and the information is already in the public domain.
We wanted to know if multinational insiders stand to make more money because of the complexity of the information they could possess relative to outsiders.reported to the SEC from 1987 to 2019 by insiders at over 10,000 companies. This is only a subset of all insider trades reported during the period because we focused on only those transactions most likely to be informed by the employee's insight.
We found that all insiders beat the market, but those at multinationals did better—especially if they were on the highest rungs of the corporate ladder. While insiders at domestic companies typically obtained a return of 2.4% in the month following a stock purchase, those at
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