{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,8,16]],"date-time":"2026-08-16T15:27:08Z","timestamp":1786894028028,"version":"build-2736575974"},"posted":{"date-parts":[[2026]]},"group-title":"SSRN","reference-count":24,"publisher":"Elsevier BV","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"abstract":"<jats:p>Corporate insider sales are widely believed to convey private information, with their timing and magnitude treated as bearish signals for outside investors. I separate two channels by which insider sales might relate to subsequent returns. The timing channel holds that insiders preferentially execute sales during favorable news environments. The informativeness channel holds that the trades themselves predict negative future returns.<\/jats:p>","DOI":"10.2139\/ssrn.6723638","type":"posted-content","created":{"date-parts":[[2026,5,6]],"date-time":"2026-05-06T06:17:51Z","timestamp":1778048271000},"source":"Crossref","is-referenced-by-count":0,"title":["How Insiders Time Their Stock Sales to Positive News"],"prefix":"10.2139","author":[{"ORCID":"https:\/\/orcid.org\/0009-0005-8477-9393","authenticated-orcid":true,"given":"Boon Chuan","family":"Lim","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"78","reference":[{"issue":"3","key":"ref1","doi-asserted-by":"crossref","first-page":"1162","DOI":"10.1016\/j.jfineco.2021.12.006","article-title":"Price revelation from insider trading: Evidence from hacked earnings news","volume":"143","author":"P Akey","year":"2022","journal-title":"Journal of Financial Economics"},{"issue":"2","key":"ref2","doi-asserted-by":"crossref","first-page":"238","DOI":"10.1198\/jbes.2010.07136","article-title":"Robust inference with multiway clustering","volume":"29","author":"A C Cameron","year":"2011","journal-title":"Journal of Business and Economic Statistics"},{"issue":"3","key":"ref3","doi-asserted-by":"crossref","first-page":"1009","DOI":"10.1111\/j.1540-6261.2012.01740.x","article-title":"Decoding inside information","volume":"67","author":"L Cohen","year":"2012","journal-title":"Journal of Finance"},{"issue":"5","key":"ref4","doi-asserted-by":"crossref","first-page":"1547","DOI":"10.1093\/rof\/rfab010","article-title":"The dollar profits to insider trading","volume":"25","author":"P Cziraki","year":"2021","journal-title":"Review of Finance"},{"issue":"5","key":"ref5","doi-asserted-by":"crossref","first-page":"1461","DOI":"10.1111\/j.1540-6261.2011.01679.x","article-title":"In search of attention","volume":"66","author":"Z Da","year":"2011","journal-title":"Journal of Finance"},{"issue":"2","key":"ref6","doi-asserted-by":"crossref","first-page":"260","DOI":"10.1016\/j.jfineco.2012.03.001","article-title":"How are shorts informed? 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