We investigate whether trades made by CFOs reveal more information about future stock returns than those by CEOs. We find that CFOs earn statistically and economically higher abnormal returns following their purchases of company shares than CEOs. During 1992-2002, CFOs earned an average 12-month...

Using BoardEx (2000--2017), we create a dynamic network connecting firms and board directors for the United States. We use the Environmental Protection Agency's Toxic Release Inventory to measure environmental performance at the director and firm-level. We examine how a candidate's environmental...