id sid tid token lemma pos cblr-1734 1 1 microsoft microsoft PROPN cblr-1734 1 2 word word NOUN cblr-1734 1 3 3_2016.1_mavruk 3_2016.1_mavruk NUM cblr-1734 1 4 seyhun_final2 seyhun_final2 PROPN cblr-1734 1 5 mavruk mavruk PROPN cblr-1734 1 6 & & CCONJ cblr-1734 1 7 seyhun seyhun PROPN cblr-1734 1 8 – – PUNCT cblr-1734 1 9 final final ADJ cblr-1734 1 10     SPACE cblr-1734 1 11 do do AUX cblr-1734 1 12 sec sec PROPN cblr-1734 1 13 ’s ’s PART cblr-1734 1 14 10b5 10b5 NUM cblr-1734 1 15 - - SYM cblr-1734 1 16 1 1 NUM cblr-1734 1 17 safe safe ADJ cblr-1734 1 18 harbor harbor NOUN cblr-1734 1 19 rules rule NOUN cblr-1734 1 20 need need VERB cblr-1734 1 21 to to PART cblr-1734 1 22 be be AUX cblr-1734 1 23 rewritten rewrite VERB cblr-1734 1 24 ? ? PUNCT cblr-1734 2 1 taylan taylan PROPN cblr-1734 2 2 mavruk mavruk PROPN cblr-1734 2 3 and and CCONJ cblr-1734 2 4 h. h. PROPN cblr-1734 2 5 nejat nejat PROPN cblr-1734 2 6 seyhun seyhun VERB cblr-1734 2 7 we we PRON cblr-1734 2 8 examine examine VERB cblr-1734 2 9 the the DET cblr-1734 2 10 profitability profitability NOUN cblr-1734 2 11 of of ADP cblr-1734 2 12 insider insider NOUN cblr-1734 2 13 trading trading NOUN cblr-1734 2 14 under under ADP cblr-1734 2 15 sec sec PROPN cblr-1734 2 16 rule rule NOUN cblr-1734 2 17 10b5 10b5 NUM cblr-1734 2 18 - - SYM cblr-1734 2 19 1 1 NUM cblr-1734 2 20 plans plan NOUN cblr-1734 2 21 . . PUNCT cblr-1734 3 1 the the DET cblr-1734 3 2 plans plan NOUN cblr-1734 3 3 do do AUX cblr-1734 3 4 work work VERB cblr-1734 3 5 to to PART cblr-1734 3 6 prevent prevent VERB cblr-1734 3 7 some some DET cblr-1734 3 8 informed informed ADJ cblr-1734 3 9 trading trading NOUN cblr-1734 3 10 . . PUNCT cblr-1734 4 1 however however ADV cblr-1734 4 2 , , PUNCT cblr-1734 4 3 on on ADP cblr-1734 4 4 average average ADJ cblr-1734 4 5 , , PUNCT cblr-1734 4 6 insider insider NOUN cblr-1734 4 7 trading trading NOUN cblr-1734 4 8 under under ADP cblr-1734 4 9 the the DET cblr-1734 4 10 safe safe ADJ cblr-1734 4 11 harbor harbor NOUN cblr-1734 4 12 plans plan NOUN cblr-1734 4 13 appears appear VERB cblr-1734 4 14 to to PART cblr-1734 4 15 be be AUX cblr-1734 4 16 motivated motivate VERB cblr-1734 4 17 by by ADP cblr-1734 4 18 material material NOUN cblr-1734 4 19 non non ADJ cblr-1734 4 20 - - ADJ cblr-1734 4 21 public public ADJ cblr-1734 4 22 information information NOUN cblr-1734 4 23 . . PUNCT cblr-1734 5 1 we we PRON cblr-1734 5 2 propose propose VERB cblr-1734 5 3 some some DET cblr-1734 5 4 policy policy NOUN cblr-1734 5 5 changes change NOUN cblr-1734 5 6 to to PART cblr-1734 5 7 tighten tighten VERB cblr-1734 5 8 the the DET cblr-1734 5 9 rule rule NOUN cblr-1734 5 10 and and CCONJ cblr-1734 5 11 enable enable ADJ cblr-1734 5 12 separation separation NOUN cblr-1734 5 13 of of ADP cblr-1734 5 14 informed informed ADJ cblr-1734 5 15 and and CCONJ cblr-1734 5 16 uninformed uninformed ADJ cblr-1734 5 17 insider insider NOUN cblr-1734 5 18 trading trading NOUN cblr-1734 5 19 . . PUNCT cblr-1734 6 1 i. i. PROPN cblr-1734 6 2     SPACE cblr-1734 6 3 introduction introduction NOUN cblr-1734 6 4 ................................................................ ................................................................ PUNCT cblr-1734 6 5 134 134 NUM cblr-1734 6 6     SPACE cblr-1734 6 7 ii ii NOUN cblr-1734 6 8 . . PUNCT cblr-1734 6 9     SPACE cblr-1734 6 10 background background NOUN cblr-1734 6 11 and and CCONJ cblr-1734 6 12 literature literature NOUN cblr-1734 6 13 review review NOUN cblr-1734 6 14 .......................... .......................... PUNCT cblr-1734 6 15 137 137 NUM cblr-1734 6 16     SPACE cblr-1734 6 17 a. a. NOUN cblr-1734 6 18     SPACE cblr-1734 6 19 background background NOUN cblr-1734 6 20 .......................................................... .......................................................... PUNCT cblr-1734 6 21 137 137 NUM cblr-1734 6 22     SPACE cblr-1734 6 23 b. b. PROPN cblr-1734 6 24     SPACE cblr-1734 6 25 literature literature PROPN cblr-1734 6 26 review review NOUN cblr-1734 6 27 ................................................ ................................................ PUNCT cblr-1734 6 28 143 143 NUM cblr-1734 6 29     SPACE cblr-1734 6 30 iii iii NOUN cblr-1734 6 31 . . PUNCT cblr-1734 6 32     SPACE cblr-1734 6 33 data datum NOUN cblr-1734 6 34 and and CCONJ cblr-1734 6 35 method method NOUN cblr-1734 6 36 ........................................................ ........................................................ PUNCT cblr-1734 6 37 146 146 NUM cblr-1734 6 38     SPACE cblr-1734 6 39 a. a. NOUN cblr-1734 6 40     SPACE cblr-1734 6 41 data datum NOUN cblr-1734 6 42 ...................................................................... ...................................................................... PUNCT cblr-1734 6 43 146 146 NUM cblr-1734 6 44     SPACE cblr-1734 6 45 table table NOUN cblr-1734 6 46 1 1 NUM cblr-1734 6 47 . . PUNCT cblr-1734 6 48 descriptive descriptive ADJ cblr-1734 6 49 statistics statistic NOUN cblr-1734 6 50 ............................ ............................ PUNCT cblr-1734 7 1 148 148 NUM cblr-1734 7 2     SPACE cblr-1734 7 3 b. b. NOUN cblr-1734 7 4     SPACE cblr-1734 7 5 methodology methodology NOUN cblr-1734 7 6 ......................................................... ......................................................... PUNCT cblr-1734 7 7 155 155 NUM cblr-1734 7 8     SPACE cblr-1734 7 9 iv iv NUM cblr-1734 7 10 . . PUNCT cblr-1734 7 11     SPACE cblr-1734 7 12 empirical empirical ADJ cblr-1734 7 13 results result NOUN cblr-1734 7 14 ....................................................... ....................................................... PUNCT cblr-1734 7 15 158 158 NUM cblr-1734 7 16     SPACE cblr-1734 7 17 a. a. NOUN cblr-1734 7 18     SPACE cblr-1734 7 19 abnormal abnormal ADJ cblr-1734 7 20 returns return NOUN cblr-1734 7 21 and and CCONJ cblr-1734 7 22 rule rule VERB cblr-1734 7 23 10b5 10b5 NUM cblr-1734 7 24 - - SYM cblr-1734 7 25 1 1 NUM cblr-1734 7 26 ................... ................... SYM cblr-1734 7 27 158 158 NUM cblr-1734 7 28     SPACE cblr-1734 7 29 table table NOUN cblr-1734 7 30 2 2 NUM cblr-1734 7 31 . . PUNCT cblr-1734 7 32 results result NOUN cblr-1734 7 33 from from ADP cblr-1734 7 34 capm capm PROPN cblr-1734 7 35 returns return NOUN cblr-1734 7 36 on on ADP cblr-1734 7 37 10b51 10b51 NUM cblr-1734 7 38 and and CCONJ cblr-1734 7 39 non-10b5 non-10b5 NOUN cblr-1734 7 40 - - PUNCT cblr-1734 7 41 1 1 NUM cblr-1734 7 42 trades trade NOUN cblr-1734 7 43 .................................. .................................. PUNCT cblr-1734 7 44 159 159 NUM cblr-1734 7 45     SPACE cblr-1734 7 46 table table NOUN cblr-1734 7 47 3 3 NUM cblr-1734 7 48 . . PUNCT cblr-1734 7 49 results result NOUN cblr-1734 7 50 from from ADP cblr-1734 7 51 fama fama NOUN cblr-1734 7 52 - - PUNCT cblr-1734 7 53 french french ADJ cblr-1734 7 54 carhart carhart NOUN cblr-1734 7 55 four four NUM cblr-1734 7 56 - - PUNCT cblr-1734 7 57 factor factor NOUN cblr-1734 7 58 model model NOUN cblr-1734 7 59 returns return NOUN cblr-1734 7 60 ........................... ........................... PUNCT cblr-1734 8 1 163 163 NUM cblr-1734 8 2         SPACE cblr-1734 8 3   PROPN cblr-1734 8 4 assistant assistant NOUN cblr-1734 8 5 professor professor NOUN cblr-1734 8 6 of of ADP cblr-1734 8 7 finance finance NOUN cblr-1734 8 8 , , PUNCT cblr-1734 8 9 university university NOUN cblr-1734 8 10 of of ADP cblr-1734 8 11 gothenburg gothenburg PROPN cblr-1734 8 12 ; ; PUNCT cblr-1734 8 13 and and CCONJ cblr-1734 8 14 professor professor NOUN cblr-1734 8 15 of of ADP cblr-1734 8 16 finance finance PROPN cblr-1734 8 17 and and CCONJ cblr-1734 8 18 jerome jerome PROPN cblr-1734 8 19 b. b. PROPN cblr-1734 8 20 and and CCONJ cblr-1734 8 21 eilene eilene VERB cblr-1734 8 22 m. m. PROPN cblr-1734 8 23 york york PROPN cblr-1734 8 24 professor professor PROPN cblr-1734 8 25 of of ADP cblr-1734 8 26 business business PROPN cblr-1734 8 27 administration administration PROPN cblr-1734 8 28 , , PUNCT cblr-1734 8 29 stephen stephen PROPN cblr-1734 8 30 m. m. PROPN cblr-1734 8 31 ross ross PROPN cblr-1734 8 32 school school PROPN cblr-1734 8 33 of of ADP cblr-1734 8 34 business business NOUN cblr-1734 8 35 , , PUNCT cblr-1734 8 36 university university PROPN cblr-1734 8 37 of of ADP cblr-1734 8 38 michigan michigan PROPN cblr-1734 8 39 , , PUNCT cblr-1734 8 40 respectively respectively ADV cblr-1734 8 41 . . PUNCT cblr-1734 9 1 we we PRON cblr-1734 9 2 thank thank VERB cblr-1734 9 3 marybeth marybeth PROPN cblr-1734 9 4 myers myers PROPN cblr-1734 9 5 , , PUNCT cblr-1734 9 6 ivana ivana PROPN cblr-1734 9 7 mrazova mrazova PROPN cblr-1734 9 8 participants participant NOUN cblr-1734 9 9 at at ADP cblr-1734 9 10 a a DET cblr-1734 9 11 ross ross PROPN cblr-1734 9 12 school school NOUN cblr-1734 9 13 of of ADP cblr-1734 9 14 business business NOUN cblr-1734 9 15 seminar seminar NOUN cblr-1734 9 16 at at ADP cblr-1734 9 17 the the DET cblr-1734 9 18 university university PROPN cblr-1734 9 19 of of ADP cblr-1734 9 20 michigan michigan PROPN cblr-1734 9 21 , , PUNCT cblr-1734 9 22 a a DET cblr-1734 9 23 law law NOUN cblr-1734 9 24 school school NOUN cblr-1734 9 25 workshop workshop NOUN cblr-1734 9 26 at at ADP cblr-1734 9 27 the the DET cblr-1734 9 28 university university PROPN cblr-1734 9 29 of of ADP cblr-1734 9 30 michigan michigan PROPN cblr-1734 9 31 , , PUNCT cblr-1734 9 32 seminar seminar NOUN cblr-1734 9 33 participants participant NOUN cblr-1734 9 34 at at ADP cblr-1734 9 35 the the DET cblr-1734 9 36 centre centre NOUN cblr-1734 9 37 for for ADP cblr-1734 9 38 finance finance NOUN cblr-1734 9 39 , , PUNCT cblr-1734 9 40 university university NOUN cblr-1734 9 41 of of ADP cblr-1734 9 42 gothenburg gothenburg PROPN cblr-1734 9 43 , , PUNCT cblr-1734 9 44 and and CCONJ cblr-1734 9 45 participants participant NOUN cblr-1734 9 46 at at ADP cblr-1734 9 47 a a DET cblr-1734 9 48 finance finance NOUN cblr-1734 9 49 seminar seminar NOUN cblr-1734 9 50 at at ADP cblr-1734 9 51 ozyegin ozyegin NOUN cblr-1734 9 52 university university NOUN cblr-1734 9 53 for for ADP cblr-1734 9 54 valuable valuable ADJ cblr-1734 9 55 comments comment NOUN cblr-1734 9 56 and and CCONJ cblr-1734 9 57 insights insight NOUN cblr-1734 9 58 . . PUNCT cblr-1734 10 1 mavruk mavruk PROPN cblr-1734 10 2 & & CCONJ cblr-1734 10 3 seyhun seyhun PROPN cblr-1734 10 4 – – PUNCT cblr-1734 10 5 final final ADJ cblr-1734 10 6 134 134 NUM cblr-1734 10 7 columbia columbia PROPN cblr-1734 10 8 business business NOUN cblr-1734 10 9 law law NOUN cblr-1734 10 10 review review NOUN cblr-1734 10 11 [ [ X cblr-1734 10 12 vol vol NOUN cblr-1734 10 13 . . PUNCT cblr-1734 10 14 2016 2016 NUM cblr-1734 10 15 b. b. NOUN cblr-1734 10 16     SPACE cblr-1734 10 17 abnormal abnormal ADJ cblr-1734 10 18 returns return NOUN cblr-1734 10 19 , , PUNCT cblr-1734 10 20 rule rule VERB cblr-1734 10 21 10b5 10b5 NUM cblr-1734 10 22 - - SYM cblr-1734 10 23 1 1 NUM cblr-1734 10 24 , , PUNCT cblr-1734 10 25 and and CCONJ cblr-1734 10 26 insider insider NOUN cblr-1734 10 27 trading trading NOUN cblr-1734 10 28 patterns pattern NOUN cblr-1734 10 29 ................................................. ................................................. PUNCT cblr-1734 10 30 165 165 NUM cblr-1734 10 31     SPACE cblr-1734 10 32 table table NOUN cblr-1734 10 33 4 4 NUM cblr-1734 10 34 . . PUNCT cblr-1734 10 35 results result NOUN cblr-1734 10 36 from from ADP cblr-1734 10 37 fama fama NOUN cblr-1734 10 38 - - PUNCT cblr-1734 10 39 french french ADJ cblr-1734 10 40 carhart carhart NOUN cblr-1734 10 41 four four NUM cblr-1734 10 42 - - PUNCT cblr-1734 10 43 factor factor NOUN cblr-1734 10 44 model model NOUN cblr-1734 10 45 returns return NOUN cblr-1734 10 46 by by ADP cblr-1734 10 47 trade trade NOUN cblr-1734 10 48 patterns pattern NOUN cblr-1734 10 49 .......................................................... .......................................................... PUNCT cblr-1734 10 50 166 166 NUM cblr-1734 10 51     SPACE cblr-1734 10 52 c. c. NOUN cblr-1734 10 53     SPACE cblr-1734 10 54 abnormal abnormal ADJ cblr-1734 10 55 returns return NOUN cblr-1734 10 56 , , PUNCT cblr-1734 10 57 rule rule VERB cblr-1734 10 58 10b5 10b5 NUM cblr-1734 10 59 - - SYM cblr-1734 10 60 1 1 NUM cblr-1734 10 61 , , PUNCT cblr-1734 10 62 and and CCONJ cblr-1734 10 63 insiders insider NOUN cblr-1734 10 64 ’ ’ PART cblr-1734 10 65 trade trade NOUN cblr-1734 10 66 volume volume NOUN cblr-1734 10 67 ....................................................... ....................................................... PUNCT cblr-1734 11 1 171 171 NUM cblr-1734 11 2     SPACE cblr-1734 11 3 table table NOUN cblr-1734 11 4 5 5 NUM cblr-1734 11 5 . . PUNCT cblr-1734 11 6 results result NOUN cblr-1734 11 7 from from ADP cblr-1734 11 8 fama fama PROPN cblr-1734 11 9 - - PUNCT cblr-1734 11 10 french french PROPN cblr-1734 11 11 & & CCONJ cblr-1734 11 12 carhart carhart PROPN cblr-1734 11 13 four four NUM cblr-1734 11 14 - - PUNCT cblr-1734 11 15 factor factor NOUN cblr-1734 11 16 model model NOUN cblr-1734 11 17 returns return NOUN cblr-1734 11 18 by by ADP cblr-1734 11 19 trade trade NOUN cblr-1734 11 20 volume volume NOUN cblr-1734 11 21 , , PUNCT cblr-1734 11 22 type type NOUN cblr-1734 11 23 of of ADP cblr-1734 11 24 insider insider NOUN cblr-1734 11 25 , , PUNCT cblr-1734 11 26 and and CCONJ cblr-1734 11 27 firm firm ADJ cblr-1734 11 28 size size NOUN cblr-1734 11 29 ........ ........ PUNCT cblr-1734 12 1 172 172 NUM cblr-1734 12 2     SPACE cblr-1734 12 3 d. d. NOUN cblr-1734 12 4     SPACE cblr-1734 12 5 abnormal abnormal ADJ cblr-1734 12 6 returns return NOUN cblr-1734 12 7 , , PUNCT cblr-1734 12 8 rule rule VERB cblr-1734 12 9 10b5 10b5 NUM cblr-1734 12 10 - - SYM cblr-1734 12 11 1 1 NUM cblr-1734 12 12 , , PUNCT cblr-1734 12 13 and and CCONJ cblr-1734 12 14 firm firm ADJ cblr-1734 12 15 size size NOUN cblr-1734 12 16 174 174 NUM cblr-1734 12 17     SPACE cblr-1734 12 18 e. e. PROPN cblr-1734 12 19     SPACE cblr-1734 12 20 abnormal abnormal ADJ cblr-1734 12 21 returns return NOUN cblr-1734 12 22 , , PUNCT cblr-1734 12 23 rule rule VERB cblr-1734 12 24 10b5 10b5 NUM cblr-1734 12 25 - - SYM cblr-1734 12 26 1 1 NUM cblr-1734 12 27 , , PUNCT cblr-1734 12 28 and and CCONJ cblr-1734 12 29 insiders insider NOUN cblr-1734 12 30 ’ ’ PART cblr-1734 12 31 positions position NOUN cblr-1734 12 32 within within ADP cblr-1734 12 33 the the DET cblr-1734 12 34 firm firm NOUN cblr-1734 12 35 ................................... ................................... PUNCT cblr-1734 12 36 177 177 NUM cblr-1734 12 37     SPACE cblr-1734 12 38 v. v. NOUN cblr-1734 12 39     SPACE cblr-1734 12 40 discussion discussion NOUN cblr-1734 12 41 of of ADP cblr-1734 12 42 policy policy NOUN cblr-1734 12 43 implications implication NOUN cblr-1734 12 44 .............................. .............................. PUNCT cblr-1734 13 1 179 179 NUM cblr-1734 13 2     SPACE cblr-1734 13 3 vi vi NOUN cblr-1734 13 4 . . PUNCT cblr-1734 13 5     SPACE cblr-1734 13 6 conclusions conclusion NOUN cblr-1734 13 7 ................................................................. ................................................................. PUNCT cblr-1734 13 8 181 181 NUM cblr-1734 13 9     SPACE cblr-1734 13 10 i. i. NOUN cblr-1734 13 11 introduction introduction NOUN cblr-1734 13 12 section section PROPN cblr-1734 13 13 10(b 10(b NUM cblr-1734 13 14 ) ) PUNCT cblr-1734 13 15 of of ADP cblr-1734 13 16 the the DET cblr-1734 13 17 securities securities PROPN cblr-1734 13 18 exchange exchange PROPN cblr-1734 13 19 act act NOUN cblr-1734 13 20 of of ADP cblr-1734 13 21 1934 1934 NUM cblr-1734 13 22 and and CCONJ cblr-1734 13 23 securities security NOUN cblr-1734 13 24 and and CCONJ cblr-1734 13 25 exchange exchange PROPN cblr-1734 13 26 commission commission PROPN cblr-1734 13 27 ( ( PUNCT cblr-1734 13 28 “ " PUNCT cblr-1734 13 29 sec sec PROPN cblr-1734 13 30 ” " PUNCT cblr-1734 13 31 ) ) PUNCT cblr-1734 13 32 rule rule NOUN cblr-1734 13 33 10b-5 10b-5 NUM cblr-1734 13 34 make make VERB cblr-1734 13 35 it it PRON cblr-1734 13 36 unlawful unlawful ADJ cblr-1734 13 37 for for SCONJ cblr-1734 13 38 corporations corporation NOUN cblr-1734 13 39 to to PART cblr-1734 13 40 use use VERB cblr-1734 13 41 any any DET cblr-1734 13 42 manipulative manipulative ADJ cblr-1734 13 43 scheme scheme NOUN cblr-1734 13 44 or or CCONJ cblr-1734 13 45 to to PART cblr-1734 13 46 engage engage VERB cblr-1734 13 47 in in ADP cblr-1734 13 48 omission omission NOUN cblr-1734 13 49 of of ADP cblr-1734 13 50 any any DET cblr-1734 13 51 material material ADJ cblr-1734 13 52 fact fact NOUN cblr-1734 13 53 in in ADP cblr-1734 13 54 connection connection NOUN cblr-1734 13 55 with with ADP cblr-1734 13 56 the the DET cblr-1734 13 57 purchase purchase NOUN cblr-1734 13 58 or or CCONJ cblr-1734 13 59 sale sale NOUN cblr-1734 13 60 of of ADP cblr-1734 13 61 any any DET cblr-1734 13 62 security security NOUN cblr-1734 13 63 around around ADP cblr-1734 13 64 the the DET cblr-1734 13 65 time time NOUN cblr-1734 13 66 of of ADP cblr-1734 13 67 company company NOUN cblr-1734 13 68 filings.1 filings.1 NOUN cblr-1734 13 69 the the DET cblr-1734 13 70 sec sec PROPN cblr-1734 13 71 has have AUX cblr-1734 13 72 used use VERB cblr-1734 13 73 this this PRON cblr-1734 13 74 as as ADP cblr-1734 13 75 a a DET cblr-1734 13 76 statutory statutory ADJ cblr-1734 13 77 hook hook NOUN cblr-1734 13 78 to to PART cblr-1734 13 79 prohibit prohibit VERB cblr-1734 13 80 illegal illegal ADJ cblr-1734 13 81 insider insider NOUN cblr-1734 13 82 trading.2 trading.2 NOUN cblr-1734 13 83 since since SCONJ cblr-1734 13 84 october october PROPN cblr-1734 13 85 2000 2000 NUM cblr-1734 13 86 , , PUNCT cblr-1734 13 87 sec sec PROPN cblr-1734 13 88 rule rule NOUN cblr-1734 13 89 10b5 10b5 NUM cblr-1734 13 90 - - SYM cblr-1734 13 91 1 1 NUM cblr-1734 13 92 has have AUX cblr-1734 13 93 provided provide VERB cblr-1734 13 94 an an DET cblr-1734 13 95 exception exception NOUN cblr-1734 13 96 to to ADP cblr-1734 13 97 this this DET cblr-1734 13 98 rule rule NOUN cblr-1734 13 99 by by ADP cblr-1734 13 100 allowing allow VERB cblr-1734 13 101 insiders insider NOUN cblr-1734 13 102 to to PART cblr-1734 13 103 set set VERB cblr-1734 13 104 up up ADP cblr-1734 13 105 trading trading NOUN cblr-1734 13 106 plans plan NOUN cblr-1734 13 107 in in ADP cblr-1734 13 108 advance advance NOUN cblr-1734 13 109 of of ADP cblr-1734 13 110 actual actual ADJ cblr-1734 13 111 trading.3 trading.3 PROPN cblr-1734 13 112 since since SCONJ cblr-1734 13 113 planned plan VERB cblr-1734 13 114 trades trade NOUN cblr-1734 13 115 are be AUX cblr-1734 13 116 set set VERB cblr-1734 13 117 up up ADP cblr-1734 13 118 in in ADP cblr-1734 13 119 advance advance NOUN cblr-1734 13 120 of of ADP cblr-1734 13 121 subsequent subsequent ADJ cblr-1734 13 122 trading trading NOUN cblr-1734 13 123 , , PUNCT cblr-1734 13 124 they they PRON cblr-1734 13 125 allow allow VERB cblr-1734 13 126 insiders insider NOUN cblr-1734 13 127 to to PART cblr-1734 13 128 buy buy VERB cblr-1734 13 129 and and CCONJ cblr-1734 13 130 sell sell VERB cblr-1734 13 131 shares share NOUN cblr-1734 13 132 despite despite SCONJ cblr-1734 13 133 possessing possess VERB cblr-1734 13 134 material material NOUN cblr-1734 13 135 non non ADJ cblr-1734 13 136 - - ADJ cblr-1734 13 137 public public ADJ cblr-1734 13 138 information information NOUN cblr-1734 13 139 at at ADP cblr-1734 13 140 the the DET cblr-1734 13 141 time time NOUN cblr-1734 13 142 of of ADP cblr-1734 13 143 the the DET cblr-1734 13 144 trade trade NOUN cblr-1734 13 145 while while SCONJ cblr-1734 13 146 providing provide VERB cblr-1734 13 147 an an DET cblr-1734 13 148 affirmative affirmative ADJ cblr-1734 13 149 safe safe ADJ cblr-1734 13 150 harbor harbor NOUN cblr-1734 13 151 defense defense NOUN cblr-1734 13 152 against against ADP cblr-1734 13 153 allegations allegation NOUN cblr-1734 13 154 of of ADP cblr-1734 13 155 illegal illegal ADJ cblr-1734 13 156 insider insider NOUN cblr-1734 13 157 trading trading NOUN cblr-1734 13 158 . . PUNCT cblr-1734 14 1 however however ADV cblr-1734 14 2 , , PUNCT cblr-1734 14 3 these these DET cblr-1734 14 4 plans plan NOUN cblr-1734 14 5 are be AUX cblr-1734 14 6 not not PART cblr-1734 14 7 foolproof foolproof ADJ cblr-1734 14 8 . . PUNCT cblr-1734 15 1 both both DET cblr-1734 15 2     SPACE cblr-1734 15 3 1 1 NUM cblr-1734 15 4 15 15 NUM cblr-1734 15 5 u.s.c u.s.c NOUN cblr-1734 15 6 . . PUNCT cblr-1734 16 1 § § PROPN cblr-1734 16 2 78j 78j NUM cblr-1734 16 3 ( ( PUNCT cblr-1734 16 4 2012 2012 NUM cblr-1734 16 5 ) ) PUNCT cblr-1734 16 6 ; ; PUNCT cblr-1734 16 7 17 17 NUM cblr-1734 16 8 c.f.r c.f.r NOUN cblr-1734 16 9 . . PUNCT cblr-1734 17 1 § § PROPN cblr-1734 17 2 240.10b5 240.10b5 NUM cblr-1734 17 3 ( ( PUNCT cblr-1734 17 4 2014 2014 NUM cblr-1734 17 5 ) ) PUNCT cblr-1734 17 6 . . PUNCT cblr-1734 18 1 2 2 NUM cblr-1734 18 2 see see VERB cblr-1734 18 3 , , PUNCT cblr-1734 18 4 e.g. e.g. ADV cblr-1734 18 5 , , PUNCT cblr-1734 18 6 cady cady PROPN cblr-1734 18 7 , , PUNCT cblr-1734 18 8 roberts roberts PROPN cblr-1734 18 9 & & CCONJ cblr-1734 18 10 co. co. PROPN cblr-1734 18 11 , , PUNCT cblr-1734 18 12 40 40 NUM cblr-1734 18 13 s.e.c s.e.c NOUN cblr-1734 18 14 . . PUNCT cblr-1734 19 1 907 907 NUM cblr-1734 19 2 ( ( PUNCT cblr-1734 19 3 1961 1961 NUM cblr-1734 19 4 ) ) PUNCT cblr-1734 19 5 . . PUNCT cblr-1734 20 1 3 3 NUM cblr-1734 20 2 17 17 NUM cblr-1734 20 3 c.f.r c.f.r NOUN cblr-1734 20 4 . . PUNCT cblr-1734 21 1 § § PROPN cblr-1734 21 2 240.10b5 240.10b5 NUM cblr-1734 21 3 - - SYM cblr-1734 21 4 1 1 NUM cblr-1734 21 5 ( ( PUNCT cblr-1734 21 6 2014 2014 NUM cblr-1734 21 7 ) ) PUNCT cblr-1734 21 8 . . PUNCT cblr-1734 22 1 we we PRON cblr-1734 22 2 will will AUX cblr-1734 22 3 also also ADV cblr-1734 22 4 refer refer VERB cblr-1734 22 5 to to PART cblr-1734 22 6 rule rule VERB cblr-1734 22 7 10b5 10b5 NUM cblr-1734 22 8 - - SYM cblr-1734 22 9 1 1 NUM cblr-1734 22 10 as as ADP cblr-1734 22 11 the the DET cblr-1734 22 12 “ " PUNCT cblr-1734 22 13 safe safe ADJ cblr-1734 22 14 harbor harbor NOUN cblr-1734 22 15 rule rule NOUN cblr-1734 22 16 . . PUNCT cblr-1734 22 17 ” " PUNCT cblr-1734 23 1 mavruk mavruk PROPN cblr-1734 23 2 & & CCONJ cblr-1734 23 3 seyhun seyhun PROPN cblr-1734 23 4 – – PUNCT cblr-1734 23 5 final final ADJ cblr-1734 23 6 no no NOUN cblr-1734 23 7 . . PUNCT cblr-1734 24 1 1:133 1:133 NUM cblr-1734 24 2 ] ] X cblr-1734 24 3 sec sec PROPN cblr-1734 24 4 ’s ’s PART cblr-1734 24 5 10b5 10b5 NUM cblr-1734 24 6 - - SYM cblr-1734 24 7 1 1 NUM cblr-1734 24 8 safe safe ADJ cblr-1734 24 9 harbor harbor NOUN cblr-1734 24 10 rules rule VERB cblr-1734 24 11 135 135 NUM cblr-1734 24 12 finance finance NOUN cblr-1734 24 13 and and CCONJ cblr-1734 24 14 legal legal ADJ cblr-1734 24 15 experts expert NOUN cblr-1734 24 16 suspect suspect VERB cblr-1734 24 17 that that SCONJ cblr-1734 24 18 significant significant ADJ cblr-1734 24 19 loopholes loophole NOUN cblr-1734 24 20 exist exist VERB cblr-1734 24 21 in in ADP cblr-1734 24 22 the the DET cblr-1734 24 23 design design NOUN cblr-1734 24 24 and and CCONJ cblr-1734 24 25 execution execution NOUN cblr-1734 24 26 of of ADP cblr-1734 24 27 these these DET cblr-1734 24 28 plans plan NOUN cblr-1734 24 29 and and CCONJ cblr-1734 24 30 that that SCONJ cblr-1734 24 31 the the DET cblr-1734 24 32 plans plan NOUN cblr-1734 24 33 are be AUX cblr-1734 24 34 being be AUX cblr-1734 24 35 abused abuse VERB cblr-1734 24 36 to to PART cblr-1734 24 37 hide hide VERB cblr-1734 24 38 more more ADV cblr-1734 24 39 informed informed ADJ cblr-1734 24 40 insider insider NOUN cblr-1734 24 41 trading.4 trading.4 PROPN cblr-1734 24 42 one one NUM cblr-1734 24 43 potential potential ADJ cblr-1734 24 44 concern concern NOUN cblr-1734 24 45 with with ADP cblr-1734 24 46 rule rule NOUN cblr-1734 24 47 10b5 10b5 NUM cblr-1734 24 48 - - SYM cblr-1734 24 49 1 1 NUM cblr-1734 24 50 is be AUX cblr-1734 24 51 that that SCONJ cblr-1734 24 52 executive executive ADJ cblr-1734 24 53 insiders insider NOUN cblr-1734 24 54 can can AUX cblr-1734 24 55 possess possess VERB cblr-1734 24 56 material material ADJ cblr-1734 24 57 non non ADJ cblr-1734 24 58 - - ADJ cblr-1734 24 59 public public ADJ cblr-1734 24 60 information information NOUN cblr-1734 24 61 at at ADP cblr-1734 24 62 the the DET cblr-1734 24 63 time time NOUN cblr-1734 24 64 they they PRON cblr-1734 24 65 set set VERB cblr-1734 24 66 up up ADP cblr-1734 24 67 these these DET cblr-1734 24 68 trading trading NOUN cblr-1734 24 69 plans.5 plans.5 NOUN cblr-1734 24 70 if if SCONJ cblr-1734 24 71 true true ADJ cblr-1734 24 72 , , PUNCT cblr-1734 24 73 such such ADJ cblr-1734 24 74 possession possession NOUN cblr-1734 24 75 would would AUX cblr-1734 24 76 undermine undermine VERB cblr-1734 24 77 the the DET cblr-1734 24 78 entire entire ADJ cblr-1734 24 79 foundation foundation NOUN cblr-1734 24 80 for for ADP cblr-1734 24 81 the the DET cblr-1734 24 82 sec sec PROPN cblr-1734 24 83 rule rule NOUN cblr-1734 24 84 , , PUNCT cblr-1734 24 85 which which PRON cblr-1734 24 86 rests rest VERB cblr-1734 24 87 on on ADP cblr-1734 24 88 a a DET cblr-1734 24 89 requirement requirement NOUN cblr-1734 24 90 that that SCONJ cblr-1734 24 91 executive executive ADJ cblr-1734 24 92 insiders insider NOUN cblr-1734 24 93 set set VERB cblr-1734 24 94 up up ADP cblr-1734 24 95 the the DET cblr-1734 24 96 plans plan NOUN cblr-1734 24 97 before before SCONJ cblr-1734 24 98 the the DET cblr-1734 24 99 executive executive ADJ cblr-1734 24 100 insider insider NOUN cblr-1734 24 101 becomes become VERB cblr-1734 24 102 aware aware ADJ cblr-1734 24 103 of of ADP cblr-1734 24 104 such such ADJ cblr-1734 24 105 information information NOUN cblr-1734 24 106 . . PUNCT cblr-1734 25 1 a a DET cblr-1734 25 2 second second ADJ cblr-1734 25 3 concern concern NOUN cblr-1734 25 4 is be AUX cblr-1734 25 5 that that SCONJ cblr-1734 25 6 executive executive ADJ cblr-1734 25 7 insiders insider NOUN cblr-1734 25 8 can can AUX cblr-1734 25 9 incorporate incorporate VERB cblr-1734 25 10 their their PRON cblr-1734 25 11 material material ADJ cblr-1734 25 12 non non ADJ cblr-1734 25 13 - - ADJ cblr-1734 25 14 public public ADJ cblr-1734 25 15 information information NOUN cblr-1734 25 16 into into ADP cblr-1734 25 17 the the DET cblr-1734 25 18 plans plan NOUN cblr-1734 25 19 ’ ' PUNCT cblr-1734 25 20 trading trading NOUN cblr-1734 25 21 formulas formula NOUN cblr-1734 25 22 , , PUNCT cblr-1734 25 23 or or CCONJ cblr-1734 25 24 that that SCONJ cblr-1734 25 25 they they PRON cblr-1734 25 26 can can AUX cblr-1734 25 27 subsequently subsequently ADV cblr-1734 25 28 cancel cancel VERB cblr-1734 25 29 or or CCONJ cblr-1734 25 30 modify modify VERB cblr-1734 25 31 their their PRON cblr-1734 25 32 existing exist VERB cblr-1734 25 33 10b5 10b5 NUM cblr-1734 25 34 - - SYM cblr-1734 25 35 1 1 NUM cblr-1734 25 36 plans plan NOUN cblr-1734 25 37 or or CCONJ cblr-1734 25 38 set set VERB cblr-1734 25 39 up up ADP cblr-1734 25 40 additional additional ADJ cblr-1734 25 41 new new ADJ cblr-1734 25 42 plans plan NOUN cblr-1734 25 43 as as SCONJ cblr-1734 25 44 they they PRON cblr-1734 25 45 come come VERB cblr-1734 25 46 into into ADP cblr-1734 25 47 material material NOUN cblr-1734 25 48 nonpublic nonpublic NOUN cblr-1734 25 49 information.6 information.6 NOUN cblr-1734 25 50 if if SCONJ cblr-1734 25 51 so so ADV cblr-1734 25 52 , , PUNCT cblr-1734 25 53 these these DET cblr-1734 25 54 plans plan NOUN cblr-1734 25 55 would would AUX cblr-1734 25 56 not not PART cblr-1734 25 57 provide provide VERB cblr-1734 25 58 substantive substantive ADJ cblr-1734 25 59 constraints constraint NOUN cblr-1734 25 60 on on ADP cblr-1734 25 61 insider insider NOUN cblr-1734 25 62 trading trading NOUN cblr-1734 25 63 activity activity NOUN cblr-1734 25 64 . . PUNCT cblr-1734 26 1 a a DET cblr-1734 26 2 third third ADJ cblr-1734 26 3 concern concern NOUN cblr-1734 26 4 is be AUX cblr-1734 26 5 that that SCONJ cblr-1734 26 6 since since SCONJ cblr-1734 26 7 executive executive ADJ cblr-1734 26 8 insiders insider NOUN cblr-1734 26 9 do do AUX cblr-1734 26 10 not not PART cblr-1734 26 11 need need VERB cblr-1734 26 12 to to PART cblr-1734 26 13 disclose disclose VERB cblr-1734 26 14 either either CCONJ cblr-1734 26 15 the the DET cblr-1734 26 16 existence existence NOUN cblr-1734 26 17 or or CCONJ cblr-1734 26 18 the the DET cblr-1734 26 19 details detail NOUN cblr-1734 26 20 of of ADP cblr-1734 26 21 the the DET cblr-1734 26 22 plan plan NOUN cblr-1734 26 23 under under ADP cblr-1734 26 24 the the DET cblr-1734 26 25 current current ADJ cblr-1734 26 26 rules rule NOUN cblr-1734 26 27 , , PUNCT cblr-1734 26 28 regulatory regulatory ADJ cblr-1734 26 29 agencies agency NOUN cblr-1734 26 30 can can AUX cblr-1734 26 31 not not PART cblr-1734 26 32 verify verify VERB cblr-1734 26 33 that that SCONJ cblr-1734 26 34 insiders insider NOUN cblr-1734 26 35 are be AUX cblr-1734 26 36 actually actually ADV cblr-1734 26 37 complying comply VERB cblr-1734 26 38 with with ADP cblr-1734 26 39 their their PRON cblr-1734 26 40 own own ADJ cblr-1734 26 41 specific specific ADJ cblr-1734 26 42 plan plan NOUN cblr-1734 26 43     SPACE cblr-1734 26 44 4 4 NUM cblr-1734 26 45 alan alan PROPN cblr-1734 26 46 d. d. PROPN cblr-1734 26 47 jagolinzer jagolinzer PROPN cblr-1734 26 48 , , PUNCT cblr-1734 26 49 sec sec PROPN cblr-1734 26 50 rule rule NOUN cblr-1734 26 51 10b5 10b5 NUM cblr-1734 26 52 - - SYM cblr-1734 26 53 1 1 NUM cblr-1734 26 54 and and CCONJ cblr-1734 26 55 insiders insider NOUN cblr-1734 26 56 ’ ’ PART cblr-1734 26 57 strategic strategic ADJ cblr-1734 26 58 trade trade NOUN cblr-1734 26 59 , , PUNCT cblr-1734 26 60 55 55 NUM cblr-1734 26 61 mgmt mgmt NOUN cblr-1734 26 62 . . PUNCT cblr-1734 27 1 sci sci PROPN cblr-1734 27 2 . . PROPN cblr-1734 27 3 224 224 NUM cblr-1734 27 4 , , PUNCT cblr-1734 27 5 224–25 224–25 NUM cblr-1734 27 6 , , PUNCT cblr-1734 27 7 235–36 235–36 NUM cblr-1734 27 8 ( ( PUNCT cblr-1734 27 9 2009 2009 NUM cblr-1734 27 10 ) ) PUNCT cblr-1734 27 11 ; ; PUNCT cblr-1734 27 12 m. m. PROPN cblr-1734 27 13 todd todd PROPN cblr-1734 27 14 henderson henderson PROPN cblr-1734 27 15 et et PROPN cblr-1734 27 16 al al PROPN cblr-1734 27 17 . . PROPN cblr-1734 27 18 , , PUNCT cblr-1734 27 19 hiding hide VERB cblr-1734 27 20 in in ADP cblr-1734 27 21 plain plain ADJ cblr-1734 27 22 sight sight NOUN cblr-1734 27 23 : : PUNCT cblr-1734 27 24 can can AUX cblr-1734 27 25 disclosure disclosure VERB cblr-1734 27 26 enhance enhance VERB cblr-1734 27 27 insiders insider NOUN cblr-1734 27 28 ’ ’ PART cblr-1734 27 29 trade trade NOUN cblr-1734 27 30 returns return NOUN cblr-1734 27 31 ? ? PUNCT cblr-1734 28 1 2 2 NUM cblr-1734 28 2 , , PUNCT cblr-1734 28 3 3 3 NUM cblr-1734 28 4 , , PUNCT cblr-1734 28 5 20 20 NUM cblr-1734 28 6 ( ( PUNCT cblr-1734 28 7 coase coase PROPN cblr-1734 28 8 - - PUNCT cblr-1734 28 9 sandor sandor PROPN cblr-1734 28 10 working working PROPN cblr-1734 28 11 paper paper PROPN cblr-1734 28 12 series series NOUN cblr-1734 28 13 in in ADP cblr-1734 28 14 law law PROPN cblr-1734 28 15 & & CCONJ cblr-1734 28 16 econ econ PROPN cblr-1734 28 17 . . PROPN cblr-1734 28 18 , , PUNCT cblr-1734 28 19 working work VERB cblr-1734 28 20 paper paper NOUN cblr-1734 28 21 no no INTJ cblr-1734 28 22 . . PROPN cblr-1734 28 23 411 411 NUM cblr-1734 28 24 , , PUNCT cblr-1734 28 25 2012 2012 NUM cblr-1734 28 26 ) ) PUNCT cblr-1734 28 27 , , PUNCT cblr-1734 29 1 http://chicagounbound.uchicago.edu/cgi/viewcontent.cgi?art http://chicagounbound.uchicago.edu/cgi/viewcontent.cgi?art PROPN cblr-1734 29 2 icle=1646&context icle=1646&context NOUN cblr-1734 29 3 = = NUM cblr-1734 29 4 law_and_economics law_and_economic NOUN cblr-1734 29 5 [ [ X cblr-1734 29 6 http://perma.cc/2dnf-85z2 http://perma.cc/2dnf-85z2 PROPN cblr-1734 29 7 ] ] X cblr-1734 29 8 . . PUNCT cblr-1734 30 1 see see VERB cblr-1734 30 2 also also ADV cblr-1734 30 3 linda linda PROPN cblr-1734 30 4 chatman chatman PROPN cblr-1734 30 5 thomsen thomsen PROPN cblr-1734 30 6 , , PUNCT cblr-1734 30 7 director director NOUN cblr-1734 30 8 , , PUNCT cblr-1734 30 9 div div PROPN cblr-1734 30 10 . . PROPN cblr-1734 30 11 of of ADP cblr-1734 30 12 enf’t enf’t NUM cblr-1734 30 13 , , PUNCT cblr-1734 30 14 u.s u.s PROPN cblr-1734 30 15 . . PROPN cblr-1734 30 16 sec sec PROPN cblr-1734 30 17 . . PROPN cblr-1734 30 18 & & CCONJ cblr-1734 30 19 exch exch PROPN cblr-1734 30 20 . . PUNCT cblr-1734 31 1 comm’n comm’n PROPN cblr-1734 31 2 , , PUNCT cblr-1734 31 3 opening opening NOUN cblr-1734 31 4 remarks remark NOUN cblr-1734 31 5 before before ADP cblr-1734 31 6 the the DET cblr-1734 31 7 15th 15th ADJ cblr-1734 31 8 annual annual ADJ cblr-1734 31 9 naspp naspp NOUN cblr-1734 31 10 conference conference PROPN cblr-1734 31 11 ( ( PUNCT cblr-1734 31 12 oct oct PROPN cblr-1734 31 13 . . PROPN cblr-1734 31 14 10 10 NUM cblr-1734 31 15 , , PUNCT cblr-1734 31 16 2007 2007 NUM cblr-1734 31 17 ) ) PUNCT cblr-1734 31 18 ( ( PUNCT cblr-1734 31 19 manuscript manuscript NOUN cblr-1734 31 20 at at ADP cblr-1734 31 21 2–3 2–3 NUM cblr-1734 31 22 ) ) PUNCT cblr-1734 31 23 , , PUNCT cblr-1734 31 24 http://www.sec.gov/news/speech/ http://www.sec.gov/news/speech/ PROPN cblr-1734 31 25 2007 2007 NUM cblr-1734 31 26 / / SYM cblr-1734 31 27 spch101007lct.htm spch101007lct.htm PUNCT cblr-1734 32 1 [ [ X cblr-1734 32 2 http://perma.cc/82gl-9z8e http://perma.cc/82gl-9z8e X cblr-1734 32 3 ] ] X cblr-1734 32 4 . . PUNCT cblr-1734 32 5 5 5 NUM cblr-1734 32 6 jean jean PROPN cblr-1734 32 7 eaglesham eaglesham PROPN cblr-1734 32 8 & & CCONJ cblr-1734 32 9 rob rob PROPN cblr-1734 32 10 barry barry PROPN cblr-1734 32 11 , , PUNCT cblr-1734 32 12 trading trading NOUN cblr-1734 32 13 plans plan NOUN cblr-1734 32 14 under under ADP cblr-1734 32 15 fire fire NOUN cblr-1734 32 16 : : PUNCT cblr-1734 32 17 despite despite SCONJ cblr-1734 32 18 2007 2007 NUM cblr-1734 32 19 warning warning NOUN cblr-1734 32 20 , , PUNCT cblr-1734 32 21 experts expert NOUN cblr-1734 32 22 say say VERB cblr-1734 32 23 loopholes loophole NOUN cblr-1734 32 24 remain remain VERB cblr-1734 32 25 for for ADP cblr-1734 32 26 corporate corporate ADJ cblr-1734 32 27 insiders insider NOUN cblr-1734 32 28 , , PUNCT cblr-1734 33 1 wall wall PROPN cblr-1734 33 2 st st PROPN cblr-1734 33 3 . . PROPN cblr-1734 33 4 j. j. PROPN cblr-1734 33 5 ( ( PUNCT cblr-1734 33 6 dec dec PROPN cblr-1734 33 7 . . PROPN cblr-1734 33 8 13 13 NUM cblr-1734 33 9 , , PUNCT cblr-1734 33 10 2012 2012 NUM cblr-1734 33 11 ) ) PUNCT cblr-1734 33 12 , , PUNCT cblr-1734 33 13 http://www.wsj.com/articles/sb100014241 http://www.wsj.com/articles/sb100014241 PROPN cblr-1734 33 14 27887324296604578177734024394950 27887324296604578177734024394950 NUM cblr-1734 33 15 [ [ X cblr-1734 33 16 http://perma.cc/3ufr-lwpa http://perma.cc/3ufr-lwpa X cblr-1734 33 17 ] ] X cblr-1734 33 18 . . PUNCT cblr-1734 34 1 6 6 NUM cblr-1734 34 2 see see VERB cblr-1734 34 3 i i PROPN cblr-1734 34 4 d. d. PROPN cblr-1734 34 5 mavruk mavruk PROPN cblr-1734 34 6 & & CCONJ cblr-1734 34 7 seyhun seyhun PROPN cblr-1734 34 8 – – PUNCT cblr-1734 34 9 final final ADJ cblr-1734 34 10 136 136 NUM cblr-1734 34 11 columbia columbia PROPN cblr-1734 34 12 business business NOUN cblr-1734 34 13 law law NOUN cblr-1734 34 14 review review NOUN cblr-1734 34 15 [ [ X cblr-1734 34 16 vol vol NOUN cblr-1734 34 17 . . NOUN cblr-1734 34 18 2016 2016 NUM cblr-1734 34 19 rules rule NOUN cblr-1734 34 20 instead instead ADV cblr-1734 34 21 of of ADP cblr-1734 34 22 improvising improvise VERB cblr-1734 34 23 over over ADP cblr-1734 34 24 time time NOUN cblr-1734 34 25 based base VERB cblr-1734 34 26 on on ADP cblr-1734 34 27 subsequent subsequent ADJ cblr-1734 34 28 material material NOUN cblr-1734 34 29 non non ADJ cblr-1734 34 30 - - ADJ cblr-1734 34 31 public public ADJ cblr-1734 34 32 information.7 information.7 PROPN cblr-1734 34 33 previous previous ADJ cblr-1734 34 34 studies study NOUN cblr-1734 34 35 have have AUX cblr-1734 34 36 reported report VERB cblr-1734 34 37 that that SCONJ cblr-1734 34 38 insider insider NOUN cblr-1734 34 39 trading trading NOUN cblr-1734 34 40 by by ADP cblr-1734 34 41 those those PRON cblr-1734 34 42 with with ADP cblr-1734 34 43 10b5 10b5 NUM cblr-1734 34 44 - - SYM cblr-1734 34 45 1 1 NUM cblr-1734 34 46 plans plan NOUN cblr-1734 34 47 show show VERB cblr-1734 34 48 significant significant ADJ cblr-1734 34 49 abnormal abnormal ADJ cblr-1734 34 50 profitability profitability NOUN cblr-1734 34 51 consistent consistent ADJ cblr-1734 34 52 with with ADP cblr-1734 34 53 concerns concern NOUN cblr-1734 34 54 that that SCONJ cblr-1734 34 55 these these DET cblr-1734 34 56 plans plan NOUN cblr-1734 34 57 are be AUX cblr-1734 34 58 not not PART cblr-1734 34 59 used use VERB cblr-1734 34 60 to to PART cblr-1734 34 61 execute execute VERB cblr-1734 34 62 liquidity liquidity NOUN cblr-1734 34 63 - - PUNCT cblr-1734 34 64 motivated motivate VERB cblr-1734 34 65 transactions transaction NOUN cblr-1734 34 66 only.8 only.8 PROPN cblr-1734 34 67 in in ADP cblr-1734 34 68 this this DET cblr-1734 34 69 article article NOUN cblr-1734 34 70 , , PUNCT cblr-1734 34 71 we we PRON cblr-1734 34 72 provide provide VERB cblr-1734 34 73 additional additional ADJ cblr-1734 34 74 evidence evidence NOUN cblr-1734 34 75 on on ADP cblr-1734 34 76 the the DET cblr-1734 34 77 profitability profitability NOUN cblr-1734 34 78 of of ADP cblr-1734 34 79 insider insider NOUN cblr-1734 34 80 trading trading NOUN cblr-1734 34 81 with with ADP cblr-1734 34 82 10b5 10b5 NUM cblr-1734 34 83 - - SYM cblr-1734 34 84 1 1 NUM cblr-1734 34 85 plans plan NOUN cblr-1734 34 86 , , PUNCT cblr-1734 34 87 offer offer VERB cblr-1734 34 88 more more ADV cblr-1734 34 89 detailed detailed ADJ cblr-1734 34 90 analyses analysis NOUN cblr-1734 34 91 of of ADP cblr-1734 34 92 the the DET cblr-1734 34 93 reasons reason NOUN cblr-1734 34 94 for for ADP cblr-1734 34 95 profitability profitability NOUN cblr-1734 34 96 of of ADP cblr-1734 34 97 insider insider NOUN cblr-1734 34 98 trading trading NOUN cblr-1734 34 99 , , PUNCT cblr-1734 34 100 and and CCONJ cblr-1734 34 101 provide provide VERB cblr-1734 34 102 specific specific ADJ cblr-1734 34 103 policy policy NOUN cblr-1734 34 104 prescriptions prescription NOUN cblr-1734 34 105 to to PART cblr-1734 34 106 prevent prevent VERB cblr-1734 34 107 using use VERB cblr-1734 34 108 these these DET cblr-1734 34 109 plans plan NOUN cblr-1734 34 110 to to PART cblr-1734 34 111 hide hide VERB cblr-1734 34 112 profitable profitable ADJ cblr-1734 34 113 transactions transaction NOUN cblr-1734 34 114 . . PUNCT cblr-1734 35 1 our our PRON cblr-1734 35 2 results result NOUN cblr-1734 35 3 indicate indicate VERB cblr-1734 35 4 that that SCONJ cblr-1734 35 5 the the DET cblr-1734 35 6 initial initial ADJ cblr-1734 35 7 transactions transaction NOUN cblr-1734 35 8 from from ADP cblr-1734 35 9 the the DET cblr-1734 35 10 plans plan NOUN cblr-1734 35 11 show show VERB cblr-1734 35 12 significant significant ADJ cblr-1734 35 13 abnormal abnormal ADJ cblr-1734 35 14 profitability profitability NOUN cblr-1734 35 15 , , PUNCT cblr-1734 35 16 indicating indicate VERB cblr-1734 35 17 that that SCONJ cblr-1734 35 18 many many ADJ cblr-1734 35 19 plans plan NOUN cblr-1734 35 20 are be AUX cblr-1734 35 21 set set VERB cblr-1734 35 22 up up ADP cblr-1734 35 23 at at ADP cblr-1734 35 24 a a DET cblr-1734 35 25 time time NOUN cblr-1734 35 26 when when SCONJ cblr-1734 35 27 insiders insider NOUN cblr-1734 35 28 possess possess VERB cblr-1734 35 29 material material ADJ cblr-1734 35 30 non non ADJ cblr-1734 35 31 - - ADJ cblr-1734 35 32 public public ADJ cblr-1734 35 33 information information NOUN cblr-1734 35 34 . . PUNCT cblr-1734 36 1 second second ADV cblr-1734 36 2 , , PUNCT cblr-1734 36 3 our our PRON cblr-1734 36 4 results result NOUN cblr-1734 36 5 suggest suggest VERB cblr-1734 36 6 that that SCONJ cblr-1734 36 7 irregularities irregularity NOUN cblr-1734 36 8 in in ADP cblr-1734 36 9 trading trading NOUN cblr-1734 36 10 patterns pattern NOUN cblr-1734 36 11 — — PUNCT cblr-1734 36 12 both both CCONJ cblr-1734 36 13 irregular irregular ADJ cblr-1734 36 14 trading trading NOUN cblr-1734 36 15 intervals interval NOUN cblr-1734 36 16 as as ADV cblr-1734 36 17 well well ADV cblr-1734 36 18 as as ADP cblr-1734 36 19 irregular irregular ADJ cblr-1734 36 20 trading trading NOUN cblr-1734 36 21 volumes volume NOUN cblr-1734 36 22 — — PUNCT cblr-1734 36 23 are be AUX cblr-1734 36 24 associated associate VERB cblr-1734 36 25 with with ADP cblr-1734 36 26 greater great ADJ cblr-1734 36 27 abnormal abnormal ADJ cblr-1734 36 28 profitability profitability NOUN cblr-1734 36 29 . . PUNCT cblr-1734 37 1 this this DET cblr-1734 37 2 finding finding NOUN cblr-1734 37 3 is be AUX cblr-1734 37 4 consistent consistent ADJ cblr-1734 37 5 with with ADP cblr-1734 37 6 the the DET cblr-1734 37 7 concern concern NOUN cblr-1734 37 8 that that SCONJ cblr-1734 37 9 insiders insider NOUN cblr-1734 37 10 could could AUX cblr-1734 37 11 be be AUX cblr-1734 37 12 modifying modify VERB cblr-1734 37 13 , , PUNCT cblr-1734 37 14 canceling canceling NOUN cblr-1734 37 15 , , PUNCT cblr-1734 37 16 or or CCONJ cblr-1734 37 17 setting set VERB cblr-1734 37 18 up up ADP cblr-1734 37 19 new new ADJ cblr-1734 37 20 plans plan NOUN cblr-1734 37 21 which which PRON cblr-1734 37 22 deviate deviate VERB cblr-1734 37 23 from from ADP cblr-1734 37 24 their their PRON cblr-1734 37 25 original original ADJ cblr-1734 37 26 planned plan VERB cblr-1734 37 27 trades trade NOUN cblr-1734 37 28 after after SCONJ cblr-1734 37 29 they they PRON cblr-1734 37 30 subsequently subsequently ADV cblr-1734 37 31 acquire acquire VERB cblr-1734 37 32 material material ADJ cblr-1734 37 33 non non ADJ cblr-1734 37 34 - - ADJ cblr-1734 37 35 public public ADJ cblr-1734 37 36 information information NOUN cblr-1734 37 37 . . PUNCT cblr-1734 38 1 to to PART cblr-1734 38 2 prevent prevent VERB cblr-1734 38 3 abuse abuse NOUN cblr-1734 38 4 of of ADP cblr-1734 38 5 the the DET cblr-1734 38 6 sec sec PROPN cblr-1734 38 7 ’s ’s PART cblr-1734 38 8 safe safe ADJ cblr-1734 38 9 harbor harbor NOUN cblr-1734 38 10 rule rule NOUN cblr-1734 38 11 , , PUNCT cblr-1734 38 12 we we PRON cblr-1734 38 13 propose propose VERB cblr-1734 38 14 that that SCONJ cblr-1734 38 15 10b5 10b5 NUM cblr-1734 38 16 - - SYM cblr-1734 38 17 1 1 NUM cblr-1734 38 18 plans plan NOUN cblr-1734 38 19 satisfy satisfy VERB cblr-1734 38 20 four four NUM cblr-1734 38 21 additional additional ADJ cblr-1734 38 22 constraints constraint NOUN cblr-1734 38 23 . . PUNCT cblr-1734 39 1 first first ADV cblr-1734 39 2 , , PUNCT cblr-1734 39 3 we we PRON cblr-1734 39 4 propose propose VERB cblr-1734 39 5 that that SCONJ cblr-1734 39 6 the the DET cblr-1734 39 7 first first ADJ cblr-1734 39 8 trade trade NOUN cblr-1734 39 9 from from ADP cblr-1734 39 10 a a DET cblr-1734 39 11 proper proper ADJ cblr-1734 39 12 plan plan NOUN cblr-1734 39 13 must must AUX cblr-1734 39 14 be be AUX cblr-1734 39 15 scheduled schedule VERB cblr-1734 39 16 no no ADV cblr-1734 39 17 less less ADJ cblr-1734 39 18 than than ADP cblr-1734 39 19 six six NUM cblr-1734 39 20 months month NOUN cblr-1734 39 21 after after SCONJ cblr-1734 39 22 the the DET cblr-1734 39 23 plan plan NOUN cblr-1734 39 24 is be AUX cblr-1734 39 25 filed file VERB cblr-1734 39 26 . . PUNCT cblr-1734 40 1 this this DET cblr-1734 40 2 rule rule NOUN cblr-1734 40 3 will will AUX cblr-1734 40 4 increase increase VERB cblr-1734 40 5 the the DET cblr-1734 40 6 likelihood likelihood NOUN cblr-1734 40 7 that that SCONJ cblr-1734 40 8 even even ADV cblr-1734 40 9 if if SCONJ cblr-1734 40 10 the the DET cblr-1734 40 11 plan plan NOUN cblr-1734 40 12 is be AUX cblr-1734 40 13 set set VERB cblr-1734 40 14 up up ADP cblr-1734 40 15 when when SCONJ cblr-1734 40 16 insiders insider NOUN cblr-1734 40 17 possess possess VERB cblr-1734 40 18 material material ADJ cblr-1734 40 19 non non ADJ cblr-1734 40 20 - - ADJ cblr-1734 40 21 public public ADJ cblr-1734 40 22 information information NOUN cblr-1734 40 23 , , PUNCT cblr-1734 40 24 the the DET cblr-1734 40 25 scheduled schedule VERB cblr-1734 40 26 trades trade NOUN cblr-1734 40 27 will will AUX cblr-1734 40 28 not not PART cblr-1734 40 29 be be AUX cblr-1734 40 30 able able ADJ cblr-1734 40 31 to to PART cblr-1734 40 32 exploit exploit VERB cblr-1734 40 33 insiders insider NOUN cblr-1734 40 34 ’ ' PUNCT cblr-1734 40 35 informational