Our primary discovering is that returns and dollar earnings paint a markedly totally different image of insider buying and selling, as a end result of insiders who make high returns have a tendency to position small and infrequent trades. First, we present that dollar profits are small for the everyday company insider. Second, we show that top share returns don't indicate high dollar income. The correlation between dollar profits and returns is just 22?23%, and markedly lower, only 4?5% for abnormal returns above 0.5% . Dollar income to insider buying and selling are small partly as a end result of insiders with essentially the most informative trades tend to trade infrequently and in comparatively modest quantities. We find that the correlation between returns and commerce quantities varies with measures of insider preferences, firm-level monitoring, and regulatory scrutiny.

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?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?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?+mKkPtMN3fC76Sz/H5P5PUiqxbC42OpWzCNw05IsQeyyh0OA4zO9lc6mMzTY8rUOBGnG6nG1dqXs5c375qjfmxT9MtxFobt0e5Kf74/seBok8BHM+ZknOKjG2+s9Ca105uBtdeLtH0zG1NdXrpanpBShpvjWkpbJyEgpLbfm5AIJANRrUvZQ3M0lYLnqa63PTK4lqiOTHxHmPqcLaElSgkFhIJwPEivrTPZP3O1Zp22antd00yiJdYjM2Ol+Y+lwNuICk8QDBAOCMgEjPjVKRhcjH1EtUC5xbZwAbYt1B2QNTzk79y0YdjcUkdJBREMaHEsLi67X8k8om4HMBuKmen4OlOzxojVsx?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?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?+IVLGir2gDtAEC4trba32Ux8eLYVRyONDsFzSxzto7J2tL7FyCd2vOmDu1ryfbtntrmNHa1lQZLdqaRMbtlzU04kiOzhLgbUD1zjPiTUY7PO6UPSu5cm566u8l1m/RFQZM+W8t1aXCUFC3FqJVw4TwknoCDyArrJ7F+7uP000iPX5dI/J64mr+y9uto2zu3uVGtlzjxwVvC2SFurbQASpZStCCQAP2IJpVK/BH0rqETNJffW1jqb7zzdfBcrIsxx1jMUNM4CPZ5PnDktDSbX48dNLpg6B2u292i1q3uRct4LBLtFpDy4DDMhK5D3GhSEpUEqPEoJUeSQSTjkK0+zprW3XfePW2qLpOiW1q9RpL7PlTyWgA5JSUoyTgkJIBqucaJKmyW4cGM4/JeWG2mm0lSlrJwEgDmSTTltnZC3eukBqa4LFb1Op4jHmzVh1H74NtrSD6s0uvo6amieMRquVI0NBIAsAb6AfmU1heJVdZNEcJo?+RE4vLQSbucLauO7TcFoXjs7z7PaZ13VuVomUmFHck90xcipxwISVEJHBzJxgD0kUpRzqebh7Gbh7YspnahtTTtvKkoM6E53rCVHoFZAUnnyypIBJABJqB1e4ZIZYvCeGEoO4gAW6NFmcYibTz?+C8XMLhvBJN+kXA0RRRRVkqlFFFFCEUUUUIQeXOuPfJahwxWycKGVkejwFdg9Kjd2JM9zPq+8KZmJDNE7CAX6rTxUhtcBqMyhwjLqhkq9GfAVHqlkdaXWkOJOQpIIpqAC6eqCQAvpbaHBhxCVfvhmtKRZ4jyTwIDSscin0+9W/QeYxUotB0KihxbqE7uwfHUxuZqNl1I4kWRX4drn96oJvJrfcG27x6sYg6n1C3EYuz7aGWZz6W0o4uQSArA5dMUxuxApKt1tShP7Gx8Jx6e/ars7kds3WOideX7SULR9lkR7TOciNuurdC1pQcZODjPKvP5XTR45N4vEHnZboTbgOgr1SBlLJlim8anMQ236gE31OmhXC7MFol7h7oJuuq7jNurenIipccTX1vhLxWlKOSycYypXvpSaz9pHerWr?