Hillier, David; Marshall, Andrew P. - In: Journal of Business Finance & Accounting 29 (2002) 1&2, pp. 77-110
The purpose of this paper is to examine the propensity, characteristics and performance of directors' trades. Consistent with prior research we show that on average, directors outperform the market. However, we also find that there exist a large number of trades which do not share these abnormal...