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Insider Trading and Networked Directors

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dc.contributor.authorGoergen, Marc
dc.contributor.authorRenneboog, Luc
dc.contributor.authorZhao, Yang
dc.contributor.rorhttps://ror.org/02jjdwm75
dc.date.accessioned2025-04-24T11:37:38Z
dc.date.available2025-04-24T11:37:38Z
dc.date.issued2019-06
dc.description.abstractWe analyze the relation between insider trading and the networks of executive and non-executive directors in UK listed companies. While most existing studies focus on firm-specific private information, we find that non-firm-specific information – such as information on other companies and information on industry and market trends – plays an important role in insider trading behavior and performance. Well-connected directors trade shares less frequently and for smaller values. However, their transactions are more profitable, especially when they make consecutive opportunistic purchases in the multiple companies on whose boards they sit. Taken together, well-connected directors are likely to outperform their peers with inferior connections.
dc.description.peerreviewedyes
dc.description.statusPublished
dc.formatapplication/pdf
dc.identifier.citationGoergen, M., Renneboog, L., & Zhao, Y. (2019). Insider trading and networked directors. Journal of Corporate Finance, 56, 152-175. https://doi.org/10.1016/j.jcorpfin.2019.02.001.
dc.identifier.doihttps://doi.org/10.1016/j.jcorpfin.2019.02.001
dc.identifier.issn1872-6313
dc.identifier.urihttps://hdl.handle.net/20.500.14417/3755
dc.journal.titleJournal of Corporate Finance
dc.language.isoen
dc.page.final175
dc.page.initial152
dc.page.total24
dc.publisherElsevier
dc.relation.departmentFinance
dc.relation.entityIE University
dc.relation.schoolIE Business School
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 International
dc.rights.accessRightsinfo:eu-repo/semantics/openAccess
dc.rights.urihttps://creativecommons.org/licenses/by-nc-nd/4.0/deed.en
dc.subject.keywordInsider Trading
dc.subject.keywordDirector Networks
dc.subject.keywordNetwork Analysis
dc.subject.keywordCentrality
dc.subject.keywordOpportunistic Trading
dc.subject.keywordRoutine Trading
dc.titleInsider Trading and Networked Directors
dc.typeinfo:eu-repo/semantics/article
dc.version.typeinfo:eu-repo/semantics/acceptedVersion
dc.volume.number56
dspace.entity.typePublication
relation.isAuthorOfPublication55eb0faa-13da-4a35-a432-f529b62f4d8b
relation.isAuthorOfPublication.latestForDiscovery55eb0faa-13da-4a35-a432-f529b62f4d8b
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