The Sound of Silence: What Do We Know When Insiders Do Not Trade?
Published Online:21 Oct 2021https://doi.org/10.1287/mnsc.2021.4113
References
- (2020) Does litigation risk deter insider trading? Evidence from universal demand laws. Preprint, submitted March 21, http://dx.doi.org/10.2139/ssrn.3404720.Google Scholar
- (1995) Does section 16b deter insider trading by target managers? J. Financial Econom. 39(2-3):295–319.Crossref, Google Scholar
- (2012) Insider trading in takeover targets. J. Corporate Finance 18(3):598–625.Crossref, Google Scholar
- (2016) The calm before the storm. J. Finance 71(1):225–266.Crossref, Google Scholar
- (2001) New evidence and perspectives on mergers. J. Econom. Perspect. 15(2):103–120.Crossref, Google Scholar
- (2015) Governance by litigation. Preprint, submitted September 7, http://dx.doi.org/10.2139/ssrn.2532278.Google Scholar
- (1998) Insider trading liability and enforcement strategy. Financial Management 27(2):70–84.Crossref, Google Scholar
- (2019) Quality minus junk. Rev. Accounting Stud. 24:34–112.Crossref, Google Scholar
- (2002) The information in management’s expected earnings report date: A day late, a penny short. J. Accounting Res. 40(5):1275–1296.Crossref, Google Scholar
- (2007) Securities Law: Insider Trading, 2nd ed. (Foundation Press, New York).Google Scholar
- (2000) A theory of legal presumptions. J. Law Econom. Organ. 16(1):1–49.Crossref, Google Scholar
- (2000) Corporate policies restricting trading by insiders. J. Financial Econom. 57(2):191–220.Crossref, Google Scholar
- (2020) Insider trading patterns. J. Corporate Finance 64(2020):101654.Crossref, Google Scholar
- (2003) The role of lockups in initial public offerings. Rev. Financial Stud. 16(1):1–29.Crossref, Google Scholar
- (2005) Recent trends in shareholder class action litigation: Bear market cases bring big settlements. National Economic Research Associates (NERA) Economic Consulting–How Markets Work 16. Working paper, National Economic Research Associates, New York.Google Scholar
- (1997) On persistence in mutual fund performance. J. Finance 52(1):57–82.Crossref, Google Scholar
- (2006) Insider trading and voluntary disclosures. J. Accounting Res. 44(5):815–848.Crossref, Google Scholar
- (2006) Securities litigation and its lawyers: Changes during the first decade after the PSLRA. Columbia Law Rev. 106(7):1489–1533.Google Scholar
- (2009) The screening effect of the private securities litigation reform act. J. Empirical Legal Stud. 6(1):35–68.Crossref, Google Scholar
- (1992) Measuring abnormal returns: Do stocks overreact? J. Financial Econom. 31(2):235–268.Crossref, Google Scholar
- (1993) The relation between aggregate insider transactions and stock market returns. J. Financial Quant. Anal. 28(3):431–437.Crossref, Google Scholar
- (2012) Decoding inside information. J. Finance 67(3):1009–1043.Crossref, Google Scholar
- (2010) Mapping the American shareholder litigation experience: A survey of empirical studies of the enforcement of the U.S. securities law. Eur. Company Financial Law Rev. 6:164–203.Google Scholar
- (2003) SEC enforcement heuristics: An empirical inquiry. Duke Law J. 53:737–779.Google Scholar
- (1997) Measuring mutual fund performance with characteristic-based benchmarks. J. Finance 52(3):1035–1058.Crossref, Google Scholar
- (1993) Common risk factors in the returns on stocks and bonds. J. Financial Econom. 33(1):3–56.Crossref, Google Scholar
- (2015) A five-factor asset pricing model. J. Financial Econom. 116(1):1–22.Crossref, Google Scholar
- (1976) Insiders and market efficiency. J. Finance 31(4):1141–1148.Crossref, Google Scholar
- (2009) Shareholder-initiated class action lawsuits: Shareholder wealth effects and industry spillovers. J. Financial Quant. Anal. 44(4):823–850.Crossref, Google Scholar
- (2014) No news is news: Do markets underreact to nothing? Rev. Financial Stud. 27(12):3389–3440.Crossref, Google Scholar
- (1974) Special Information and insider trading. J. Bus. 47(3):410–428.Crossref, Google Scholar
- (2009) SEC Rule 10b5-1 and insiders’ strategic trade. Management Sci. 55(2):224–239.Link, Google Scholar
- (2009) The effects of insider trading regulation on trade timing, litigation risk, and profitability. Working paper, University of Colorado, Boulder.Google Scholar
- (1988) The market for corporate control: The empirical evidence since 1980. J. Econom. Perspect. 2(1):49–68.Crossref, Google Scholar