+4M/SmntQzrTa7KsR+CE+ppbzwSCta1pwo8zwhOcDhzjJ5dXsr7gjU+8eorxd0R4kzU8NcpDTZPB3gcSooRnn7kqPvJNLntHadnae3cvq5UdaGLm95fFdUPNeQ4AVFJ9SuJJ9GPXU2COOox4sqmjSMFrdLAm17cN91XVMslJldr6F5s6Yh7he5Avs35rgDRPDstboXjcKFetvtbTV3dceIH2HJQ7xbsYngdQ4o+6wVIwTk4UefIVGuzxpgaM7SuptLoSe5t1vnNsZOT3Pfxy2ff4CmjsVaYuBvl?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?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?+TlTARxEEOFXPh5eaOvhSPooqqCKsfG+W94zcW01RQYpUYdHNFARaVuy7TgebmU02l3Rum0+qk6hgRxKjOtlibEK+EPtHn1xyUCMg468vGmJu7vXtLua5ZJLOh7jElx7rHk3SWuJGD8mIhKgthK0uFSs5TyUUjzaQ9FMVGD0tTUiscCJALXBtfrUmlx?+tpaN1A0gxE3sQDY9HNfinT2gt+rTu1b7RZtN2y4wIEFxch9E1LaStzHCjhDa1jCU8XUj3XSlZpDUcvSGp7VqWCohy2zGpQSD7sJVkpPqUnKT6ia5NFO0uG09HS+KRjka7+nemK7F6rEK3x+Z3+ppYjS1tye+6O/Ogdb630Xre1WC+xn9N3Bp2Z37LPE/GQ8hwJRwunzgUrxnA88551O7/ANqPYPVDzUnUe112urrCShpcy2QnigE5IHE8cc6qbRVY/LFE5jGXcNgECzuBN1cszniTHyvsw+EILgWggkCw09ysXrDtaR0afXpnajSPsejuIU2l9xDaFRwrOe6aayhKuZPFk4PPB60udh9zLRtXrt7VWoIk?+ZHdtz0QoiJQpwuLcbUFHjWkY8w55+PjS6oqVFgVFBTPpo2kNf5xvqesqFPmbEqmsjrZXguj80WFh1DcrUXLtH9nK9TnrpeNnZs?+ZIILsiRaIDjjhAABKlO5PIAUttzNzdqNQX3S122+0C5YE2ab5TOAgxo6pCAttSQO6WQojgV1x19fJQUU1S5epaR4fG5+lxYuNtRbcn63NddXxmOVrBcg3DADcG+/fvCcnaJ3r01vCbEnTtrusIWov995c20nj7zgxw8C1dOE5zjw9da2w+/j+0Lky2XK2u3Gx3BYeW0yQl1h4JAK0Z5K4glIIJHuQc?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?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?/U/a/4kx+DTVwdkokaBuvChxGwhpvS944U5JxmTAPjVPtOfqftf8AEmPwaa3eRNJ5+ofFVWePsij63LcmfoR7+DV941a7cH9NtAD/ALEtf0mqqjM/Qj/8Gr71Wu3B/TfQH1Etf02aVns/6sHU7uXMhfZtb?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?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?/1jXwSpXulKP168ByM0Uqyye0TxU52C5bwNj/svdP6xAqpunP1P2v8AiTH4NNWy2C/Xgb+pe6f1iBVTdOfqftf8SY/BprdZF+nn6h8UjOH2JRe09bkz9CP/AMGr71Wn3QmxrbI0RcZjhQzF0Ih5wgZISlTRPLxqrEz9CP8A8Gr71Wl3UgNXRzRdsfz3UzQSWF464UWhSs9/SwdTu5PZBt+zqy/OzvWkQQccjnmCKMj01Erdq35ExmLVqhKGJ7ENkhKF8apJCSFKSMDHuQSPArFRyPuZcjqOE9cmm7dbJtrmymmJHJwrbejhBPTnwOL833+ZxWBsVevhdHe?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?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?/tw07d959WXbSMhEiyT5qZUF9tlTTbqVNI4ylKgDgOhxHTqg1A6jnfqtrSwNpoWws3NFkV8kuJwtpwocQQpCknBSoHIIPgQRmvqvh1wNNrdUcBCSSfQMVxPnUWKtDZNeaYn2S3T5eprQ0/KiMvutKmtJU2taApSSkqyCCSMHpW57MdI/PVZvhBn?+9T12v3l7OGl9tdJ6aumpbQmbarJBgyQ9a3e875phDbnH8q91xJUD681J/bA9mH557H8FO/FVIEUpFw09iwkmWaPbd?