informational ADJ cblr-1734 40 36 advantages advantage NOUN cblr-1734 40 37 . . PUNCT cblr-1734 41 1 second second ADV cblr-1734 41 2 , , PUNCT cblr-1734 41 3 we we PRON cblr-1734 41 4 propose propose VERB cblr-1734 41 5 that that SCONJ cblr-1734 41 6 if if SCONJ cblr-1734 41 7 the the DET cblr-1734 41 8 plan plan NOUN cblr-1734 41 9 is be AUX cblr-1734 41 10 modified modify VERB cblr-1734 41 11 or or CCONJ cblr-1734 41 12 a a DET cblr-1734 41 13 new new ADJ cblr-1734 41 14 plan plan NOUN cblr-1734 41 15 is be AUX cblr-1734 41 16 created create VERB cblr-1734 41 17 , , PUNCT cblr-1734 41 18 the the DET cblr-1734 41 19 six six NUM cblr-1734 41 20     SPACE cblr-1734 41 21 7 7 NUM cblr-1734 41 22 see see VERB cblr-1734 41 23 i i PRON cblr-1734 41 24 d. d. PROPN cblr-1734 41 25 see see VERB cblr-1734 41 26 also also ADV cblr-1734 41 27 jane jane PROPN cblr-1734 41 28 sasseen sasseen PROPN cblr-1734 41 29 , , PUNCT cblr-1734 41 30 the the DET cblr-1734 41 31 sec sec PROPN cblr-1734 41 32 is be AUX cblr-1734 41 33 eyeing eye VERB cblr-1734 41 34 insider insider NOUN cblr-1734 41 35 stock stock NOUN cblr-1734 41 36 sales sale NOUN cblr-1734 41 37 , , PUNCT cblr-1734 41 38 bloomberg bloomberg PROPN cblr-1734 41 39 businessweek businessweek PROPN cblr-1734 41 40 ( ( PUNCT cblr-1734 41 41 mar mar PROPN cblr-1734 41 42 . . PROPN cblr-1734 41 43 18 18 NUM cblr-1734 41 44 , , PUNCT cblr-1734 41 45 2007 2007 NUM cblr-1734 41 46 ) ) PUNCT cblr-1734 41 47 , , PUNCT cblr-1734 41 48 http://www.bloom http://www.bloom NOUN cblr-1734 41 49 berg.com/bw/stories/2007-03-18/the-sec-is-eyeing-insider-stock-sales berg.com/bw/stories/2007-03-18/the-sec-is-eyeing-insider-stock-sales PROPN cblr-1734 41 50 [ [ X cblr-1734 41 51 http://perma.cc/b7rv-gq98 http://perma.cc/b7rv-gq98 X cblr-1734 41 52 ] ] X cblr-1734 41 53 . . NOUN cblr-1734 41 54 8 8 NUM cblr-1734 41 55 jagolinzer jagolinzer NOUN cblr-1734 41 56 , , PUNCT cblr-1734 41 57 supra supra PROPN cblr-1734 41 58 note note NOUN cblr-1734 41 59 4 4 NUM cblr-1734 41 60 , , PUNCT cblr-1734 41 61 at at ADP cblr-1734 41 62 228–30 228–30 NUM cblr-1734 41 63 ; ; PUNCT cblr-1734 41 64 henderson henderson PROPN cblr-1734 41 65 et et PROPN cblr-1734 41 66 al al PROPN cblr-1734 41 67 . . PROPN cblr-1734 41 68 , , PUNCT cblr-1734 41 69 supra supra PROPN cblr-1734 41 70 note note NOUN cblr-1734 41 71 4 4 NUM cblr-1734 41 72 , , PUNCT cblr-1734 41 73 at at ADP cblr-1734 41 74 13–17 13–17 NUM cblr-1734 41 75 , , PUNCT cblr-1734 41 76 19 19 NUM cblr-1734 41 77 . . X cblr-1734 41 78 mavruk mavruk PROPN cblr-1734 41 79 & & CCONJ cblr-1734 41 80 seyhun seyhun PROPN cblr-1734 41 81 – – PUNCT cblr-1734 41 82 final final ADJ cblr-1734 41 83 no no NOUN cblr-1734 41 84 . . PUNCT cblr-1734 42 1 1:133 1:133 NUM cblr-1734 42 2 ] ] X cblr-1734 42 3 sec sec PROPN cblr-1734 42 4 ’s ’s PART cblr-1734 42 5 10b5 10b5 NUM cblr-1734 42 6 - - SYM cblr-1734 42 7 1 1 NUM cblr-1734 42 8 safe safe ADJ cblr-1734 42 9 harbor harbor NOUN cblr-1734 42 10 rules rule VERB cblr-1734 42 11 137 137 NUM cblr-1734 42 12 month month NOUN cblr-1734 42 13 rule rule NOUN cblr-1734 42 14 must must AUX cblr-1734 42 15 apply apply VERB cblr-1734 42 16 anew anew ADV cblr-1734 42 17 to to ADP cblr-1734 42 18 any any DET cblr-1734 42 19 subsequent subsequent ADJ cblr-1734 42 20 planned plan VERB cblr-1734 42 21 trades trade NOUN cblr-1734 42 22 . . PUNCT cblr-1734 43 1 third third ADV cblr-1734 43 2 , , PUNCT cblr-1734 43 3 we we PRON cblr-1734 43 4 propose propose VERB cblr-1734 43 5 that that SCONJ cblr-1734 43 6 the the DET cblr-1734 43 7 sec sec PROPN cblr-1734 43 8 repeal repeal NOUN cblr-1734 43 9 its its PRON cblr-1734 43 10 permission permission NOUN cblr-1734 43 11 regarding regard VERB cblr-1734 43 12 prices price NOUN cblr-1734 43 13 , , PUNCT cblr-1734 43 14 formulas formula NOUN cblr-1734 43 15 , , PUNCT cblr-1734 43 16 and and CCONJ cblr-1734 43 17 computer computer NOUN cblr-1734 43 18 programs program NOUN cblr-1734 43 19 and and CCONJ cblr-1734 43 20 insist insist VERB cblr-1734 43 21 that that SCONJ cblr-1734 43 22 safe safe ADJ cblr-1734 43 23 harbor harbor NOUN cblr-1734 43 24 plans plan NOUN cblr-1734 43 25 ’ ' PUNCT cblr-1734 43 26 trading trading NOUN cblr-1734 43 27 decisions decision NOUN cblr-1734 43 28 can can AUX cblr-1734 43 29 not not PART cblr-1734 43 30 be be AUX cblr-1734 43 31 conditioned condition VERB cblr-1734 43 32 on on ADP cblr-1734 43 33 future future ADJ cblr-1734 43 34 stock stock NOUN cblr-1734 43 35 price price NOUN cblr-1734 43 36 or or CCONJ cblr-1734 43 37 market market NOUN cblr-1734 43 38 conditions condition NOUN cblr-1734 43 39 . . PUNCT cblr-1734 44 1 instead instead ADV cblr-1734 44 2 , , PUNCT cblr-1734 44 3 insiders insider NOUN cblr-1734 44 4 must must AUX cblr-1734 44 5 simply simply ADV cblr-1734 44 6 submit submit VERB cblr-1734 44 7 the the DET cblr-1734 44 8 number number NOUN cblr-1734 44 9 of of ADP cblr-1734 44 10 shares share NOUN cblr-1734 44 11 to to PART cblr-1734 44 12 be be AUX cblr-1734 44 13 purchased purchase VERB cblr-1734 44 14 or or CCONJ cblr-1734 44 15 sold sell VERB cblr-1734 44 16 and and CCONJ cblr-1734 44 17 the the DET cblr-1734 44 18 dates date NOUN cblr-1734 44 19 of of ADP cblr-1734 44 20 these these DET cblr-1734 44 21 proposed propose VERB cblr-1734 44 22 transactions transaction NOUN cblr-1734 44 23 . . PUNCT cblr-1734 45 1 fourth fourth ADJ cblr-1734 45 2 , , PUNCT cblr-1734 45 3 we we PRON cblr-1734 45 4 propose propose VERB cblr-1734 45 5 that that SCONJ cblr-1734 45 6 the the DET cblr-1734 45 7 details detail NOUN cblr-1734 45 8 of of ADP cblr-1734 45 9 safe safe ADJ cblr-1734 45 10 harbor harbor NOUN cblr-1734 45 11 plans plan NOUN cblr-1734 45 12 must must AUX cblr-1734 45 13 be be AUX cblr-1734 45 14 disclosed disclose VERB cblr-1734 45 15 publicly publicly ADV cblr-1734 45 16 so so SCONJ cblr-1734 45 17 that that SCONJ cblr-1734 45 18 both both CCONJ cblr-1734 45 19 the the DET cblr-1734 45 20 sec sec PROPN cblr-1734 45 21 and and CCONJ cblr-1734 45 22 investors investor NOUN cblr-1734 45 23 can can AUX cblr-1734 45 24 verify verify VERB cblr-1734 45 25 that that SCONJ cblr-1734 45 26 the the DET cblr-1734 45 27 executives executive NOUN cblr-1734 45 28 are be AUX cblr-1734 45 29 actually actually ADV cblr-1734 45 30 complying comply VERB cblr-1734 45 31 with with ADP cblr-1734 45 32 their their PRON cblr-1734 45 33 own own ADJ cblr-1734 45 34 proposed propose VERB cblr-1734 45 35 rules rule NOUN cblr-1734 45 36 . . PUNCT cblr-1734 46 1 the the DET cblr-1734 46 2 remainder remainder NOUN cblr-1734 46 3 of of ADP cblr-1734 46 4 the the DET cblr-1734 46 5 article article NOUN cblr-1734 46 6 is be AUX cblr-1734 46 7 organized organize VERB cblr-1734 46 8 as as SCONJ cblr-1734 46 9 follows follow VERB cblr-1734 46 10 : : PUNCT cblr-1734 46 11 part part PROPN cblr-1734 46 12 ii ii PROPN cblr-1734 46 13 presents present VERB cblr-1734 46 14 the the DET cblr-1734 46 15 background background NOUN cblr-1734 46 16 and and CCONJ cblr-1734 46 17 existing exist VERB cblr-1734 46 18 literature literature NOUN cblr-1734 46 19 examining examine VERB cblr-1734 46 20 insider insider NOUN cblr-1734 46 21 trading trading NOUN cblr-1734 46 22 within within ADP cblr-1734 46 23 rule rule NOUN cblr-1734 46 24 10b5 10b5 NUM cblr-1734 46 25 - - SYM cblr-1734 46 26 1 1 NUM cblr-1734 46 27 . . PUNCT cblr-1734 47 1 part part NOUN cblr-1734 47 2 iii iii PROPN cblr-1734 47 3 describes describe VERB cblr-1734 47 4 the the DET cblr-1734 47 5 data datum NOUN cblr-1734 47 6 , , PUNCT cblr-1734 47 7 provides provide VERB cblr-1734 47 8 the the DET cblr-1734 47 9 summary summary NOUN cblr-1734 47 10 statistics statistic NOUN cblr-1734 47 11 , , PUNCT cblr-1734 47 12 and and CCONJ cblr-1734 47 13 presents present VERB cblr-1734 47 14 our our PRON cblr-1734 47 15 method method NOUN cblr-1734 47 16 . . PUNCT cblr-1734 48 1 part part NOUN cblr-1734 48 2 iv iv NUM cblr-1734 48 3 presents present VERB cblr-1734 48 4 the the DET cblr-1734 48 5 main main ADJ cblr-1734 48 6 results result NOUN cblr-1734 48 7 regarding regard VERB cblr-1734 48 8 the the DET cblr-1734 48 9 effects effect NOUN cblr-1734 48 10 of of ADP cblr-1734 48 11 rule rule NOUN cblr-1734 48 12 10b5 10b5 NUM cblr-1734 48 13 - - SYM cblr-1734 48 14 1 1 NUM cblr-1734 48 15 on on ADP cblr-1734 48 16 insider insider NOUN cblr-1734 48 17 - - PUNCT cblr-1734 48 18 trading trading NOUN cblr-1734 48 19 behavior behavior NOUN cblr-1734 48 20 and and CCONJ cblr-1734 48 21 returns return NOUN cblr-1734 48 22 . . PUNCT cblr-1734 49 1 part part NOUN cblr-1734 49 2 v v NOUN cblr-1734 49 3 discusses discuss VERB cblr-1734 49 4 the the DET cblr-1734 49 5 policy policy NOUN cblr-1734 49 6 implications implication NOUN cblr-1734 49 7 of of ADP cblr-1734 49 8 our our PRON cblr-1734 49 9 findings finding NOUN cblr-1734 49 10 . . PUNCT cblr-1734 50 1 part part NOUN cblr-1734 50 2 vi vi PROPN cblr-1734 50 3 presents present VERB cblr-1734 50 4 our our PRON cblr-1734 50 5 conclusions conclusion NOUN cblr-1734 50 6 . . PUNCT cblr-1734 51 1 ii ii PROPN cblr-1734 51 2 . . PUNCT cblr-1734 51 3 background background PROPN cblr-1734 51 4 and and CCONJ cblr-1734 51 5 literature literature PROPN cblr-1734 51 6 review review PROPN cblr-1734 51 7 a. a. NOUN cblr-1734 51 8 background background NOUN cblr-1734 51 9 the the DET cblr-1734 51 10 sec sec PROPN cblr-1734 51 11 created create VERB cblr-1734 51 12 rule rule NOUN cblr-1734 51 13 10b5 10b5 NUM cblr-1734 51 14 - - SYM cblr-1734 51 15 1 1 NUM cblr-1734 51 16 in in ADP cblr-1734 51 17 october october PROPN cblr-1734 51 18 2000 2000 NUM cblr-1734 51 19 to to PART cblr-1734 51 20 allow allow VERB cblr-1734 51 21 insiders insider NOUN cblr-1734 51 22 to to PART cblr-1734 51 23 better well ADV cblr-1734 51 24 diversify diversify VERB cblr-1734 51 25 their their PRON cblr-1734 51 26 holdings holding NOUN cblr-1734 51 27 by by ADP cblr-1734 51 28 providing provide VERB cblr-1734 51 29 an an DET cblr-1734 51 30 affirmative affirmative ADJ cblr-1734 51 31 legal legal ADJ cblr-1734 51 32 defense defense NOUN cblr-1734 51 33 for for ADP cblr-1734 51 34 trades trade NOUN cblr-1734 51 35 that that PRON cblr-1734 51 36 are be AUX cblr-1734 51 37 pre pre ADJ cblr-1734 51 38 - - VERB cblr-1734 51 39 planned planned ADJ cblr-1734 51 40 at at ADP cblr-1734 51 41 a a DET cblr-1734 51 42 time time NOUN cblr-1734 51 43 when when SCONJ cblr-1734 51 44 insiders insider NOUN cblr-1734 51 45 did do AUX cblr-1734 51 46 not not PART cblr-1734 51 47 have have VERB cblr-1734 51 48 material material NOUN cblr-1734 51 49 , , PUNCT cblr-1734 51 50 non non ADJ cblr-1734 51 51 - - ADJ cblr-1734 51 52 public public ADJ cblr-1734 51 53 information.9 information.9 VERB cblr-1734 51 54 the the DET cblr-1734 51 55 affirmative affirmative ADJ cblr-1734 51 56 defense defense NOUN cblr-1734 51 57 provides provide VERB cblr-1734 51 58 that that SCONJ cblr-1734 51 59 any any DET cblr-1734 51 60 insider insider NOUN cblr-1734 51 61 who who PRON cblr-1734 51 62 prearranged prearrange VERB cblr-1734 51 63 a a DET cblr-1734 51 64 trading trading NOUN cblr-1734 51 65 plan plan NOUN cblr-1734 51 66 for for ADP cblr-1734 51 67 future future ADJ cblr-1734 51 68 trades trade NOUN cblr-1734 51 69 will will AUX cblr-1734 51 70 not not PART cblr-1734 51 71 be be AUX cblr-1734 51 72 liable liable ADJ cblr-1734 51 73 for for ADP cblr-1734 51 74 insider insider NOUN cblr-1734 51 75 trading trading NOUN cblr-1734 51 76 even even ADV cblr-1734 51 77 if if SCONJ cblr-1734 51 78 she she PRON cblr-1734 51 79 is be AUX cblr-1734 51 80 aware aware ADJ cblr-1734 51 81 of of ADP cblr-1734 51 82 the the DET cblr-1734 51 83 material material ADJ cblr-1734 51 84 non non ADJ cblr-1734 51 85 - - ADJ cblr-1734 51 86 public public ADJ cblr-1734 51 87 information information NOUN cblr-1734 51 88 at at ADP cblr-1734 51 89 the the DET cblr-1734 51 90 time time NOUN cblr-1734 51 91 trades trade NOUN cblr-1734 51 92 are be AUX cblr-1734 51 93 executed execute VERB cblr-1734 51 94 , , PUNCT cblr-1734 51 95 as as ADV cblr-1734 51 96 long long ADV cblr-1734 51 97 as as SCONJ cblr-1734 51 98 she she PRON cblr-1734 51 99 was be AUX cblr-1734 51 100 not not PART cblr-1734 51 101 aware aware ADJ cblr-1734 51 102 of of ADP cblr-1734 51 103 this this DET cblr-1734 51 104 information information NOUN cblr-1734 51 105 at at ADP cblr-1734 51 106 the the DET cblr-1734 51 107 time time NOUN cblr-1734 51 108 she she PRON cblr-1734 51 109 arranged arrange VERB cblr-1734 51 110 the the DET cblr-1734 51 111 trading trading NOUN cblr-1734 51 112 plan.10 plan.10 NOUN cblr-1734 51 113     SPACE cblr-1734 51 114 9 9 NUM cblr-1734 51 115 see see VERB cblr-1734 51 116 thomsen thomsen PROPN cblr-1734 51 117 , , PUNCT cblr-1734 51 118 supra supra PROPN cblr-1734 51 119 note note NOUN cblr-1734 51 120 4 4 NUM cblr-1734 51 121 . . SYM cblr-1734 51 122 10 10 NUM cblr-1734 51 123 see see VERB cblr-1734 51 124 i i PROPN cblr-1734 51 125 d. d. PROPN cblr-1734 51 126 mavruk mavruk PROPN cblr-1734 51 127 & & CCONJ cblr-1734 51 128 seyhun seyhun PROPN cblr-1734 51 129 – – PUNCT cblr-1734 51 130 final final ADJ cblr-1734 51 131 138 138 NUM cblr-1734 51 132 columbia columbia PROPN cblr-1734 51 133 business business NOUN cblr-1734 51 134 law law PROPN cblr-1734 51 135 review review NOUN cblr-1734 51 136 [ [ X cblr-1734 51 137 vol vol NOUN cblr-1734 51 138 . . NOUN cblr-1734 51 139 2016 2016 NUM cblr-1734 51 140 in in ADP cblr-1734 51 141 order order NOUN cblr-1734 51 142 for for ADP cblr-1734 51 143 a a DET cblr-1734 51 144 plan plan NOUN cblr-1734 51 145 to to PART cblr-1734 51 146 qualify qualify VERB cblr-1734 51 147 as as ADP cblr-1734 51 148 safe safe ADJ cblr-1734 51 149 harbor harbor NOUN cblr-1734 51 150 , , PUNCT cblr-1734 51 151 the the DET cblr-1734 51 152 sec sec PROPN cblr-1734 51 153 has have AUX cblr-1734 51 154 mandated mandate VERB cblr-1734 51 155 three three NUM cblr-1734 51 156 specific specific ADJ cblr-1734 51 157 conditions condition NOUN cblr-1734 51 158 . . PUNCT cblr-1734 52 1 first first ADV cblr-1734 52 2 , , PUNCT cblr-1734 52 3 insiders insider NOUN cblr-1734 52 4 must must AUX cblr-1734 52 5 have have AUX cblr-1734 52 6 entered enter VERB cblr-1734 52 7 into into ADP cblr-1734 52 8 a a DET cblr-1734 52 9 binding bind VERB cblr-1734 52 10 contract contract NOUN cblr-1734 52 11 to to PART cblr-1734 52 12 purchase purchase VERB cblr-1734 52 13 or or CCONJ cblr-1734 52 14 sell sell VERB cblr-1734 52 15 a a DET cblr-1734 52 16 security security NOUN cblr-1734 52 17 and and CCONJ cblr-1734 52 18 provided provide VERB cblr-1734 52 19 written write VERB cblr-1734 52 20 instructions instruction NOUN cblr-1734 52 21 to to PART cblr-1734 52 22 do do VERB cblr-1734 52 23 so so ADV cblr-1734 52 24 prior prior ADV cblr-1734 52 25 to to ADP cblr-1734 52 26 becoming become VERB cblr-1734 52 27 aware aware ADJ cblr-1734 52 28 