Insider Trading in the OTC Market
研究场外交易市场中内幕交易的盈利能力，发现高交易成本消除了内幕交易者获取异常收益的可能，外部模仿者也无法获利，并分析了内幕交易者利润的决定因素。
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.