trading within a twenty day window and the percentage of the directors’ holding that is being traded are both important factors in the abnormal share price performance following the trade.