Using a novel dataset containing U.S. companies’ regular board meeting schedules, we find evidence of informed trading by outside directors prior to board meetings. In the days prior to board meetings, when outside directors possess private information, they make purchases that yield higher...

This study examines firm disclosure, investor reaction, and directors' insider trading around regular board meetings. Using a novel dataset of U.S. companies' regular board meeting schedules specified in corporate by-laws, I find the following. First, firms are three times more likely to...