Information content of bank insider trading

Abstract

The degree of asymmetric information between insiders and uninformed traders is partially dependent on the characteristics of the firm. Since banks have unique operating and regulatory characteristics, asymmetric information levels for banks may differ from other types of firms. This study shows that the information contained in bank insider buy transactions is conditioned on the bank's size and recent performance. Insider buy transactions contain more favourable information when they involve smaller banks that recently experienced more favourable valuation effects.

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