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CEO and CFO Gender and Firm Wide Insider Trading

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Item Summary

Title:CEO and CFO Gender and Firm Wide Insider Trading
Authors:Clacher, Iain
Osma, Beatriz Garcia
Scarlat, Elvira
Shields, Karin
Keywords:Insider trading
Common Identity Bias
Ethical climate
Date Issued:30 Aug 2018
Abstract:We investigate insiders’ trading profitability under female executives using a sample of US firms between 1995 and 2016. Our results suggest a significant decrease in firm-wide insider trading profitability following switches from male-to-female CEOs and CFOs. These findings are supported under different empirical specifications, including difference-in-differences on a propensity score matched sample and instrumental variable approach. We also show that male insiders trade more profitably under male top executives than they do after the appointment of a female top executive. These findings suggest that private information flows between male-to-male insider-executive dyads allow for profitable insider trading.
Appears in Collections: 05 Corporate Governance

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