Recent Canadian Experience on the Profitability of Insider Trades

Moon H Lee and Halim Bishara

The Financial Review, 1989, vol. 24, issue 2, 235-49

Abstract: Recent Canadian data on large insider transactions showed that abnormal gains accrued to directors and bank directors during a stock market upturn. During a stock market downturn, beneficial owners, senior officers, and bank directors were compensated by more than the risk-adjusted rates of return from sales of stocks of their own companies. Since J. B. Baesel and G. R. Stein's (1979) early study, abnormal gains persisted in spite of the introduction of stiffer penalties on insider training. Copyright 1989 by MIT Press.

Date: 1989
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