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CEO and CFO Gender and Firm Wide Insider Trading
|Title:||CEO and CFO Gender and Firm Wide Insider Trading|
Osma, Beatriz Garcia
Common Identity Bias
|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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