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• W1564799778 abstract "In this paper we investigate the amount of information independent directors possess about their company, by comparing their trading performance in the company stock to that of the officers of the firm. We find that they earn positive and substantial abnormal returns when they purchase the company stock, and that the difference with the insiders is relatively small at most horizons. The results are robust to controlling for firm fixed effects, the size of the transaction and stock holdings in the firm, firm’s size and book to market, and past return volatility. Both officers and independent directors make higher returns in thevery worst governed firms and the gap between these two groups widens in such firms. We also find suggestive evidence that independent directors sitting on the audit committee, and attending more meetings, are more informed than others, and that larger boards are worse for insiders’ performance, but beneficial for the outsiders. To check for the possibility that the outsiders are overall well informed, but only when the officers want so, rather than when it is more crucial to monitor the management, we analyze the trading performance in firms that have been involved in earning restatements. Our findings suggest that independent directors were informed about the firm, although to a lesser extent than the insiders." @default.
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• W1564799778 date "2006-12-03" @default.
• W1564799778 modified "2023-09-27" @default.
• W1564799778 title "What Do Outside Directors Know? Evidence from Outsider Trading" @default.
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