Are some insiders more “inside” than others?

An investigation of insider trading profits in the Spanish stock market

“…The breakdown of insider trading into sales and purchases allowed us to test, for the Spanish markets, whether insider purchases are more information-based than insider sales, as stated by Pratt and DeVere (1970), Nunn et al (1983) or Rozeff and Zaman (1988). Our results do not support this proposition, as proved by the higher values of the statistics for the interval (0, ϩ1) for sales than for purchases, as shown in Table 3.…”

Insider ownership and firm performance in Taiwan's electronics industry: a technical efficiency perspective

“…Instead of viewing insiders collectively, Nunn et al (1983) propose a hierarchy among the insiders regarding their functional roles within a firm. With direct responsibility for promoting all major corporate policies, top officers are expected to have the greatest access to non-public information.…”

“…technical efficiency associated with the production process. Since not all insiders have equal access to non-public information (Nunn et al, 1983), examining a sub-group of insiders might provide additional insights into corporate governance structures. The insiders (a broad definition of management) are sub-classified into executives, board members, and large shareholders for more detailed analyses.…”

The application of neural networks to predict abnormal stock returns using insider trading data

“…The company rank of the insider (e.g. CEO, CFO) was not used as a variable in this study because it has had mixed results in regard to predicting abnormal stock price returns [12,13]. For similar reasons, insiders who own 10% or more of company shares but who were uninvolved in company decisions were not included [2].…”