- (1993) Returns to buying winners and selling losers: Implications for stock market efficiency. J. Finance 48(1):65–91.Crossref, Google Scholar
- (2003) Estimating the returns to insider trading: A performance-evaluation perspective. Rev. Econom. Statist. 85(2):453–471.Crossref, Google Scholar
- (1983) The market for corporate control: The scientific evidence. J. Financial Econom. 11(1-4):5–50.Crossref, Google Scholar
- (2007) Do the merits matter more? The impact of the private securities litigation reform act. J. Law Econom. Organ. 23(3):627–652.Crossref, Google Scholar
- (2003) What insiders know about future earnings and how they use it: Evidence from insider trades. J. Accounting Econom. 35(3):315–346.Crossref, Google Scholar
- (2012) Measuring securities litigation risk. J. Accounting Econom. 53(1-2):290–310.Crossref, Google Scholar
- (2001) Are insider trades informative? Rev. Financial Stud. 14(1):79–111.Crossref, Google Scholar
- (1997) Good news for value stocks: Further evidence on market efficiency. J. Finance 52(2):859–874.Crossref, Google Scholar
- (2014) Do voluntary corporate restrictions on insider trading eliminate informed insider trading? J. Corporate Finance 29:158–178.Crossref, Google Scholar
- (2001) An alarming decline in the quality of financial reporting. Accessed May 18, 2018, http://www.2facetruth.com/bill-lerach-an-alarming-decline-in-the-quality-of-financial-reporting/.Google Scholar
- (1990) Insider trading in the OTC market. J. Finance 45(4):1273–1284.Crossref, Google Scholar
- (2020) Shareholder litigation and corporate innovation. Management Sci., ePub ahead of print October 5, https://doi.org/10.1287/mnsc.2020.3626.Google Scholar
- (1995) The new issues puzzle. J. Finance 50(1):23–51.Crossref, Google Scholar
- (2008) The dog that did not bark: Insider trading and crashes. J. Finance 63(5):2429–2476.Crossref, Google Scholar
- (1987) A simple positive semi-definite, heteroskedasticity and autocorrelation consistent covariance matrix. Econometrica 55(3):703–708.Crossref, Google Scholar
- (2018) Shareholder litigation rights and corporate cash holdings: Evidence from universal demand laws. J. Corporate Finance 52:192–213.Crossref, Google Scholar
- (1999) Insider trading, equity issues, and CEO turnover in firms subject to securities class action. Financial Management 28(4):52–72.Crossref, Google Scholar
- (1999) Voluntary disclosures and insider transactions. J. Accounting Econom. 27(3):305–326.Crossref, Google Scholar
- (2013) The other side of value: The gross profitability premium. J. Financial Econom. 108(1):1–28.Crossref, Google Scholar
- (2003) Liquidity risk and expected stock returns. J. Political Econom. 111(3):642–685.Crossref, Google Scholar
- (2003) Did the private securities litigation reform act work? Univ. Illinois Law Rev. 2003(4):913–997.Google Scholar
- (2005) Do insider trades reflect both contrarian beliefs and superior knowledge about future cash flow realizations? J. Accounting Econom. 39(1):55–81.Crossref, Google Scholar
- (2008) Evidence on the non-linear relation between insider trading decisions and future earnings information. J. Law Econom. Policy 4(2):409–448.Google Scholar
- (2008) Disclosure quality and management trading incentives. J. Accounting Res. 46(5):1265–1296.Google Scholar
- (2011) Disclosure tone and shareholder litigation. Accounting Rev. 86(6):2155–2183.Crossref, Google Scholar
- (1988) Market efficiency and insider trading: New evidence. J. Bus. 61(1):25–44.Crossref, Google Scholar
- (2006) Momentum and post-earnings-announcement drift anomalies: The role of liquidity risk. J. Financial Econom. 80(2):309–349.Crossref, Google Scholar
- (1996) Markup pricing in mergers and acquisitions. J. Financial Econom. 41(2):153–192.Crossref, Google Scholar
- (1986) Insiders’ profits, costs of trading, and market efficiency. J. Financial Econom. 16(2):189–212.Crossref, Google Scholar
- (1992) Effectiveness of insider trading sanctions. J. Law Econom. 35(1):149–182.Crossref, Google Scholar
- (1998) Investment Intelligence: From Insider Trading (MIT Press, Cambridge, MA).Crossref, Google Scholar
- (1997) Corporate bankruptcy and insider trading. J. Bus. 70(2):189–216.Crossref, Google Scholar
- (2010) Insider trades and demand by institutional and individual investors. Rev. Financial Stud. 23(4):1544–1595.Crossref, Google Scholar
- (2004) Capital investments and stock returns. J. Financial Quant. Anal. 39(4):677–700.Crossref, Google Scholar

