... chain partners. This form of insider trading is referred to as trading in stock substitutes in the supply chain. Using a sample of merger and acquisition (M&A) deals, we test hypotheses about insider trading in stock substitutes by interlocked insiders who are simultaneously affiliated...

...C. S. Agnes Cheng; Henry He Huang; Yinghua Li While prior literature focuses on the effect of ex ante litigation occurrence risk on insider trading, this paper examines how the merits and rigorousness of actual litigation affect insider trading behavior for both defendant firms and their industry...