/xFtTppolR2dL1Z7rvAPkVdoU0t6XunGI0hDhTmRBxnhJxnB+xVWdOfqftf8SY/Bpr9AEdo3s3w0OLt+sbTHcUgo4mre8g4PhkN9OlUAsCHGrHbW3UKQtMNlKkqGCCGxkEVusjxvZNMXtI0G8dKyPygQw0mHUtNE8O2XO5uNuZbcv8AQjw9LavvGrP7r32z2KdoCVebpFgNq0U0lCpDyWwtXEzySVEZPqqsMkFUd1KRkqQoAek4q7+l+0H2e06QsEK/attjkqFbIzC0v295am1JaSFJyWz4g9KVnmN75IC0E6O7kfJ02KWkq4ZHhu0W83TzquUzVmipl1N4OpbKHwwYyT8kGshvi4se68SEnp4Vzr1cdA35lhifqi0FMZwutlNxaBSeEp?/behVWv9sD2YfnnsXwU78VR7YHsw/PPYvgp34qsJ4GX0D2FbA4BTFwf41qOr9VWMax0gBj2VWbl/1gz/er32Y6R+euzfCDP96rN+2C7MPzz2P4Kd+KqNbiblbfa?+0bcLTsrrq0W7ULbkdYmI089IS03x5UlWI6+DjSlQCig+OB4hL2PjF3tICTHlalkOzHPc9Fj3pEezHSPz1Wb4QZ/vUezHSPz1Wb4QZ/vVZeJvXsBYYcWzap1RaFXiLGZRNW7YnmFOO8A4nO7LXmBRyoD0GsvtgezF889j+Cnfiq62OR4u1pPuXHZXpGGzqix936qsfsx0j89Vm+EGf71B1jpEj9Vdl+EGf71Wc9sD2YfnnsXwU78VR7YHswn/jPY/gp34qu+Bm9A9hSfJmi?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?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?+1S+yE8PvqbcNdsq2OohkNgbHp?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?+Jrtkp9XTsZcHf3XXT1aMdmHXA9Gt4X9KDVez4e9T+1FIMvst63eKeEnW8MEZz0XBFIE+HvV6Xkb6rJ7XcFlflEN5qUj1feiiiityvOkUUUUIRRRRQhFFFFCEUUUUIXhpxdk79dW9/UZcv6xEpOmnF2Tf11r39Rtx/rESs5mz7Kk93xC1+Qvt+H+b+krZ0gi4nQOmnrZJQh9q0xCGnUgtvDuE+apQHEj98M4zzCulS63XVnU4eacQ41do2QtDg89fUhK8ZBJAJSse66ZJ6RjQzzbGgdOuOqCUi0Q/f/OU1hu0+cJTN0suWpcM5QQrBeRkEtk?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?+7W/C11o64q4I2pbf3meTbj4bcz+8XhX3KVqWFpkd95QtSeDh7lQT3YP7bkArP8ArYr4cYedy2+iO8yVcm1Ixwpx68hXP3qiS5IjH0cpHWL/AAIT7Mwxu8+Psd/7A/EJzy4z0kx5tsuC4FxhOCTbrgzguRnxyS4nwUMEgpPJSSUqBSSKStojP2+Gi0S0hMm14gvgHI42xw5BPUEAKHqUK6ehAIeq7Qi2h6GzMU+l+KhwoaUAytXNsHhyFBJzjPr8K6m4Fu+RmpmbqlASxeGu7cVnAEhocuXpU3n6zPrqFggdgGLeKTOBDwBfXrG9TsSd?+08MuwmzSXAHeLGzhx4C/uXAmfoR/wDg1feq1m4rbb1z0E06hK0L0OhKkqGQQVM5BHjVUpZzEf8A4NX3jVr9wR/nbQH1Etf0mqdz4P8AVgHQ7uVrkLTDa3+TvSs3KsN0Z0rKa0XaG3ZEqG9bHmEqCStl4EZyepStWQT0419ASamceHBtaX1sIDSZDy5DpKjzWrGTzPLOOg5Vjm3RuPltoBxwciPAe/XGfkPSV8Tyyr1eA+tWCsrWeuAaGDUryXfU2/UXyiO66zOjoaLgbwhtxsrUOJXr7zGOuceGSNS6aujRVKRMnOJKE8S0MtLXwJxnK+AHhyOnFjPhXH17JmQtMPTbdGEmVGkw3mWSogLUmU0oJyOgOMH1E1taagXGDbuG7rbcnvLLkp1s+a4sAISoe+hKeXh0rqiySGWISuPRYG1936rRbsVzuzch68ylR1yfJ1tFg92+wlK1rUgqScBRS53ZUlXMAnPOu7BhR7fFbiR0nhbQE5UcqV6So+JJ5k+JJrPRQo0k75NCdOZYJEKNJeiyHm?+JyG6XmT+1WUKQT/srUPr1mPSva8V0rqZJNrLo3b5lTW/1cRPwkKkOfD3qfF2+ZU1v9XET8JCpDnw96vSci/VZPa7go3yhfSUn8PvRRRRW5XnaKKKKEIooooQiiiihCKKM0ZrlwEWJ4Lw06OyBH8s3iucMOcBf0lPb4sZwFSYYzjxpL9a6eldW6u0Hf/ZPonULlpuCojsFxxMZl4LZWttZBS6hQHnNJ5jn1qnx+jlxCgfTwecbcbbiFosqV8OE4tHV1Vwxt72BO8EK1EDsm63gWuDaGt3rItmBGaitFek3slKEhIJxPHPArN7VbXP0WbB9qT/+IUhj2mO0Ef8AlMX8EQfiaPbL9oL6JjnwRB+JrzjyQxX0R+IL052ZspvdtOab?