of of ADP cblr-1734 52 29 material material ADJ cblr-1734 52 30 non non ADJ cblr-1734 52 31 - - ADJ cblr-1734 52 32 public public ADJ cblr-1734 52 33 information information NOUN cblr-1734 52 34 . . PUNCT cblr-1734 53 1 second second ADJ cblr-1734 53 2 , , PUNCT cblr-1734 53 3 insiders insider NOUN cblr-1734 53 4 must must AUX cblr-1734 53 5 either either CCONJ cblr-1734 53 6 specify specify VERB cblr-1734 53 7 the the DET cblr-1734 53 8 amount amount NOUN cblr-1734 53 9 , , PUNCT cblr-1734 53 10 price price NOUN cblr-1734 53 11 , , PUNCT cblr-1734 53 12 and and CCONJ cblr-1734 53 13 date date NOUN cblr-1734 53 14 of of ADP cblr-1734 53 15 trade trade NOUN cblr-1734 53 16 , , PUNCT cblr-1734 53 17 or or CCONJ cblr-1734 53 18 provide provide VERB cblr-1734 53 19 a a DET cblr-1734 53 20 formula formula NOUN cblr-1734 53 21 , , PUNCT cblr-1734 53 22 algorithm algorithm NOUN cblr-1734 53 23 , , PUNCT cblr-1734 53 24 or or CCONJ cblr-1734 53 25 a a DET cblr-1734 53 26 computer computer NOUN cblr-1734 53 27 program program NOUN cblr-1734 53 28 to to PART cblr-1734 53 29 determine determine VERB cblr-1734 53 30 those those DET cblr-1734 53 31 parameters parameter NOUN cblr-1734 53 32 . . PUNCT cblr-1734 54 1 such such ADJ cblr-1734 54 2 formula formula NOUN cblr-1734 54 3 , , PUNCT cblr-1734 54 4 algorithm algorithm NOUN cblr-1734 54 5 , , PUNCT cblr-1734 54 6 or or CCONJ cblr-1734 54 7 computer computer NOUN cblr-1734 54 8 program program NOUN cblr-1734 54 9 can can AUX cblr-1734 54 10 not not PART cblr-1734 54 11 permit permit VERB cblr-1734 54 12 the the DET cblr-1734 54 13 insider insider NOUN cblr-1734 54 14 to to PART cblr-1734 54 15 exercise exercise VERB cblr-1734 54 16 subsequent subsequent ADJ cblr-1734 54 17 influence influence NOUN cblr-1734 54 18 on on ADP cblr-1734 54 19 the the DET cblr-1734 54 20 execution execution NOUN cblr-1734 54 21 of of ADP cblr-1734 54 22 these these DET cblr-1734 54 23 trades trade NOUN cblr-1734 54 24 . . PUNCT cblr-1734 55 1 third third ADJ cblr-1734 55 2 , , PUNCT cblr-1734 55 3 insiders insider NOUN cblr-1734 55 4 must must AUX cblr-1734 55 5 demonstrate demonstrate VERB cblr-1734 55 6 that that SCONJ cblr-1734 55 7 all all DET cblr-1734 55 8 such such ADJ cblr-1734 55 9 purchases purchase NOUN cblr-1734 55 10 and and CCONJ cblr-1734 55 11 sales sale NOUN cblr-1734 55 12 must must AUX cblr-1734 55 13 have have AUX cblr-1734 55 14 occurred occur VERB cblr-1734 55 15 pursuant pursuant ADV cblr-1734 55 16 to to ADP cblr-1734 55 17 the the DET cblr-1734 55 18 plan.11 plan.11 NOUN cblr-1734 55 19 the the DET cblr-1734 55 20 sec sec PROPN cblr-1734 55 21 reasons reason NOUN cblr-1734 55 22 that that PRON cblr-1734 55 23 , , PUNCT cblr-1734 55 24 by by ADP cblr-1734 55 25 constraining constrain VERB cblr-1734 55 26 insiders insider NOUN cblr-1734 55 27 to to PART cblr-1734 55 28 follow follow VERB cblr-1734 55 29 pre pre ADJ cblr-1734 55 30 - - ADJ cblr-1734 55 31 planned planned ADJ cblr-1734 55 32 rules rule NOUN cblr-1734 55 33 , , PUNCT cblr-1734 55 34 insiders insider NOUN cblr-1734 55 35 would would AUX cblr-1734 55 36 be be AUX cblr-1734 55 37 relieved relieve VERB cblr-1734 55 38 from from ADP cblr-1734 55 39 the the DET cblr-1734 55 40 burden burden NOUN cblr-1734 55 41 of of ADP cblr-1734 55 42 having have VERB cblr-1734 55 43 to to PART cblr-1734 55 44 defend defend VERB cblr-1734 55 45 against against ADP cblr-1734 55 46 allegations allegation NOUN cblr-1734 55 47 of of ADP cblr-1734 55 48 abusing abuse VERB cblr-1734 55 49 their their PRON cblr-1734 55 50 subsequent subsequent ADJ cblr-1734 55 51 informational informational ADJ cblr-1734 55 52 advantages advantage NOUN cblr-1734 55 53 . . PUNCT cblr-1734 56 1 thus thus ADV cblr-1734 56 2 , , PUNCT cblr-1734 56 3 trading trading NOUN cblr-1734 56 4 plans plan NOUN cblr-1734 56 5 under under ADP cblr-1734 56 6 rule rule NOUN cblr-1734 56 7 10b5 10b5 NUM cblr-1734 56 8 - - SYM cblr-1734 56 9 1 1 NUM cblr-1734 56 10 should should AUX cblr-1734 56 11 lead lead VERB cblr-1734 56 12 to to ADP cblr-1734 56 13 reduced reduce VERB cblr-1734 56 14 litigation litigation NOUN cblr-1734 56 15 risk risk NOUN cblr-1734 56 16 . . PUNCT cblr-1734 57 1 firms firm NOUN cblr-1734 57 2 may may AUX cblr-1734 57 3 also also ADV cblr-1734 57 4 prefer prefer VERB cblr-1734 57 5 to to PART cblr-1734 57 6 disclose disclose VERB cblr-1734 57 7 insiders insider NOUN cblr-1734 57 8 ’ ’ PART cblr-1734 57 9 trades trade NOUN cblr-1734 57 10 within within ADP cblr-1734 57 11 rule rule NOUN cblr-1734 57 12 10b5 10b5 NUM cblr-1734 57 13 - - SYM cblr-1734 57 14 1 1 NUM cblr-1734 57 15 to to PART cblr-1734 57 16 reduce reduce VERB cblr-1734 57 17 legal legal ADJ cblr-1734 57 18 risk.12 risk.12 NOUN cblr-1734 57 19 from from ADP cblr-1734 57 20 a a DET cblr-1734 57 21 logical logical ADJ cblr-1734 57 22 perspective perspective NOUN cblr-1734 57 23 , , PUNCT cblr-1734 57 24 the the DET cblr-1734 57 25 sec sec PROPN cblr-1734 57 26 ’s ’s PART cblr-1734 57 27 three three NUM cblr-1734 57 28 safe safe ADJ cblr-1734 57 29 harbor harbor NOUN cblr-1734 57 30 requirements requirement NOUN cblr-1734 57 31 are be AUX cblr-1734 57 32 quite quite ADV cblr-1734 57 33 problematic problematic ADJ cblr-1734 57 34 . . PUNCT cblr-1734 58 1 the the DET cblr-1734 58 2 current current ADJ cblr-1734 58 3 rules rule NOUN cblr-1734 58 4 allow allow VERB cblr-1734 58 5 insiders insider NOUN cblr-1734 58 6 to to PART cblr-1734 58 7 provide provide VERB cblr-1734 58 8 a a DET cblr-1734 58 9 formula formula NOUN cblr-1734 58 10 , , PUNCT cblr-1734 58 11 an an DET cblr-1734 58 12 algorithm algorithm NOUN cblr-1734 58 13 , , PUNCT cblr-1734 58 14 or or CCONJ cblr-1734 58 15 a a DET cblr-1734 58 16 computer computer NOUN cblr-1734 58 17 program program NOUN cblr-1734 58 18 to to PART cblr-1734 58 19 generate generate VERB cblr-1734 58 20 trades trade NOUN cblr-1734 58 21 . . PUNCT cblr-1734 59 1 the the DET cblr-1734 59 2 sec sec PROPN cblr-1734 59 3 ’s ’s PART cblr-1734 59 4 rules rule NOUN cblr-1734 59 5 also also ADV cblr-1734 59 6 allow allow VERB cblr-1734 59 7     SPACE cblr-1734 59 8 11 11 NUM cblr-1734 59 9 17 17 NUM cblr-1734 59 10 c.f.r c.f.r NOUN cblr-1734 59 11 . . PUNCT cblr-1734 60 1 § § PROPN cblr-1734 60 2 240.10b5 240.10b5 NUM cblr-1734 60 3 - - SYM cblr-1734 60 4 1(c)(1)(i 1(c)(1)(i NUM cblr-1734 60 5 ) ) PUNCT cblr-1734 60 6 ( ( PUNCT cblr-1734 60 7 2014 2014 NUM cblr-1734 60 8 ) ) PUNCT cblr-1734 60 9 . . PUNCT cblr-1734 61 1 planned plan VERB cblr-1734 61 2 trades trade NOUN cblr-1734 61 3 do do AUX cblr-1734 61 4 not not PART cblr-1734 61 5 affect affect VERB cblr-1734 61 6 insiders insider NOUN cblr-1734 61 7 ’ ’ PART cblr-1734 61 8 transactions transaction NOUN cblr-1734 61 9 outside outside ADP cblr-1734 61 10 the the DET cblr-1734 61 11 plan plan NOUN cblr-1734 61 12 . . PUNCT cblr-1734 62 1 trades trade NOUN cblr-1734 62 2 outside outside ADP cblr-1734 62 3 the the DET cblr-1734 62 4 plan plan NOUN cblr-1734 62 5 do do AUX cblr-1734 62 6 not not PART cblr-1734 62 7 have have VERB cblr-1734 62 8 the the DET cblr-1734 62 9 safe safe ADJ cblr-1734 62 10 harbor harbor NOUN cblr-1734 62 11 presumption presumption NOUN cblr-1734 62 12 . . PUNCT cblr-1734 63 1 12 12 NUM cblr-1734 63 2 henderson henderson PROPN cblr-1734 63 3 et et PROPN cblr-1734 63 4 al al PROPN cblr-1734 63 5 . . PROPN cblr-1734 63 6 , , PUNCT cblr-1734 63 7 supra supra PROPN cblr-1734 63 8 note note NOUN cblr-1734 63 9 4 4 NUM cblr-1734 63 10 , , PUNCT cblr-1734 63 11 at at ADP cblr-1734 63 12 13–17 13–17 NUM cblr-1734 63 13 , , PUNCT cblr-1734 63 14 19 19 NUM cblr-1734 63 15 . . PUNCT cblr-1734 63 16 henderson henderson PROPN cblr-1734 63 17 et et PROPN cblr-1734 63 18 al al PROPN cblr-1734 63 19 . . PROPN cblr-1734 63 20 argue argue VERB cblr-1734 63 21 that that SCONJ cblr-1734 63 22 firms firm NOUN cblr-1734 63 23 may may AUX cblr-1734 63 24 voluntarily voluntarily ADV cblr-1734 63 25 disclose disclose VERB cblr-1734 63 26 information information NOUN cblr-1734 63 27 about about ADP cblr-1734 63 28 insiders insider NOUN cblr-1734 63 29 ’ ' PUNCT cblr-1734 63 30 planned plan VERB cblr-1734 63 31 trades trade NOUN cblr-1734 63 32 because because SCONJ cblr-1734 63 33 disclosure disclosure NOUN cblr-1734 63 34 of of ADP cblr-1734 63 35 rule rule NOUN cblr-1734 63 36 10b5 10b5 NUM cblr-1734 63 37 - - SYM cblr-1734 63 38 1 1 NUM cblr-1734 63 39 trades trade NOUN cblr-1734 63 40 seems seem VERB cblr-1734 63 41 to to PART cblr-1734 63 42 increase increase VERB cblr-1734 63 43 legal legal ADJ cblr-1734 63 44 protection protection NOUN cblr-1734 63 45 . . PUNCT cblr-1734 64 1 their their PRON cblr-1734 64 2 study study NOUN cblr-1734 64 3 shows show VERB cblr-1734 64 4 that that SCONJ cblr-1734 64 5 the the DET cblr-1734 64 6 decision decision NOUN cblr-1734 64 7 to to PART cblr-1734 64 8 disclose disclose VERB cblr-1734 64 9 10b5 10b5 NUM cblr-1734 64 10 - - SYM cblr-1734 64 11 1 1 NUM cblr-1734 64 12 trading trading NOUN cblr-1734 64 13 plans plan NOUN cblr-1734 64 14 is be AUX cblr-1734 64 15 more more ADV cblr-1734 64 16 common common ADJ cblr-1734 64 17 for for ADP cblr-1734 64 18 firms firm NOUN cblr-1734 64 19 with with ADP cblr-1734 64 20 higher high ADJ cblr-1734 64 21 overall overall ADJ cblr-1734 64 22 litigation litigation NOUN cblr-1734 64 23 risk risk NOUN cblr-1734 64 24 ( ( PUNCT cblr-1734 64 25 measured measure VERB cblr-1734 64 26 by by ADP cblr-1734 64 27 firm firm ADJ cblr-1734 64 28 - - PUNCT cblr-1734 64 29 specific specific ADJ cblr-1734 64 30 volatility volatility NOUN cblr-1734 64 31 ) ) PUNCT cblr-1734 64 32 and and CCONJ cblr-1734 64 33 with with ADP cblr-1734 64 34 greater great ADJ cblr-1734 64 35 potential potential NOUN cblr-1734 64 36 for for ADP cblr-1734 64 37 strategic strategic ADJ cblr-1734 64 38 trade trade NOUN cblr-1734 64 39 by by ADP cblr-1734 64 40 insiders insider NOUN cblr-1734 64 41 . . PUNCT cblr-1734 65 1 the the DET cblr-1734 65 2 decision decision NOUN cblr-1734 65 3 to to PART cblr-1734 65 4 disclose disclose VERB cblr-1734 65 5 is be AUX cblr-1734 65 6 more more ADV cblr-1734 65 7 common common ADJ cblr-1734 65 8 for for ADP cblr-1734 65 9 firms firm NOUN cblr-1734 65 10 with with ADP cblr-1734 65 11 more more ADV cblr-1734 65 12 financially financially ADV cblr-1734 65 13 sophisticated sophisticated ADJ cblr-1734 65 14 boards board NOUN cblr-1734 65 15 , , PUNCT cblr-1734 65 16 larger large ADJ cblr-1734 65 17 institutional institutional ADJ cblr-1734 65 18 ownership ownership NOUN cblr-1734 65 19 , , PUNCT cblr-1734 65 20 and and CCONJ cblr-1734 65 21 greater great ADJ cblr-1734 65 22 analyst analyst NOUN cblr-1734 65 23 following following NOUN cblr-1734 65 24 . . PUNCT cblr-1734 66 1 however however ADV cblr-1734 66 2 , , PUNCT cblr-1734 66 3 there there PRON cblr-1734 66 4 can can AUX cblr-1734 66 5 also also ADV cblr-1734 66 6 be be AUX cblr-1734 66 7 risks risk NOUN cblr-1734 66 8 on on ADP cblr-1734 66 9 the the DET cblr-1734 66 10 other other ADJ cblr-1734 66 11 side side NOUN cblr-1734 66 12 as as ADV cblr-1734 66 13 well well ADV cblr-1734 66 14 , , PUNCT cblr-1734 66 15 namely namely ADV cblr-1734 66 16 entering enter VERB cblr-1734 66 17 into into ADP cblr-1734 66 18 a a DET cblr-1734 66 19 plan plan NOUN cblr-1734 66 20 and and CCONJ cblr-1734 66 21 not not PART cblr-1734 66 22 carrying carry VERB cblr-1734 66 23 out out ADP cblr-1734 66 24 all all PRON cblr-1734 66 25 of of ADP cblr-1734 66 26 the the DET cblr-1734 66 27 associated associated ADJ cblr-1734 66 28 transactions transaction NOUN cblr-1734 66 29 due due ADJ cblr-1734 66 30 to to ADP cblr-1734 66 31 changes change NOUN cblr-1734 66 32 in in ADP cblr-1734 66 33 circumstances circumstance NOUN cblr-1734 66 34 , , PUNCT cblr-1734 66 35 since since SCONJ cblr-1734 66 36 fewer few ADJ cblr-1734 66 37 than than ADP cblr-1734 66 38 twenty twenty NUM cblr-1734 66 39 - - PUNCT cblr-1734 66 40 five five NUM cblr-1734 66 41 percent percent NOUN cblr-1734 66 42 of of ADP cblr-1734 66 43 sales sale NOUN cblr-1734 66 44 transactions transaction NOUN cblr-1734 66 45 are be AUX cblr-1734 66 46 tagged tag VERB cblr-1734 66 47 with with ADP cblr-1734 66 48 10b51 10b51 NUM cblr-1734 66 49 designation designation NOUN cblr-1734 66 50 . . PUNCT cblr-1734 67 1 mavruk mavruk PROPN cblr-1734 67 2 & & CCONJ cblr-1734 67 3 seyhun seyhun PROPN cblr-1734 67 4 – – PUNCT cblr-1734 67 5 final final ADJ cblr-1734 67 6 no no NOUN cblr-1734 67 7 . . PUNCT cblr-1734 68 1 1:133 1:133 NUM cblr-1734 68 2 ] ] X cblr-1734 68 3 sec sec PROPN cblr-1734 68 4 ’s ’s PART cblr-1734 68 5 10b5 10b5 NUM cblr-1734 68 6 - - SYM cblr-1734 68 7 1 1 NUM cblr-1734 68 8 safe safe ADJ cblr-1734 68 9 harbor harbor NOUN cblr-1734 68 10 rules rule VERB cblr-1734 68 11 139 139 NUM cblr-1734 68 12 insiders insider NOUN cblr-1734 68 13 to to PART cblr-1734 68 14 condition condition VERB cblr-1734 68 15 their their PRON cblr-1734 68 16 trading trading NOUN cblr-1734 68 17 decisions decision NOUN cblr-1734 68 18 on on ADP cblr-1734 68 19 the the DET cblr-1734 68 20 market market NOUN cblr-1734 68 21 price price NOUN cblr-1734 68 22 of of ADP cblr-1734 68 23 the the DET cblr-1734 68 24 stock stock NOUN cblr-1734 68 25 . . PUNCT cblr-1734 69 1 taken take VERB cblr-1734 69 2 together together ADV cblr-1734 69 3 , , PUNCT cblr-1734 69 4 these these DET cblr-1734 69 5 conditions condition NOUN cblr-1734 69 6 give give VERB cblr-1734 69 7 insiders insider NOUN cblr-1734 69 8 wide wide ADJ cblr-1734 69 9 latitude latitude NOUN cblr-1734 69 10 to to PART cblr-1734 69 11 fully fully ADV cblr-1734 69 12 incorporate incorporate VERB cblr-1734 69 13 their their PRON cblr-1734 69 14 material material ADJ cblr-1734 69 15 nonpublic nonpublic ADJ cblr-1734 69 16 information information NOUN cblr-1734 69 17 right right ADV cblr-1734 69 18 into into ADP cblr-1734 69 19 the the DET cblr-1734 69 20 safe safe ADJ cblr-1734 69 21 harbor harbor NOUN cblr-1734 69 22 plan plan PROPN cblr-1734 69 23 ’s ’s PART cblr-1734 69 24 trading trading NOUN cblr-1734 69 25 formula formula NOUN cblr-1734 69 26 . . PUNCT cblr-1734 70 1 some some DET cblr-1734 70 2 examples example NOUN cblr-1734 70 3 will will AUX cblr-1734 70 4 be be AUX cblr-1734 70 5 useful useful ADJ cblr-1734 70 6 . . PUNCT cblr-1734 71 1 figure figure NOUN cblr-1734 71 2 1 1 NUM cblr-1734 71 3 shows show VERB cblr-1734 71 4 a a DET cblr-1734 71 5 hypothetical hypothetical ADJ cblr-1734 71 6 trading trading NOUN cblr-1734 71 7 plan plan NOUN cblr-1734 71 8 , , PUNCT cblr-1734 71 9 a a PRON cblr-1734 71 10 , , PUNCT cblr-1734 71 11 where where SCONJ cblr-1734 71 12 the the DET cblr-1734 71 13 current current ADJ cblr-1734 71 14 stock stock NOUN cblr-1734 71 15 price price NOUN cblr-1734 71 16 is be AUX cblr-1734 71 17 $ $ SYM cblr-1734 71 18 100 100 NUM cblr-1734 71 19 and and CCONJ cblr-1734 71 20 the the DET cblr-1734 71 21 