This paper examines the information content of stock option exercises versus regular insider share trades by corporate executives. We argue that the asymmetric payoff structure of options makes managerial wealth – compared to holdings of shares – relatively more sensitive to stock price...

Using a vector error correction model (VECM) and data from a period with high unreported intangible values, we show how to control for endogeneity feedback between capital expenditures (CAPX), research and development (RAND), and advertising (ADVT). We find increased ADVT induces excess returns...

We investigate the performance and its link with information asymmetry, corporate governance and legal enforcement of insider transactions in 36 countries covering 10 Asian countries, 20 European countries and 6 countries in the rest. The results show that abnormal returns after insider trading...