ABSTRACT
In recent decades, the academic literature, mainly within the U.S. context, has dealt extensively with the economic and nancial analysis of legal insider trading. Without being exhaustive, topics such as the contribution of insider trades to market eciency (e.g., Roze and Zaman 1988; Lakonishok and Lee 2001; Aktas, de Bodt, and Van Oppens 2007), the market-timing capacity of insiders, and their stock price predictive ability have attracted a great deal of attention (see Jenter 2005; or Piotroski and Roulstone 2005).