+y5WCjdmbcOI2phnd3TxZWoLU05o51xsqH7LhVPIz68Zr6kdmjcaQ0Y6t39PIZKgrumdHOtIKh0JSieATzPM8+dV79sv2gfHc1z4Ig/E1rXLtQdoSHb5UtvcxZUyytwA2iDjIBP/ADNJflTFI2lzmiw/3D9U7FmPK0jhExp1NvNdxTStW1zl53HvO1Vv3osy9Q2KMmXMYVoySEJbUlpXJZn8JID7OQP2/qIEx9qtrn6LNg+1J/8AxCuruTo?/W23OhtUbm2Pdq6qvUK1F5TzljtAVIDSflaHFpiBakjPIcXLwxVbx2lu0AOQ3Oc5f9UQPiarsOwirxYO8WAOzvubb1aYxLgGBFgrY7bV7WDju6k+vara5+izYPtSf?/wAQo9qtrn6LNg+1J/8AxCkN7ZftBfRMcx/JEH4mj2y/aB+ia58EQfias/JDFfRH4h+qpvKTKXoH8Lk/oPZY1azeLPOuG6Nnfj2y72+6ONMaZdZW75LKakBsLVNWE8RaCeLhOAc45VXTtB8+0LuKf?+soX9lwq3fbL9oH6JznwRB+Jpb6mvt8vF1vOstQXB673q8OtvPOd022XnkstsNIShtKUgkNITyHMnNXeX8CrMJqzVVYAYGm5uCqXMmO4TieGfs7Cgdtz2kDZIH5+5SLbO2JmXe4aiWnzIiPkdGOf2R4VvH0dQ0nPpSoVu7qpyzYlY6XFf3Yz/4qkmlbL7HbBCs3GHFsN5fdCcd48olTivrrUo49fqrgboo/MFnXnpdMYx6Y0is9FWurcZZUu/eeD7ri35KC6FsNO6CPc1jgPwkfElQeOgNoUnzfzxw?+b05qJ/8AOsuPXWvFzwqz17xY9yE/svu+/wCPWtivZGeaF51IOUQUYooopSQiiiihCK8IAr2vCcGhHQtrRTXBq+yIAGEiU4OHpzaVz?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?+lb1/8Akv1W7RwB7Pmusj/QEn+ga/K1AHfuJxy8qCMf9HgHL3qKKz2XvMk6x3rVZu86Pqd3IZAU6niGfPe6+pZArC6pQt61hR4hCK8558Xp9/10UVoSsh?+9/nOVlfAC1gDAStsD1ZUAfuV3dFNoc1zYErQlQ+SqBgjIwE5H2CAffFFFR6z6vJ7J+BS4PpG9Y7lZoVDd0gPkRa?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" width="305px" alt="nonpublic"> This sample is a strong signal because it shows that there's a consensus of insider opinion. If just https://buybackanalytics.com has purchased stock, investors can’t make sure that the outlook for the stock is favorable. However, if five insiders have just purchased inventory, it’s an indication that insiders are in agreement that the outlook for the stock is favorable.

h2>Look For Cluster Shopping For</h2> Advocates of insider trading consider that it avoids risks and makes markets extra environment friendly. Milken was accused of utilizing nonpublic data related to junk bond deals that have been being orchestrated by buyers and firms to take over different firms. He was charged with using such data to buy stock in the takeover targets and benefiting from the rise in their stock costs on the takeover announcements. An insider with information that an energy analysis firm had found an energy source that produced extra vitality than it consumed would stand to profit considerably from a inventory purchase. That investor might begin buying shares at prices different investors believed to be a premium, basically robbing them of the chance to benefit.

