Do Proxies for Informed Trading Measure Informed Trading? Evidence from Illegal Insider Trades
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This paper exploits hand-collected data on illegal insider trades to test whether standard illiquidity measures can detect informed trading. Controlling for unobserved cross-sectional and time-series variation, sampling bias, and strategic timing of insider trades, I find that only absolute order
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美国国家经济研究局创建时间：
2018-02-01
