Considering the arcane nature of his subject, Seyhun manages genuine readability.
Publishers Weekly
...insider information is becoming more widely available...Now, it may be easier to fathom, too.
Robert Barker
Business Week
Seyhun carefully proves that every major tested strategy to beat the market works best when insiders have bought their own company's stock. We have used several of the strategies suggested by Seyhun, and they work! Don't buy this wonderful book. We don't need the competition!
John D. Spears, Co-Manager, Tweedy, Browne American Value Fund and Tweedy, Browne Global Value Fund, and coauthor of What Has Worked in Investing
We have long taught our business school students that corporate managers have better information about their companies' prospects and values than outside investors. But investment strategies based on mechanical responses to insider sales and purchases have routinely failed to beat the market averages. This book explains why and, in so doing, provides a guide that should help investors understand which corporate insiders have access to important information (not all insiders are created equal) and when insiders purchases are likely to be reliable signals of future improvement.
Joel Stern, Managing Partner, Stern Stewart and Co
Professor Seyhun has written a serious, highly readable, and useful analysis of the informational content available to an outsider wishing to follow in the stock-picking tracks of an insider. Investors willing to 'mimic' large trades by top executives of smaller companies may find gold. The methods require attention to detail, prompt decision-making and are not without risk. The risk can be reduced by 'mimicking' 50 to 100 insider transactions. There may well be stock-picking gold in the informational content of the insider trading data, but it is more akin to dredging than picking up nuggets. Market timers and asset allocators will be encouraged by evidence that aggregate insider trading data forecasts future stock returns; there is additional useful information in industry-wide trading. Professor Seyhun has done the academic and investor world a great service.
Wesley G. McCain, PhD, CFA, Chairman, Towneley Capital Management, Inc.
Seyhun is one of the leading academic experts on insider trading.His well-written and readable book on this subject is a valuableresource for both investors and researchers.
Andrei Shleifer, Professor of Economics, Harvard University
