Note(s): This table presents the descriptive statistics of the variables used for regression. The dependent variables are cumulative abnormal return (CAR) and cumulative abnormal volume (CAV). CAR is the sum of all abnormal returns over corresponding event window days of each insider transaction, calculated using Eqn (12). CAV is the sum of all abnormal volume over corresponding event window days of each insider transaction, calculated using Eqn (13). The independent variables include natural logarithm of market capitalization (MCAP), price-to-book ratio (PBS), natural logarithm of volume of shares traded (VOL), dummy for buy/sell (BS), dummy for promoter's trade (DP) and dummy for director and executive's trade (DDE). The market capitalization and the price-to-book ratio is of the respective firm used and is for the day of announcement of the insider trade. Price-to-book ratio is the ratio between the market price of the stock and the book price of the stock. Volume of share traded represents the number of shares that were traded in that particular insider trade. Minimum value (Min), maximum value (Max), mean, Median and standard deviation (SD) of the variables are shown in the table.