Decoding Inside Information

We would like to thank Dan Bergstresser, Sabrina Buti, John Campbell, Jeff Coles, Josh Coval, Chuck Dale, Craig Doidge, Esther Eiling, Ben Esty, Fritz Foley, Harold Hau, Inigo Fraser-Jenkins, Julian Franks, Robin Greenwood, Raymond Kan, Inmoo Lee, Jan Mahrt-Smith, Jennifer Marietta-Westberg, Jeff Pontiff, Bryan Routledge, Nejat Seyhun, Tao Shu, Sunil Wahal, Jason Wei, and seminar participants at AQR Capital, Arrowstreet Capital, Binghamton, Canada Pension Plan Investment Board, the Chicago Quantitative Alliance Annual Fall Conference, the China International Conference, Dartmouth University, the European Finance Association Meeting in Frankfurt, Harvard Business School, Missouri, the Rothschild Caesarea Center 7th Annual Conference, Universidad Autonoma de Barcelona, the United States Securities and Exchange Commission (SEC), and the Western Finance Association Meeting in Victoria for helpful comments and suggestions. We thank David Kim for outstanding research assistance. We are grateful for funding from INQUIRE UK. This article represents the views of the authors and not of INQUIRE or the National Bureau of Economic Research.