Network centrality and value relevance of insider trading: Evidence from Europe

We examine the value relevance of insider trades in Europe and find that both purchases sales well-connected insiders are positively associated with long-term abnormal returns. argue market perceives networked as more informative, leading to higher For insiders, decreases their negative information content, lower Our results do not support view use informational advantage extract economic rents form dollar profits. posit they networks provide signals when trading.