The performance of corporate legal insiders on the French stock market

摘要: Abstract This paper aims to examine the performance of legal insiders on French market, from January 2011 December 2017. We focus purchase transactions in order not face many reasons that can force investors close their position. Our results suggest generate an excess return over SBF120 index short run. An outsider mimicking insiders’ actions similar profits. implies informational advantage is rather short-lived. However, both them fail beat simulated random general. findings highlight outperformance stock-specific: for some stocks. also disentangle management non-management and show a lower average than insiders. simulation setup however shows none groups able all stocks, even if outperform series more cases