On the day that dividends are paid we find a significant positive mean abnormal return that is completely reversed over the following days. This dividend pay date effect has strengthened since the 1970s, and is consistent with the temporary price pressure hypothesis. The pay date effect is...

Insiders must disclose indirect trades made through accounts they control, including family, trust, retirement, and foundation accounts. Trades made in these indirect accounts are more profitable than direct trades in the insider's own account. In addition, indirect trades better predict...

When brokers, analysts, and fund managers buy or sell stocks for their own accounts, these “access employees” of financial institutions outperform retail investors over short windows up to a month. They earn particularly high abnormal returns when they trade before earnings announcements,...