Using XBRL as a quasi-natural experiment, we examine whether the mandated improvement on financial information presentation attenuates the profitability of insiders' trades. We provide unique insights on how insiders profit from publicly available information. We find that XBRL adoption...

Theory suggests that increasing the public availability of regulatory information may hurt the information environment of bank stocks. It is therefore not clear whether the Basel Accord's intent to foster market discipline by requiring banks to publish information on their risk management...