Abstract
In some countries, insiders are required to promptly report their trades to the relevant authorities. These reported trades allow us to evaluate how much abnormal return, if any, insiders generate. More important, we can assess whether it is worthwhile to emulate the insider's behavior. A case study for the United Kingdom market shows that insider trades reveal information that is not yet reflected in market prices and that—at least in some market segments—copycats can profit from following the insiders’ leads.
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