Do insiders have inside tracks: An examination of Wall Street Journal's Inside Track columns?

摘要: This study investigates how the stock market reacts to publications of Wall Street Journal's “Inside Track” columns in two distinct time periods, 1988 1993 and 2002 2004. It first examines return behavior during trading period, filing publication day for firms appeared Inside Track period then provides a validity test with sample from The evidence indicates that tends under-react insider information insiders tend be information-motivated traders. significant returns along are consistent gradual price adjustment argument. also finds reactions significantly related when trades involve board chairman.