This paper studies insider trading quantities and dollar profits to measure the benefits insiders extract from their superior information. We find that several empirical results depend critically on using dollar profits instead of percentage returns. Dollar profits are economically small for a...

This paper is the first to investigate the corporate governance role of shareholderinitiated proxy proposals in European firms. While proposals in the US are nonbinding even if they pass the shareholder vote, they are legally binding in the UK and most of Continental Europe. Nonetheless,...