div style="text-align:center"> <iframe width="561" height="311" src="https://www.youtube.com/embed/SUDIulLHYhg" frameborder="0" alt="Profit from Legal Insider trading" allowfullscreen></iframe></div> Some authors have used these arguments to suggest legalizing insider trading on negative info . Since negative information is often withheld from the market, buying and selling on such info has a higher worth for the market than buying and selling on optimistic info. Legal trades by insiders are widespread, as workers of publicly traded corporations typically have inventory or stock choices. These trades are made public in the United States by way of Securities and Exchange Commission filings, primarily Form 4. In the United States, no less than one courtroom has indicated that the insider who releases the personal data should have done so for an improper function.

h3>What Types Of Cost Am I In A Position To Use?</h3> For instance, insiders with more quick access to non-public info, such as prime executives, doubtless additionally face the highest reputational prices of exploiting this information. While well-informed insiders’ trades have higher worth impression, these insiders can also choose to commerce much less aggressively. Hence, the quantities chosen by the insider might decrease with the quantity of knowledge she possesses, suggesting an inverse relation between returns and portions. In July 2020, John Roberts, the Co-Founder and CEO of British on-line retailer AO World bought round £1.7 million price of company inventory, paying between £1.44 and £1.sixty nine per share for his securities.

ul> <li>Insiders with nonpublic info may avoid losses and benefit from features.</li> <li>There are several approaches in order to quantify the disgorgement; an progressive process based mostly on chance concept was defined by Marcello Minenna by instantly analyzing the time periods of the involved transactions in the insider buying and selling.</li> <li>So, here are 12 ways investors can use insider trading knowledge and data to make better, smarter, investment selections.</li> <li>However, analogous activities corresponding to front operating are unlawful beneath US commodity and futures buying and selling laws.</li></ul>


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Last-modified: 2023-10-08 (日) 23:34:47 (213d)