Insider Trading Restrictions and Informed Trading in Peer Stocks

The authors appreciate helpful suggestions and comments from Vikas Agarwal, Shashwat Alok, Bhagwan Chowdhry, Alan Jagolinzer, Apoorva Javadekar, Bjorn Jorgensen, Mihir Mehta, Katie Moon (Discussant), N. R. Prabhala, Andrea Rossi, Vikrant Vig, Qifei Zhu (discussant), and participants in the workshops at the University of Arizona, University of Southern California, Indian School of Business, Indian Institute of Management, the Corporate Governance and Executive Compensation Research Series, the NSE-NYU Stern Conference on the Indian Financial Markets, American Accounting Association Annual Meeting, Accounting Research Conference at UIC, and the American Finance Association Annual Meeting. The authors are grateful for the financial support provided by the NSE-NYU Stern Initiative on the Study of Indian Financial Markets. The views expressed herein are solely those of the author(s) and do not represent the views of Cornerstone Research.