trading trading NOUN cblr-1734 71 22 plan plan NOUN cblr-1734 71 23 calls call VERB cblr-1734 71 24 for for ADP cblr-1734 71 25 no no DET cblr-1734 71 26 sales sale NOUN cblr-1734 71 27 unless unless SCONJ cblr-1734 71 28 the the DET cblr-1734 71 29 stock stock NOUN cblr-1734 71 30 price price NOUN cblr-1734 71 31 exceeds exceed VERB cblr-1734 71 32 $ $ SYM cblr-1734 71 33 125 125 NUM cblr-1734 71 34 , , PUNCT cblr-1734 71 35 and and CCONJ cblr-1734 71 36 then then ADV cblr-1734 71 37 planned plan VERB cblr-1734 71 38 sales sale NOUN cblr-1734 71 39 ramp ramp VERB cblr-1734 71 40 up up ADP cblr-1734 71 41 rapidly rapidly ADV cblr-1734 71 42 . . PUNCT cblr-1734 72 1 this this DET cblr-1734 72 2 plan plan NOUN cblr-1734 72 3 would would AUX cblr-1734 72 4 be be AUX cblr-1734 72 5 consistent consistent ADJ cblr-1734 72 6 with with ADP cblr-1734 72 7 insiders insider NOUN cblr-1734 72 8 ’ ’ PART cblr-1734 72 9 material material NOUN cblr-1734 72 10 , , PUNCT cblr-1734 72 11 nonpublic nonpublic ADJ cblr-1734 72 12 information information NOUN cblr-1734 72 13 which which PRON cblr-1734 72 14 indicates indicate VERB cblr-1734 72 15 that that SCONJ cblr-1734 72 16 the the DET cblr-1734 72 17 stock stock NOUN cblr-1734 72 18 price price NOUN cblr-1734 72 19 is be AUX cblr-1734 72 20 not not PART cblr-1734 72 21 likely likely ADJ cblr-1734 72 22 to to PART cblr-1734 72 23 fall fall VERB cblr-1734 72 24 , , PUNCT cblr-1734 72 25 it it PRON cblr-1734 72 26 is be AUX cblr-1734 72 27 likely likely ADJ cblr-1734 72 28 to to PART cblr-1734 72 29 remain remain VERB cblr-1734 72 30 between between ADP cblr-1734 72 31 $ $ SYM cblr-1734 72 32 100 100 NUM cblr-1734 72 33 and and CCONJ cblr-1734 72 34 $ $ SYM cblr-1734 72 35 120 120 NUM cblr-1734 72 36 , , PUNCT cblr-1734 72 37 and and CCONJ cblr-1734 72 38 that that SCONJ cblr-1734 72 39 any any DET cblr-1734 72 40 price price NOUN cblr-1734 72 41 at at ADP cblr-1734 72 42 or or CCONJ cblr-1734 72 43 over over ADP cblr-1734 72 44 $ $ SYM cblr-1734 72 45 120–$125 120–$125 NOUN cblr-1734 72 46 is be AUX cblr-1734 72 47 likely likely ADJ cblr-1734 72 48 to to PART cblr-1734 72 49 contain contain VERB cblr-1734 72 50 significant significant ADJ cblr-1734 72 51 overvaluation overvaluation NOUN cblr-1734 72 52 and and CCONJ cblr-1734 72 53 thus thus ADV cblr-1734 72 54 presents present VERB cblr-1734 72 55 a a DET cblr-1734 72 56 good good ADJ cblr-1734 72 57 selling selling NOUN cblr-1734 72 58 opportunity opportunity NOUN cblr-1734 72 59 . . PUNCT cblr-1734 72 60     SPACE cblr-1734 73 1 figure figure NOUN cblr-1734 73 2 1 1 NUM cblr-1734 73 3 . . PUNCT cblr-1734 73 4 plan plan VERB cblr-1734 73 5 a a DET cblr-1734 73 6 proposed propose VERB cblr-1734 73 7 sales sale NOUN cblr-1734 73 8 figure figure NOUN cblr-1734 73 9 2 2 NUM cblr-1734 73 10 shows show VERB cblr-1734 73 11 another another DET cblr-1734 73 12 hypothetical hypothetical ADJ cblr-1734 73 13 trading trading NOUN cblr-1734 73 14 plan plan NOUN cblr-1734 73 15 , , PUNCT cblr-1734 73 16 b. b. PROPN cblr-1734 73 17 assume assume VERB cblr-1734 73 18 that that SCONJ cblr-1734 73 19 current current ADJ cblr-1734 73 20 stock stock NOUN cblr-1734 73 21 price price NOUN cblr-1734 73 22 is be AUX cblr-1734 73 23 again again ADV cblr-1734 73 24 $ $ SYM cblr-1734 73 25 100 100 NUM cblr-1734 73 26 and and CCONJ cblr-1734 73 27 the the DET cblr-1734 73 28 plan plan NOUN cblr-1734 73 29 now now ADV cblr-1734 73 30 calls call VERB cblr-1734 73 31 for for ADP cblr-1734 73 32 no no DET cblr-1734 73 33 sales sale NOUN cblr-1734 73 34 if if SCONJ cblr-1734 73 35 the the DET cblr-1734 73 36 stock stock NOUN cblr-1734 73 37 prices price NOUN cblr-1734 73 38 equal equal ADJ cblr-1734 73 39 or or CCONJ cblr-1734 73 40 exceed exceed VERB cblr-1734 73 41 $ $ SYM cblr-1734 73 42 100 100 NUM cblr-1734 73 43 , , PUNCT cblr-1734 73 44 and and CCONJ cblr-1734 73 45 then then ADV cblr-1734 73 46 planned plan VERB cblr-1734 73 47 sales sale NOUN cblr-1734 73 48 ramp ramp NOUN cblr-1734 73 49 up up ADP cblr-1734 73 50 rapidly rapidly ADV cblr-1734 73 51 if if SCONJ cblr-1734 73 52 the the DET cblr-1734 73 53 price price NOUN cblr-1734 73 54 falls fall VERB cblr-1734 73 55 significantly significantly ADV cblr-1734 73 56 below below ADP cblr-1734 73 57 $ $ SYM cblr-1734 73 58 100 100 NUM cblr-1734 73 59 . . PUNCT cblr-1734 74 1 this this DET cblr-1734 74 2 price price NOUN cblr-1734 74 3 - - PUNCT cblr-1734 74 4 quantity quantity NOUN cblr-1734 74 5 relation relation NOUN cblr-1734 74 6 in in ADP cblr-1734 74 7 this this DET cblr-1734 74 8 plan plan NOUN cblr-1734 74 9 would would AUX cblr-1734 74 10 suggest suggest VERB cblr-1734 74 11 that that SCONJ cblr-1734 74 12 insiders insider NOUN cblr-1734 74 13 are be AUX cblr-1734 74 14 worrying worry VERB cblr-1734 74 15 about about ADP cblr-1734 74 16 a a DET cblr-1734 74 17 significant significant ADJ cblr-1734 74 18 price price NOUN cblr-1734 74 19 decline decline NOUN cblr-1734 74 20 that that PRON cblr-1734 74 21 is be AUX cblr-1734 74 22 likely likely ADJ cblr-1734 74 23 to to PART cblr-1734 74 24 be be AUX cblr-1734 74 25 permanent permanent ADJ cblr-1734 74 26 . . PUNCT cblr-1734 75 1 ‐20000 ‐20000 NOUN cblr-1734 75 2 ‐18000 ‐18000 PROPN cblr-1734 75 3 ‐16000 ‐16000 PROPN cblr-1734 76 1 ‐14000 ‐14000 PUNCT cblr-1734 76 2 ‐12000 ‐12000 PROPN cblr-1734 76 3 ‐10000 ‐10000 PROPN cblr-1734 76 4 ‐8000 ‐8000 PROPN cblr-1734 76 5 ‐6000 ‐6000 PROPN cblr-1734 76 6 ‐4000 ‐4000 NOUN cblr-1734 76 7 ‐2000 ‐2000 NOUN cblr-1734 76 8 0 0 NUM cblr-1734 76 9 2000 2000 NUM cblr-1734 76 10 $ $ SYM cblr-1734 76 11 50 50 NUM cblr-1734 76 12 $ $ SYM cblr-1734 76 13 75 75 NUM cblr-1734 76 14 $ $ SYM cblr-1734 76 15 100 100 NUM cblr-1734 76 16 $ $ SYM cblr-1734 76 17 125 125 NUM cblr-1734 76 18 $ $ SYM cblr-1734 76 19 150 150 NUM cblr-1734 76 20 p p NOUN cblr-1734 76 21 la la PROPN cblr-1734 76 22 n n CCONJ cblr-1734 76 23 n n ADV cblr-1734 76 24 ed ed NOUN cblr-1734 76 25     SPACE cblr-1734 76 26 s s PROPN cblr-1734 76 27 al al PROPN cblr-1734 76 28 es es PROPN cblr-1734 76 29 planned plan VERB cblr-1734 76 30     SPACE cblr-1734 76 31 sales sale NOUN cblr-1734 76 32     SPACE cblr-1734 76 33 per per ADP cblr-1734 76 34     SPACE cblr-1734 76 35 month month NOUN cblr-1734 76 36 stock stock NOUN cblr-1734 76 37     SPACE cblr-1734 76 38 price price NOUN cblr-1734 76 39 current current ADJ cblr-1734 76 40     SPACE cblr-1734 76 41 stock stock NOUN cblr-1734 76 42     SPACE cblr-1734 76 43 price price NOUN cblr-1734 76 44 mavruk mavruk NOUN cblr-1734 76 45 & & CCONJ cblr-1734 76 46 seyhun seyhun PROPN cblr-1734 76 47 – – PUNCT cblr-1734 76 48 final final ADJ cblr-1734 76 49 140 140 NUM cblr-1734 76 50 columbia columbia PROPN cblr-1734 76 51 business business NOUN cblr-1734 76 52 law law PROPN cblr-1734 76 53 review review NOUN cblr-1734 77 1 [ [ X cblr-1734 77 2 vol vol NOUN cblr-1734 77 3 . . NOUN cblr-1734 77 4 2016 2016 NUM cblr-1734 77 5     SPACE cblr-1734 77 6 figure figure NOUN cblr-1734 77 7 2 2 NUM cblr-1734 77 8 . . PUNCT cblr-1734 77 9 plan plan PROPN cblr-1734 77 10 b b PROPN cblr-1734 77 11 proposed propose VERB cblr-1734 77 12 sales sale NOUN cblr-1734 77 13 figure figure NOUN cblr-1734 77 14 3 3 NUM cblr-1734 77 15 shows show VERB cblr-1734 77 16 another another DET cblr-1734 77 17 hypothetical hypothetical ADJ cblr-1734 77 18 trading trading NOUN cblr-1734 77 19 plan plan NOUN cblr-1734 77 20 , , PUNCT cblr-1734 77 21 c. c. PROPN cblr-1734 77 22 assume assume VERB cblr-1734 77 23 that that SCONJ cblr-1734 77 24 current current ADJ cblr-1734 77 25 stock stock NOUN cblr-1734 77 26 price price NOUN cblr-1734 77 27 is be AUX cblr-1734 77 28 still still ADV cblr-1734 77 29 $ $ SYM cblr-1734 77 30 100 100 NUM cblr-1734 77 31 and and CCONJ cblr-1734 77 32 the the DET cblr-1734 77 33 plan plan NOUN cblr-1734 77 34 now now ADV cblr-1734 77 35 calls call VERB cblr-1734 77 36 for for ADP cblr-1734 77 37 no no DET cblr-1734 77 38 purchases purchase NOUN cblr-1734 77 39 if if SCONJ cblr-1734 77 40 the the DET cblr-1734 77 41 stock stock NOUN cblr-1734 77 42 prices price NOUN cblr-1734 77 43 equal equal ADJ cblr-1734 77 44 or or CCONJ cblr-1734 77 45 exceed exceed VERB cblr-1734 77 46 $ $ SYM cblr-1734 77 47 100 100 NUM cblr-1734 77 48 , , PUNCT cblr-1734 77 49 and and CCONJ cblr-1734 77 50 then then ADV cblr-1734 77 51 planned plan VERB cblr-1734 77 52 purchases purchase NOUN cblr-1734 77 53 ramp ramp VERB cblr-1734 77 54 up up ADP cblr-1734 77 55 rapidly rapidly ADV cblr-1734 77 56 if if SCONJ cblr-1734 77 57 the the DET cblr-1734 77 58 price price NOUN cblr-1734 77 59 falls fall VERB cblr-1734 77 60 significantly significantly ADV cblr-1734 77 61 below below ADP cblr-1734 77 62 $ $ SYM cblr-1734 77 63 85–$90 85–$90 NUM cblr-1734 77 64 . . PUNCT cblr-1734 78 1 this this DET cblr-1734 78 2 price price NOUN cblr-1734 78 3 - - PUNCT cblr-1734 78 4 quantity quantity NOUN cblr-1734 78 5 relation relation NOUN cblr-1734 78 6 in in ADP cblr-1734 78 7 this this DET cblr-1734 78 8 plan plan NOUN cblr-1734 78 9 would would AUX cblr-1734 78 10 suggest suggest VERB cblr-1734 78 11 that that SCONJ cblr-1734 78 12 insiders insider NOUN cblr-1734 78 13 possess possess VERB cblr-1734 78 14 but but CCONJ cblr-1734 78 15 have have AUX cblr-1734 78 16 not not PART cblr-1734 78 17 yet yet ADV cblr-1734 78 18 made make VERB cblr-1734 78 19 public public ADJ cblr-1734 78 20 some some DET cblr-1734 78 21 significant significant ADJ cblr-1734 78 22 negative negative ADJ cblr-1734 78 23 information information NOUN cblr-1734 78 24 . . PUNCT cblr-1734 79 1 this this DET cblr-1734 79 2 negative negative ADJ cblr-1734 79 3 information information NOUN cblr-1734 79 4 is be AUX cblr-1734 79 5 likely likely ADJ cblr-1734 79 6 to to PART cblr-1734 79 7 be be AUX cblr-1734 79 8 temporary temporary ADJ cblr-1734 79 9 and and CCONJ cblr-1734 79 10 its its PRON cblr-1734 79 11 effects effect NOUN cblr-1734 79 12 are be AUX cblr-1734 79 13 expected expect VERB cblr-1734 79 14 to to PART cblr-1734 79 15 be be AUX cblr-1734 79 16 reversed reverse VERB cblr-1734 79 17 at at ADP cblr-1734 79 18 a a DET cblr-1734 79 19 later later ADJ cblr-1734 79 20 date date NOUN cblr-1734 79 21 . . PUNCT cblr-1734 80 1 by by ADP cblr-1734 80 2 setting set VERB cblr-1734 80 3 up up ADP cblr-1734 80 4 a a DET cblr-1734 80 5 trading trading NOUN cblr-1734 80 6 plan plan NOUN cblr-1734 80 7 that that PRON cblr-1734 80 8 triggers trigger VERB cblr-1734 80 9 increased increase VERB cblr-1734 80 10 purchases purchase NOUN cblr-1734 80 11 below below ADP cblr-1734 80 12 a a DET cblr-1734 80 13 limit limit NOUN cblr-1734 80 14 price price NOUN cblr-1734 80 15 of of ADP cblr-1734 80 16 $ $ SYM cblr-1734 80 17 85–$90 85–$90 NUM cblr-1734 80 18 , , PUNCT cblr-1734 80 19 insiders insider NOUN cblr-1734 80 20 set set VERB cblr-1734 80 21 themselves themselves PRON cblr-1734 80 22 up up ADP cblr-1734 80 23 for for ADP cblr-1734 80 24 exploiting exploit VERB cblr-1734 80 25 their their PRON cblr-1734 80 26 negative negative ADJ cblr-1734 80 27 information information NOUN cblr-1734 80 28 . . PUNCT cblr-1734 81 1 ‐20000 ‐20000 NOUN cblr-1734 81 2 ‐18000 ‐18000 PROPN cblr-1734 81 3 ‐16000 ‐16000 PROPN cblr-1734 82 1 ‐14000 ‐14000 PUNCT cblr-1734 82 2 ‐12000 ‐12000 PROPN cblr-1734 82 3 ‐10000 ‐10000 PROPN cblr-1734 82 4 ‐8000 ‐8000 PROPN cblr-1734 82 5 ‐6000 ‐6000 PROPN cblr-1734 82 6 ‐4000 ‐4000 NOUN cblr-1734 82 7 ‐2000 ‐2000 NOUN cblr-1734 82 8 0 0 NUM cblr-1734 83 1 $ $ SYM cblr-1734 83 2 0 0 NUM cblr-1734 83 3 $ $ SYM cblr-1734 83 4 75 75 NUM cblr-1734 83 5 $ $ SYM cblr-1734 83 6 100 100 NUM cblr-1734 83 7 $ $ SYM cblr-1734 83 8 150 150 NUM cblr-1734 83 9 $ $ SYM cblr-1734 83 10 200 200 NUM cblr-1734 83 11 p p NOUN cblr-1734 83 12 la la PROPN cblr-1734 83 13 n n CCONJ cblr-1734 83 14 n n ADV cblr-1734 83 15 ed ed NOUN cblr-1734 83 16     SPACE cblr-1734 83 17 s s PROPN cblr-1734 83 18 al al PROPN cblr-1734 83 19 es es PROPN cblr-1734 83 20 planned plan VERB cblr-1734 83 21     SPACE cblr-1734 83 22 sales sale NOUN cblr-1734 83 23     SPACE cblr-1734 83 24 per per ADP cblr-1734 83 25     SPACE cblr-1734 83 26 month month NOUN cblr-1734 83 27 stock stock NOUN cblr-1734 83 28     SPACE cblr-1734 83 29 price price NOUN cblr-1734 83 30 current current ADJ cblr-1734 83 31 stock stock NOUN cblr-1734 83 32     SPACE cblr-1734 83 33 price price NOUN cblr-1734 83 34 mavruk mavruk NOUN cblr-1734 83 35 & & CCONJ cblr-1734 83 36 seyhun seyhun PROPN cblr-1734 83 37 – – PUNCT cblr-1734 83 38 final final ADJ cblr-1734 83 39 no no NOUN cblr-1734 83 40 . . PUNCT cblr-1734 84 1 1:133 1:133 NUM cblr-1734 84 2 ] ] X cblr-1734 84 3 sec sec PROPN cblr-1734 84 4 ’s ’s PART cblr-1734 84 5 10b5 10b5 NUM cblr-1734 84 6 - - SYM cblr-1734 84 7 1 1 NUM cblr-1734 84 8 safe safe ADJ cblr-1734 84 9 harbor harbor NOUN cblr-1734 84 10 rules rule VERB cblr-1734 84 11 141 141 NUM cblr-1734 84 12     SPACE cblr-1734 84 13 figure figure NOUN cblr-1734 84 14 3 3 NUM cblr-1734 84 15 . . PUNCT cblr-1734 84 16 plan plan PROPN cblr-1734 84 17 c c PROPN cblr-1734 84 18 proposed propose VERB cblr-1734 84 19 purchases purchase NOUN cblr-1734 84 20 next next ADV cblr-1734 84 21 , , PUNCT cblr-1734 84 22 figure figure NOUN cblr-1734 84 23 4 4 NUM cblr-1734 84 24 shows show VERB cblr-1734 84 25 another another DET cblr-1734 84 26 hypothetical hypothetical ADJ cblr-1734 84 27 trading trading NOUN cblr-1734 84 28 plan plan NOUN cblr-1734 84 29 , , PUNCT cblr-1734 84 30 d. d. PROPN cblr-1734 84 31 the the DET cblr-1734 84 32 plan plan NOUN cblr-1734 84 33 now now ADV cblr-1734 84 34 calls call VERB cblr-1734 84 35 20,000 20,000 NUM cblr-1734 84 36 shares share NOUN cblr-1734 84 37 to to PART cblr-1734 84 38 be be AUX cblr-1734 84 39 purchased purchase VERB cblr-1734 84 40 per per ADP cblr-1734 84 41 month month NOUN cblr-1734 84 42 if if SCONJ cblr-1734 84 43 the the DET cblr-1734 84 44 stock stock NOUN cblr-1734 84 45 prices price NOUN cblr-1734 84 46 equal equal ADJ cblr-1734 84 47 or or CCONJ cblr-1734 84 48 fall fall VERB cblr-1734 84 49 below below ADP cblr-1734 84 50 $ $ SYM cblr-1734 84 51 100 100 NUM cblr-1734 84 52 . . PUNCT cblr-1734 85 1 if if SCONJ cblr-1734 85 2 the the DET cblr-1734 85 3 price price NOUN cblr-1734 85 4 kicks kick VERB cblr-1734 85 5 up up ADP cblr-1734 85 6 significantly significantly ADV cblr-1734 85 7 above above ADP cblr-1734 85 8 $ $ SYM cblr-1734 85 9 100 100 NUM cblr-1734 85 10 , , PUNCT cblr-1734 85 11 and and CCONJ cblr-1734 85 12 then then ADV cblr-1734 85 13 planned plan VERB cblr-1734 85 14 purchases purchase NOUN cblr-1734 85 15 taper taper VERB cblr-1734 85 16 off off ADP cblr-1734 85 17 . . PUNCT cblr-1734 86 1 at at ADP cblr-1734 86 2 a a DET cblr-1734 86 3 price price NOUN cblr-1734 86 4 of of ADP cblr-1734 86 5 $ $ SYM cblr-1734 86 6 125 125 NUM cblr-1734 86 7 or or CCONJ cblr-1734 86 8 above above ADV cblr-1734 86 9 , , PUNCT cblr-1734 86 10 the the DET cblr-1734 86 11 planned plan VERB cblr-1734 86 12 purchases purchase NOUN cblr-1734 86 13 stop stop VERB cblr-1734 86 14 . . PUNCT cblr-1734 87 1 the the DET cblr-1734 87 2 price price NOUN cblr-1734 87 3 - - PUNCT cblr-1734 87 4 quantity quantity NOUN cblr-1734 87 5 relation relation NOUN cblr-1734 87 6 in in ADP cblr-1734 87 7 this this DET cblr-1734 87 8 plan plan NOUN cblr-1734 87 9 would would AUX cblr-1734 87 10 suggest suggest VERB cblr-1734 87 11 that that SCONJ cblr-1734 87 12 insiders insider NOUN cblr-1734 87 13 possess possess VERB cblr-1734 87 14 but but CCONJ cblr-1734 87 15 have have AUX cblr-1734 87 16 not not PART cblr-1734 87 17 made make VERB cblr-1734 87 18 public public ADJ cblr-1734 87 19 some some DET cblr-1734 87 20 significant significant ADJ cblr-1734 87 21 positive positive ADJ cblr-1734 87 22 information information NOUN cblr-1734 87 23 . . PUNCT cblr-1734 88 1 this this DET cblr-1734 88 2 positive positive ADJ cblr-1734 88 3 information information NOUN cblr-1734 88 4 is be AUX cblr-1734 88 5 likely likely ADJ cblr-1734 88 6 to to PART cblr-1734 88 7 increase increase VERB cblr-1734 88 8 the the DET cblr-1734 88 9 stock stock NOUN cblr-1734 88 10 prices price NOUN cblr-1734 88 11 up up ADP cblr-1734 88 12 to to PART cblr-1734 88 13 25 25 NUM cblr-1734 88 14 % % NOUN cblr-1734 88 15 but but CCONJ cblr-1734 88 16 not not PART cblr-1734 88 17 much much ADJ cblr-1734 88 18 beyond beyond ADP cblr-1734 88 19 25 25 NUM cblr-1734 88 20 % % NOUN cblr-1734 88 21 . . PUNCT cblr-1734 89 1 by by ADP cblr-1734 89 2 setting set VERB cblr-1734 89 3 up up ADP cblr-1734 89 4 a a DET cblr-1734 89 5 trading trading NOUN cblr-1734 89 6 plan plan NOUN cblr-1734 89 7 that that PRON cblr-1734 89 8 shuts shut VERB cblr-1734 89 9 off off ADP cblr-1734 89 10 purchases purchase NOUN cblr-1734 89 11 at at ADP cblr-1734 89 12 a a DET cblr-1734 89 13 limit limit NOUN cblr-1734 89 14 price price NOUN cblr-1734 89 15 of of ADP cblr-1734 89 16 $ $ SYM cblr-1734 89 17 125 125 NUM cblr-1734 89 18 , , PUNCT cblr-1734 89 19 insiders insider NOUN cblr-1734 89 20 set set VERB cblr-1734 89 21 themselves themselves PRON cblr-1734 89 22 up up ADP cblr-1734 89 23 for for ADP cblr-1734 89 24 exploiting exploit VERB cblr-1734 89 25 their their PRON cblr-1734 89 26 limited limited ADJ cblr-1734 89 27 , , PUNCT cblr-1734 89 28 positive positive ADJ cblr-1734 89 29 information information NOUN cblr-1734 89 30 . . PUNCT cblr-1734 90 1 0 0 NUM cblr-1734 91 1 2000 2000 NUM cblr-1734 91 2 4000 4000 NUM cblr-1734 91 3 6000 6000 NUM cblr-1734 91 4 8000 8000 NUM cblr-1734 91 5 10000 10000 NUM cblr-1734 91 6 12000 12000 NUM cblr-1734 91 7 14000 14000 NUM cblr-1734 91 8 16000 16000 NUM cblr-1734 91 9 18000 18000 NUM cblr-1734 91 10 20000 20000 NUM cblr-1734 91 11 $ $ SYM cblr-1734 91 12 50 50 NUM cblr-1734 91 13 $ $ SYM cblr-1734 91 14 75 75 NUM cblr-1734 91 15 $ $ SYM cblr-1734 91 16 100 100 NUM cblr-1734 91 17 $ $ SYM cblr-1734 91 18 125 125 NUM cblr-1734 91 19 $ $ SYM cblr-1734 91 20 150 150 NUM cblr-1734 91 21 p p NOUN cblr-1734 91 22 la la PROPN cblr-1734 91 23 n n CCONJ cblr-1734 91 24 n n PRON cblr-1734 91 25 ed ed NOUN cblr-1734 91 26     SPACE cblr-1734 91 27 p p PROPN cblr-1734 91 28 u u PROPN cblr-1734 91 29 rc rc PROPN cblr-1734 91 30 h h NOUN cblr-1734 91 31 as as ADP cblr-1734 91 32 es es X cblr-1734 91 33     SPACE cblr-1734 91 34 planned plan VERB cblr-1734 91 35     SPACE cblr-1734 91 36 purchases purchase NOUN cblr-1734 91 37 per per ADP cblr-1734 91 38     SPACE cblr-1734 91 39 month month NOUN cblr-1734 91 40 stock stock NOUN cblr-1734 91 41     SPACE cblr-1734 91 42 price price NOUN cblr-1734 91 43 current current ADJ cblr-1734 91 44     SPACE cblr-1734 91 45 stock stock NOUN cblr-1734 91 46     SPACE cblr-1734 91 47 price price NOUN cblr-1734 91 48 mavruk mavruk NOUN cblr-1734 91 49 & & CCONJ cblr-1734 91 50 seyhun seyhun PROPN cblr-1734 91 51 – – PUNCT cblr-1734 91 52 final final ADJ cblr-1734 91 53 142 142 NUM cblr-1734 91 54 columbia columbia PROPN cblr-1734 91 55 business business NOUN cblr-1734 91 56 law law PROPN cblr-1734 91 57 review review NOUN cblr-1734 91 58 [ [ X cblr-1734 91 59 vol vol NOUN cblr-1734 91 60 . . PUNCT cblr-1734 91 61 2016 2016 NUM cblr-1734 91 62 figure figure NOUN cblr-1734 91 63 4 4 NUM cblr-1734 91 64 . . PUNCT cblr-1734 91 65 plan plan NOUN cblr-1734 91 66 d d ADP cblr-1734 91 67 proposed propose VERB cblr-1734 91 68 purchases purchase NOUN cblr-1734 91 69 finally finally ADV cblr-1734 91 70 , , PUNCT cblr-1734 91 71 assume assume VERB cblr-1734 91 72 that that SCONJ cblr-1734 91 73 insiders insider NOUN cblr-1734 91 74 switched switch VERB cblr-1734 91 75 from from ADP cblr-1734 91 76 plan plan NOUN cblr-1734 91 77 c c PROPN cblr-1734 91 78 to to PART cblr-1734 91 79 plan plan VERB cblr-1734 91 80 b b NOUN cblr-1734 91 81 above above ADV cblr-1734 91 82 . . PUNCT cblr-1734 92 1 this this DET cblr-1734 92 2 switch switch NOUN cblr-1734 92 3 would would AUX cblr-1734 92 4 be be AUX cblr-1734 92 5 consistent consistent ADJ cblr-1734 92 6 with with ADP cblr-1734 92 7 material material ADJ cblr-1734 92 8 non non ADJ cblr-1734 92 9 - - ADJ cblr-1734 92 10 public public ADJ cblr-1734 92 11 information information NOUN cblr-1734 92 12 as as ADV cblr-1734 92 13 well well ADV cblr-1734 92 14 . . PUNCT cblr-1734 93 1 the the DET cblr-1734 93 2 switch switch NOUN cblr-1734 93 3 would would AUX cblr-1734 93 4 indicate indicate VERB cblr-1734 93 5 that that SCONJ cblr-1734 93 6 insiders insider NOUN cblr-1734 93 7 now now ADV cblr-1734 93 8 worry worry VERB cblr-1734 93 9 that that SCONJ cblr-1734 93 10 their their PRON cblr-1734 93 11 material material NOUN cblr-1734 93 12 , , PUNCT cblr-1734 93 13 non non ADJ cblr-1734 93 14 - - ADJ cblr-1734 93 15 public public ADJ cblr-1734 93 16 negative negative ADJ cblr-1734 93 17 information information NOUN cblr-1734 93 18 is be AUX cblr-1734 93 19 likely likely ADJ cblr-1734 93 20 to to PART cblr-1734 93 21 be be AUX cblr-1734 93 22 permanent permanent ADJ cblr-1734 93 23 instead instead ADV cblr-1734 93 24 of of ADP cblr-1734 93 25 temporary temporary ADJ cblr-1734 93 26 , , PUNCT cblr-1734 93 27 and and CCONJ cblr-1734 93 28 they they PRON cblr-1734 93 29 can can AUX cblr-1734 93 30 exploit exploit VERB cblr-1734 93 31 this this DET cblr-1734 93 32 new new ADJ cblr-1734 93 33 information information NOUN cblr-1734 93 34 by by ADP cblr-1734 93 35 switching switch VERB cblr-1734 93 36 plans plan NOUN cblr-1734 93 37 to to PART cblr-1734 93 38 sell sell VERB cblr-1734 93 39 shares share NOUN cblr-1734 93 40 instead instead ADV cblr-1734 93 41 of of ADP cblr-1734 93 42 buying buy VERB cblr-1734 93 43 shares share NOUN cblr-1734 93 44 , , PUNCT cblr-1734 93 45 if if SCONJ cblr-1734 93 46 prices price NOUN cblr-1734 93 47 fall fall VERB cblr-1734 93 48 . . PUNCT cblr-1734 94 1 we we PRON cblr-1734 94 2 could could AUX cblr-1734 94 3 easily easily ADV cblr-1734 94 4 add add VERB cblr-1734 94 5 more more ADJ cblr-1734 94 6 examples example NOUN cblr-1734 94 7 . . PUNCT cblr-1734 95 1 as as ADV cblr-1734 95 2 all all PRON cblr-1734 95 3 of of ADP cblr-1734 95 4 these these DET cblr-1734 95 5 simple simple ADJ cblr-1734 95 6 examples example NOUN cblr-1734 95 7 amply amply ADV cblr-1734 95 8 illustrate illustrate VERB cblr-1734 95 9 , , PUNCT cblr-1734 95 10 it it PRON cblr-1734 95 11 becomes become VERB cblr-1734 95 12 easier easy ADJ cblr-1734 95 13 to to PART cblr-1734 95 14 exploit exploit VERB cblr-1734 95 15 material material ADJ cblr-1734 95 16 non non ADJ cblr-1734 95 17 - - ADJ cblr-1734 95 18 public public ADJ cblr-1734 95 19 information information NOUN cblr-1734 95 20 if if SCONJ cblr-1734 95 21 the the DET cblr-1734 95 22 trading trading NOUN cblr-1734 95 23 plans plan NOUN cblr-1734 95 24 allow allow VERB cblr-1734 95 25 a a DET cblr-1734 95 26 limit limit NOUN cblr-1734 95 27 price price NOUN cblr-1734 95 28 , , PUNCT cblr-1734 95 29 formula formula NOUN cblr-1734 95 30 , , PUNCT cblr-1734 95 31 an an DET cblr-1734 95 32 algorithm algorithm NOUN cblr-1734 95 33 , , PUNCT cblr-1734 95 34 or or CCONJ cblr-1734 95 35 a a DET cblr-1734 95 36 computer computer NOUN cblr-1734 95 37 program program NOUN cblr-1734 95 38 . . PUNCT cblr-1734 96 1 a a DET cblr-1734 96 2 computer computer NOUN cblr-1734 96 3 program program NOUN cblr-1734 96 4 could could AUX cblr-1734 96 5 perform perform VERB cblr-1734 96 6 a a DET cblr-1734 96 7 sophisticated sophisticated ADJ cblr-1734 96 8 valuation valuation NOUN cblr-1734 96 9 analysis analysis NOUN cblr-1734 96 10 and and CCONJ cblr-1734 96 11 initiate initiate VERB cblr-1734 96 12 buying buy VERB cblr-1734 96 13 and and CCONJ cblr-1734 96 14 selling sell VERB cblr-1734 96 15 quantities quantity NOUN cblr-1734 96 16 and and CCONJ cblr-1734 96 17 prices price NOUN cblr-1734 96 18 based base VERB cblr-1734 96 19 on on ADP cblr-1734 96 20 estimated estimate VERB cblr-1734 96 21 undervaluation undervaluation NOUN cblr-1734 96 22 and and CCONJ cblr-1734 96 23 overvaluation overvaluation NOUN cblr-1734 96 24 of of ADP cblr-1734 96 25 an an DET cblr-1734 96 26 insider insider NOUN cblr-1734 96 27 ’s ’s PART cblr-1734 96 28 stock stock NOUN cblr-1734 96 29 price price NOUN cblr-1734 96 30 . . PUNCT cblr-1734 97 1 in in ADP cblr-1734 97 2 contrast contrast NOUN cblr-1734 97 3 , , PUNCT cblr-1734 97 4 a a DET cblr-1734 97 5 liquidity liquidity NOUN cblr-1734 97 6 - - PUNCT cblr-1734 97 7 motivated motivate VERB cblr-1734 97 8 plan plan NOUN cblr-1734 97 9 should should AUX cblr-1734 97 10 call call VERB cblr-1734 97 11 for for ADP cblr-1734 97 12 the the DET cblr-1734 97 13 same same ADJ cblr-1734 97 14 dollar dollar NOUN cblr-1734 97 15 amount amount NOUN cblr-1734 97 16 or or CCONJ cblr-1734 97 17 the the DET cblr-1734 97 18 same same ADJ cblr-1734 97 19 number number NOUN cblr-1734 97 20 of of ADP cblr-1734 97 21 shares share NOUN cblr-1734 97 22 to to PART cblr-1734 97 23 be be AUX cblr-1734 97 24 bought buy VERB cblr-1734 97 25 or or CCONJ cblr-1734 97 26 sold sell VERB cblr-1734 97 27 at at ADP cblr-1734 97 28 regular regular ADJ cblr-1734 97 29 intervals interval NOUN cblr-1734 97 30 without without ADP cblr-1734 97 31 any any DET cblr-1734 97 32 reference reference NOUN cblr-1734 97 33 to to ADP cblr-1734 97 34 the the DET cblr-1734 97 35 stock stock NOUN cblr-1734 97 36 price price NOUN cblr-1734 97 37 . . PUNCT cblr-1734 98 1 these these DET cblr-1734 98 2 simple simple ADJ cblr-1734 98 3 examples example NOUN cblr-1734 98 4 0 0 NUM cblr-1734 98 5 2000 2000 NUM cblr-1734 98 6 4000 4000 NUM cblr-1734 98 7 6000 6000 NUM cblr-1734 98 8 8000 8000 NUM cblr-1734 98 9 10000 10000 NUM cblr-1734 98 10 12000 12000 NUM cblr-1734 98 11 14000 14000 NUM cblr-1734 98 12 16000 16000 NUM cblr-1734 98 13 18000 18000 NUM cblr-1734 98 14 20000 20000 NUM cblr-1734 98 15 $ $ SYM cblr-1734 98 16 50 50 NUM cblr-1734 98 17 $ $ SYM cblr-1734 98 18 75 75 NUM cblr-1734 98 19 $ $ SYM cblr-1734 98 20 100 100 NUM cblr-1734 98 21 $ $ SYM cblr-1734 98 22 125 125 NUM cblr-1734 98 23 $ $ SYM cblr-1734 98 24 150 150 NUM cblr-1734 98 25 p p NOUN cblr-1734 98 26 la la PROPN cblr-1734 98 27 n n CCONJ cblr-1734 98 28 n n PRON cblr-1734 98 29 ed ed NOUN cblr-1734 98 30     SPACE cblr-1734 98 31 p p PROPN cblr-1734 98 32 u u PROPN cblr-1734 98 33 rc rc PROPN cblr-1734 98 34 h h NOUN cblr-1734 98 35 as as ADP cblr-1734 98 36 es es X cblr-1734 98 37     SPACE cblr-1734 98 38 planned plan VERB cblr-1734 98 39     SPACE cblr-1734 98 40 purchases purchase NOUN cblr-1734 98 41 per per ADP cblr-1734 98 42     SPACE cblr-1734 98 43 month month NOUN cblr-1734 98 44 stock stock NOUN cblr-1734 98 45     SPACE cblr-1734 98 46 price price NOUN cblr-1734 98 47 current current ADJ cblr-1734 98 48     SPACE cblr-1734 98 49 stock stock NOUN cblr-1734 98 50     SPACE cblr-1734 98 51 price price NOUN cblr-1734 98 52 mavruk mavruk NOUN cblr-1734 98 53 & & CCONJ cblr-1734 98 54 seyhun seyhun PROPN cblr-1734 98 55 – – PUNCT cblr-1734 98 56 final final ADJ cblr-1734 98 57 no no NOUN cblr-1734 98 58 . . PUNCT cblr-1734 99 1 1:133 1:133 NUM cblr-1734 99 2 ] ] X cblr-1734 99 3 sec sec PROPN cblr-1734 99 4 ’s ’s PART cblr-1734 99 5 10b5 10b5 NUM cblr-1734 99 6 - - SYM cblr-1734 99 7 1 1 NUM cblr-1734 99 8 safe safe ADJ cblr-1734 99 9 harbor harbor NOUN cblr-1734 99 10 rules rule VERB cblr-1734 99 11 143 143 NUM cblr-1734 99 12 demonstrate demonstrate VERB cblr-1734 99 13 that that SCONJ cblr-1734 99 14 the the DET cblr-1734 99 15 sec sec PROPN cblr-1734 99 16 ’s ’s PART cblr-1734 99 17 logical logical ADJ cblr-1734 99 18 approach approach NOUN cblr-1734 99 19 to to ADP cblr-1734 99 20 safe safe ADJ cblr-1734 99 21 harbor harbor NOUN cblr-1734 99 22 plans plan NOUN cblr-1734 99 23 is be AUX cblr-1734 99 24 misguided misguided ADJ cblr-1734 99 25 . . PUNCT cblr-1734 100 1 b. b. PROPN cblr-1734 100 2 literature literature PROPN cblr-1734 100 3 review review PROPN cblr-1734 100 4 insider insider NOUN cblr-1734 100 5 trading trading NOUN cblr-1734 100 6 within within ADP cblr-1734 100 7 rule rule NOUN cblr-1734 100 8 10b5 10b5 NUM cblr-1734 100 9 - - SYM cblr-1734 100 10 1 1 NUM cblr-1734 100 11 was be AUX cblr-1734 100 12 first first ADV cblr-1734 100 13 examined examine VERB cblr-1734 100 14 from from ADP cblr-1734 100 15 an an DET cblr-1734 100 16 empirical empirical ADJ cblr-1734 100 17 perspective perspective NOUN cblr-1734 100 18 in in ADP cblr-1734 100 19 2009.13 2009.13 NUM cblr-1734 100 20 in in ADP cblr-1734 100 21 his his PRON cblr-1734 100 22 paper paper NOUN cblr-1734 100 23 on on ADP cblr-1734 100 24 insiders insider NOUN cblr-1734 100 25 ’ ' PUNCT cblr-1734 100 26 strategic strategic ADJ cblr-1734 100 27 trades trade NOUN cblr-1734 100 28 , , PUNCT cblr-1734 100 29 jagolinzer jagolinzer NOUN cblr-1734 100 30 collected collect VERB cblr-1734 100 31 data datum NOUN cblr-1734 100 32 from from ADP cblr-1734 100 33 voluntary voluntary ADJ cblr-1734 100 34 disclosures disclosure NOUN cblr-1734 100 35 in in ADP cblr-1734 100 36 sec sec PROPN cblr-1734 100 37 form form NOUN cblr-1734 100 38 4 4 NUM cblr-1734 100 39 - - PUNCT cblr-1734 100 40 k k NOUN cblr-1734 100 41 and and CCONJ cblr-1734 100 42 8 8 NUM cblr-1734 100 43 - - PUNCT cblr-1734 100 44 k k NOUN cblr-1734 100 45 filings filing NOUN cblr-1734 100 46 and and CCONJ cblr-1734 100 47 in in ADP cblr-1734 100 48 business business NOUN cblr-1734 100 49 press press NOUN cblr-1734 100 50 newswire newswire NOUN cblr-1734 100 51 releases release NOUN cblr-1734 100 52 between between ADP cblr-1734 100 53 october october PROPN cblr-1734 100 54 2000 2000 NUM cblr-1734 100 55 and and CCONJ cblr-1734 100 56 december december PROPN cblr-1734 100 57 2005 2005 NUM cblr-1734 100 58 . . PUNCT cblr-1734 101 1 the the DET cblr-1734 101 2 evidence evidence NOUN cblr-1734 101 3 suggests suggest VERB cblr-1734 101 4 that that SCONJ cblr-1734 101 5 trading trading NOUN cblr-1734 101 6 within within ADP cblr-1734 101 7 the the DET cblr-1734 101 8 rule rule NOUN cblr-1734 101 9 still still ADV cblr-1734 101 10 reflects reflect VERB cblr-1734 101 11 informed inform VERB cblr-1734 101 12 , , PUNCT cblr-1734 101 13 material material ADJ cblr-1734 101 14 non non ADJ cblr-1734 101 15 - - ADJ cblr-1734 101 16 public public ADJ cblr-1734 101 17 information.14 information.14 PROPN cblr-1734 101 18 a a DET cblr-1734 101 19 closely closely ADV cblr-1734 101 20 related relate VERB cblr-1734 101 21 study study NOUN cblr-1734 101 22 by by ADP cblr-1734 101 23 rogers rogers PROPN cblr-1734 101 24 finds find VERB cblr-1734 101 25 that that SCONJ cblr-1734 101 26 firms firm NOUN cblr-1734 101 27 voluntarily voluntarily ADV cblr-1734 101 28 disclose disclose VERB cblr-1734 101 29 higher high ADJ cblr-1734 101 30 - - PUNCT cblr-1734 101 31 quality quality NOUN cblr-1734 101 32 financial financial ADJ cblr-1734 101 33 information information NOUN cblr-1734 101 34 prior prior ADV cblr-1734 101 35 to to ADP cblr-1734 101 36 insiders insider NOUN cblr-1734 101 37 ’ ’ PART cblr-1734 101 38 sales sale NOUN cblr-1734 101 39 to to PART cblr-1734 101 40 limit limit VERB cblr-1734 101 41 their their PRON cblr-1734 101 42 litigation litigation NOUN cblr-1734 101 43 risk.15 risk.15 NOUN cblr-1734 101 44 the the DET cblr-1734 101 45 author author NOUN cblr-1734 101 46 contrasts contrast VERB cblr-1734 101 47 a a DET cblr-1734 101 48 sample sample NOUN cblr-1734 101 49 preceding precede VERB cblr-1734 101 50 rule rule NOUN cblr-1734 101 51 10b5 10b5 NUM cblr-1734 101 52 - - SYM cblr-1734 101 53 1 1 NUM cblr-1734 101 54 with with ADP cblr-1734 101 55 a a DET cblr-1734 101 56 post post ADJ cblr-1734 101 57 - - ADJ cblr-1734 101 58 rule rule ADJ cblr-1734 101 59 10b5 10b5 NUM cblr-1734 101 60 - - SYM cblr-1734 101 61 1 1 NUM cblr-1734 101 62 sample.16 sample.16 PROPN cblr-1734 101 63 henderson henderson PROPN cblr-1734 101 64 et et PROPN cblr-1734 101 65 al al PROPN cblr-1734 101 66 . . PROPN cblr-1734 101 67 also also ADV cblr-1734 101 68 report report VERB cblr-1734 101 69 that that SCONJ cblr-1734 101 70 insider insider NOUN cblr-1734 101 71 trading trading NOUN cblr-1734 101 72 litigation litigation NOUN cblr-1734 101 73 is be AUX cblr-1734 101 74 costly costly ADJ cblr-1734 101 75 ; ; PUNCT cblr-1734 101 76 firms firm NOUN cblr-1734 101 77 spend spend VERB cblr-1734 101 78 an an DET cblr-1734 101 79 average average NOUN cblr-1734 101 80 of of ADP cblr-1734 101 81 $ $ SYM cblr-1734 101 82 2.2 2.2 NUM cblr-1734 101 83 million million NUM cblr-1734 101 84 defending defend VERB cblr-1734 101 85 against against ADP cblr-1734 101 86 insider insider NOUN cblr-1734 101 87 trading trading NOUN cblr-1734 101 88 allegations.17 allegations.17 PROPN cblr-1734 101 89 costs cost NOUN cblr-1734 101 90 and and CCONJ cblr-1734 101 91 penalties penalty NOUN cblr-1734 101 92 imposed impose VERB cblr-1734 101 93 in in ADP cblr-1734 101 94 insider insider NOUN cblr-1734 101 95 trading trading NOUN cblr-1734 101 96 litigation litigation NOUN cblr-1734 101 97 have have AUX cblr-1734 101 98 increased increase VERB cblr-1734 101 99 over over ADP cblr-1734 101 100 time time NOUN cblr-1734 101 101 . . PUNCT cblr-1734 102 1 for for ADP cblr-1734 102 2 instance instance NOUN cblr-1734 102 3 , , PUNCT cblr-1734 102 4 in in ADP cblr-1734 102 5 2014 2014 NUM cblr-1734 102 6 , , PUNCT cblr-1734 102 7 the the DET cblr-1734 102 8 total total ADJ cblr-1734 102 9 monetary monetary ADJ cblr-1734 102 10 penalties penalty NOUN cblr-1734 102 11 resulting result VERB cblr-1734 102 12 from from ADP cblr-1734 102 13 sec sec PROPN cblr-1734 102 14 enforcement enforcement NOUN cblr-1734 102 15 actions action NOUN cblr-1734 102 16 was be AUX cblr-1734 102 17 over over ADP cblr-1734 102 18 $ $ SYM cblr-1734 102 19 42 42 NUM cblr-1734 102 20 million.18 million.18 PROPN cblr-1734 102 21 furthermore furthermore ADV cblr-1734 102 22 , , PUNCT cblr-1734 102 23 insiders insider NOUN cblr-1734 102 24 who who PRON cblr-1734 102 25 were be AUX cblr-1734 102 26 sentenced sentence VERB cblr-1734 102 27 to to ADP cblr-1734 102 28 imprisonment imprisonment NOUN cblr-1734 102 29 were be AUX cblr-1734 102 30 on on ADP cblr-1734 102 31 average average ADJ cblr-1734 102 32 sentenced sentence VERB cblr-1734 102 33 to to ADP cblr-1734 102 34 just just ADV cblr-1734 102 35 under under ADP cblr-1734 102 36 twenty twenty NUM cblr-1734 102 37 - - PUNCT cblr-1734 102 38 four four NUM cblr-1734 102 39 months month NOUN cblr-1734 102 40 of of ADP cblr-1734 102 41 imprisonment.19 imprisonment.19 NOUN cblr-1734 102 42     SPACE cblr-1734 102 43 13 13 NUM cblr-1734 102 44 see see VERB cblr-1734 102 45 , , PUNCT cblr-1734 102 46 e.g. e.g. ADV cblr-1734 102 47 , , PUNCT cblr-1734 102 48 jagolinzer jagolinzer NOUN cblr-1734 102 49 , , PUNCT cblr-1734 103 1 supra supra PROPN cblr-1734 103 2 note note PROPN cblr-1734 103 3 4 4 NUM cblr-1734 103 4 ; ; PUNCT cblr-1734 103 5 henderson henderson PROPN cblr-1734 103 6 et et PROPN cblr-1734 103 7 al al PROPN cblr-1734 103 8 . . PROPN cblr-1734 103 9 , , PUNCT cblr-1734 103 10 supra supra PROPN cblr-1734 103 11 note note NOUN cblr-1734 103 12 4 4 NUM cblr-1734 103 13 . . SYM cblr-1734 103 14 14 14 NUM cblr-1734 103 15 see see VERB cblr-1734 103 16 jagolinzer jagolinzer NOUN cblr-1734 103 17 , , PUNCT cblr-1734 103 18 supra supra PROPN cblr-1734 103 19 note note NOUN cblr-1734 103 20 4 4 NUM cblr-1734 103 21 , , PUNCT cblr-1734 103 22 at at ADP cblr-1734 103 23 227 227 NUM cblr-1734 103 24 , , PUNCT cblr-1734 103 25 237 237 NUM cblr-1734 103 26 . . PUNCT cblr-1734 104 1 15 15 NUM cblr-1734 104 2 jonathan jonathan PROPN cblr-1734 104 3 l. l. PROPN cblr-1734 104 4 rogers rogers PROPN cblr-1734 104 5 , , PUNCT cblr-1734 104 6 disclosure disclosure NOUN cblr-1734 104 7 quality quality NOUN cblr-1734 104 8 and and CCONJ cblr-1734 104 9 management management NOUN cblr-1734 104 10 trading trading NOUN cblr-1734 104 11 incentives incentive NOUN cblr-1734 104 12 , , PUNCT cblr-1734 104 13 46 46 NUM cblr-1734 104 14 j. j. PROPN cblr-1734 104 15 acct acct PROPN cblr-1734 104 16 . . PUNCT cblr-1734 105 1 res re NOUN cblr-1734 105 2 . . PROPN cblr-1734 105 3 1265 1265 NUM cblr-1734 105 4 , , PUNCT cblr-1734 105 5 1282–83 1282–83 NUM cblr-1734 105 6 ( ( PUNCT cblr-1734 105 7 2008 2008 NUM cblr-1734 105 8 ) ) PUNCT cblr-1734 105 9 . . PUNCT cblr-1734 106 1 16 16 NUM cblr-1734 107 1 i i PRON cblr-1734 107 2 d. d. PROPN cblr-1734 107 3 at at ADP cblr-1734 107 4 1272 1272 NUM cblr-1734 107 5 . . PUNCT cblr-1734 108 1 17 17 NUM cblr-1734 108 2 henderson henderson PROPN cblr-1734 108 3 et et PROPN cblr-1734 108 4 al al PROPN cblr-1734 108 5 . . PROPN cblr-1734 108 6 , , PUNCT cblr-1734 108 7 supra supra PROPN cblr-1734 108 8 note note NOUN cblr-1734 108 9 4 4 NUM cblr-1734 108 10 , , PUNCT cblr-1734 108 11 at at ADP cblr-1734 108 12 4 4 NUM cblr-1734 108 13 n.5 n.5 SYM cblr-1734 108 14 . . PUNCT cblr-1734 108 15 18 18 NUM cblr-1734 108 16 see see VERB cblr-1734 108 17 morrison morrison PROPN cblr-1734 108 18 foerster foerster PROPN cblr-1734 108 19 llp llp PROPN cblr-1734 108 20 , , PUNCT cblr-1734 108 21 insider insider NOUN cblr-1734 108 22 trading trading NOUN cblr-1734 108 23 annual annual ADJ cblr-1734 108 24 review review NOUN cblr-1734 108 25 ( ( PUNCT cblr-1734 108 26 2014 2014 NUM cblr-1734 108 27 ) ) PUNCT cblr-1734 108 28 , , PUNCT cblr-1734 108 29 http://www.mofo.com/~/media/files/clientalert/2015/02/150211 http://www.mofo.com/~/media/files/clientalert/2015/02/150211 X cblr-1734 108 30 insidertradingannualreview.pdf insidertradingannualreview.pdf X cblr-1734 109 1 [ [ X cblr-1734 109 2 http://perma.cc/jx98-9zlu http://perma.cc/jx98-9zlu PROPN cblr-1734 109 3 ] ] X cblr-1734 109 4 ( ( PUNCT cblr-1734 109 5 hand hand NOUN cblr-1734 109 6 collected collect VERB cblr-1734 109 7 data datum NOUN cblr-1734 109 8 totaling total VERB cblr-1734 109 9 disgorgement disgorgement NOUN cblr-1734 109 10 , , PUNCT cblr-1734 109 11 prejudgment prejudgment NOUN cblr-1734 109 12 interest interest NOUN cblr-1734 109 13 , , PUNCT cblr-1734 109 14 and and CCONJ cblr-1734 109 15 civil civil ADJ cblr-1734 109 16 penalty penalty NOUN cblr-1734 109 17 payments payment NOUN cblr-1734 109 18 from from ADP cblr-1734 109 19 2014 2014 NUM cblr-1734 109 20 sec sec PROPN cblr-1734 109 21 insider insider NOUN cblr-1734 109 22 trading trading NOUN cblr-1734 109 23 enforcement enforcement NOUN cblr-1734 109 24 actions action NOUN cblr-1734 109 25 ) ) PUNCT cblr-1734 109 26 . . PUNCT cblr-1734 110 1 19 19 NUM cblr-1734 111 1 i i PRON cblr-1734 111 2 d. d. PROPN cblr-1734 111 3 at at ADP cblr-1734 111 4 17–23 17–23 PROPN cblr-1734 111 5 . . PUNCT cblr-1734 112 1 mavruk mavruk PROPN cblr-1734 112 2 & & CCONJ cblr-1734 112 3 seyhun seyhun PROPN cblr-1734 112 4 – – PUNCT cblr-1734 112 5 final final ADJ cblr-1734 112 6 144 144 NUM cblr-1734 112 7 columbia columbia PROPN cblr-1734 112 8 business business NOUN cblr-1734 112 9 law law PROPN cblr-1734 112 10 review review NOUN cblr-1734 112 11 [ [ X cblr-1734 112 12 vol vol NOUN cblr-1734 112 13 . . NOUN cblr-1734 112 14 2016 2016 NUM cblr-1734 113 1 the the DET cblr-1734 113 2 increasing increase VERB cblr-1734 113 3 popularity popularity NOUN cblr-1734 113 4 of of ADP cblr-1734 113 5 10b5 10b5 NUM cblr-1734 113 6 - - SYM cblr-1734 113 7 1 1 NUM cblr-1734 113 8 plans plan NOUN cblr-1734 113 9 makes make VERB cblr-1734 113 10 sense sense NOUN cblr-1734 113 11 from from ADP cblr-1734 113 12 a a DET cblr-1734 113 13 litigation litigation NOUN cblr-1734 113 14 perspective perspective NOUN cblr-1734 113 15 . . PUNCT cblr-1734 114 1 henderson henderson PROPN cblr-1734 114 2 et et PROPN cblr-1734 114 3 al al PROPN cblr-1734 114 4 . . PROPN cblr-1734 115 1 suggest suggest VERB cblr-1734 115 2 that that SCONJ cblr-1734 115 3 the the DET cblr-1734 115 4 reduction reduction NOUN cblr-1734 115 5 in in ADP cblr-1734 115 6 litigation litigation NOUN cblr-1734 115 7 risk risk NOUN cblr-1734 115 8 that that PRON cblr-1734 115 9 comes come VERB cblr-1734 115 10 with with ADP cblr-1734 115 11 disclosure disclosure NOUN cblr-1734 115 12 under under ADP cblr-1734 115 13 the the DET cblr-1734 115 14 rule rule NOUN cblr-1734 115 15 creates create VERB cblr-1734 115 16 opportunities opportunity NOUN cblr-1734 115 17 for for ADP cblr-1734 115 18 so so ADV cblr-1734 115 19 - - PUNCT cblr-1734 115 20 called call VERB cblr-1734 115 21 loopholes loophole NOUN cblr-1734 115 22 ; ; PUNCT cblr-1734 115 23 these these PRON cblr-1734 115 24 allow allow VERB cblr-1734 115 25 insiders insider NOUN cblr-1734 115 26 to to PART cblr-1734 115 27 trade trade VERB cblr-1734 115 28 strategically strategically ADV cblr-1734 115 29 by by ADP cblr-1734 115 30 tagging tag VERB cblr-1734 115 31 their their PRON cblr-1734 115 32 more more ADV cblr-1734 115 33 informed informed ADJ cblr-1734 115 34 trades trade NOUN cblr-1734 115 35 as as ADP cblr-1734 115 36 10b5 10b5 NUM cblr-1734 115 37 - - SYM cblr-1734 115 38 1 1 NUM cblr-1734 115 39 trades.20 trades.20 NOUN cblr-1734 115 40 a a DET cblr-1734 115 41 recent recent ADJ cblr-1734 115 42 paper paper NOUN cblr-1734 115 43 by by ADP cblr-1734 115 44 jonathan jonathan PROPN cblr-1734 115 45 millian millian PROPN cblr-1734 115 46 analyzes analyze VERB cblr-1734 115 47 whether whether SCONJ cblr-1734 115 48 plan plan NOUN cblr-1734 115 49 characteristics characteristic NOUN cblr-1734 115 50 are be AUX cblr-1734 115 51 consistent consistent ADJ cblr-1734 115 52 with with ADP cblr-1734 115 53 routine routine ADJ cblr-1734 115 54 trading trading NOUN cblr-1734 115 55 , , PUNCT cblr-1734 115 56 which which PRON cblr-1734 115 57 is be AUX cblr-1734 115 58 determined determine VERB cblr-1734 115 59 by by ADP cblr-1734 115 60 examining examine VERB cblr-1734 115 61 the the DET cblr-1734 115 62 length length NOUN cblr-1734 115 63 of of ADP cblr-1734 115 64 insiders insider NOUN cblr-1734 115 65 ’ ’ PART cblr-1734 115 66 sales sale NOUN cblr-1734 115 67 plans.21 plans.21 NOUN cblr-1734 115 68 in in ADP cblr-1734 115 69 this this DET cblr-1734 115 70 study study NOUN cblr-1734 115 71 , , PUNCT cblr-1734 115 72 millian millian NOUN cblr-1734 115 73 measures measure VERB cblr-1734 115 74 the the DET cblr-1734 115 75 length length NOUN cblr-1734 115 76 of of ADP cblr-1734 115 77 sales sale NOUN cblr-1734 115 78 plans plan NOUN cblr-1734 115 79 by by ADP cblr-1734 115 80 both both CCONJ cblr-1734 115 81 the the DET cblr-1734 115 82 number number NOUN cblr-1734 115 83 of of ADP cblr-1734 115 84 trades trade NOUN cblr-1734 115 85 executed execute VERB cblr-1734 115 86 and and CCONJ cblr-1734 115 87 the the DET cblr-1734 115 88 length length NOUN cblr-1734 115 89 of of ADP cblr-1734 115 90 a a DET cblr-1734 115 91 sales sale NOUN cblr-1734 115 92 plan plan NOUN cblr-1734 115 93 in in ADP cblr-1734 115 94 number number NOUN cblr-1734 115 95 of of ADP cblr-1734 115 96 calendar calendar NOUN cblr-1734 115 97 days day NOUN cblr-1734 115 98 . . PUNCT cblr-1734 116 1 the the DET cblr-1734 116 2 author author NOUN cblr-1734 116 3 documents document VERB cblr-1734 116 4 a a DET cblr-1734 116 5 significant significant ADJ cblr-1734 116 6 relationship relationship NOUN cblr-1734 116 7 between between ADP cblr-1734 116 8 the the DET cblr-1734 116 9 length length NOUN cblr-1734 116 10 of of ADP cblr-1734 116 11 a a DET cblr-1734 116 12 plan plan NOUN cblr-1734 116 13 and and CCONJ cblr-1734 116 14 abnormal abnormal ADJ cblr-1734 116 15 returns return NOUN cblr-1734 116 16 following follow VERB cblr-1734 116 17 sales sale NOUN cblr-1734 116 18 under under ADP cblr-1734 116 19 that that DET cblr-1734 116 20 plan.22 plan.22 NOUN cblr-1734 116 21 unlike unlike ADP cblr-1734 116 22 earlier early ADJ cblr-1734 116 23 studies study NOUN cblr-1734 116 24 , , PUNCT cblr-1734 116 25 the the DET cblr-1734 116 26 evidence evidence NOUN cblr-1734 116 27 suggests suggest VERB cblr-1734 116 28 that that SCONJ cblr-1734 116 29 the the DET cblr-1734 116 30 insiders insider NOUN cblr-1734 116 31 who who PRON cblr-1734 116 32 use use VERB cblr-1734 116 33 rule rule NOUN cblr-1734 116 34 10b5 10b5 NUM cblr-1734 116 35 - - SYM cblr-1734 116 36 1 1 NUM cblr-1734 116 37 to to PART cblr-1734 116 38 increase increase VERB cblr-1734 116 39 the the DET cblr-1734 116 40 legal legal ADJ cblr-1734 116 41 protection protection NOUN cblr-1734 116 42 for for ADP cblr-1734 116 43 their their PRON cblr-1734 116 44 information information NOUN cblr-1734 116 45 - - PUNCT cblr-1734 116 46 motivated motivate VERB cblr-1734 116 47 trades trade NOUN cblr-1734 116 48 are be AUX cblr-1734 116 49 generally generally ADV cblr-1734 116 50 trading trade VERB cblr-1734 116 51 on on ADP cblr-1734 116 52 short short ADJ cblr-1734 116 53 - - PUNCT cblr-1734 116 54 term term NOUN cblr-1734 116 55 earnings earning NOUN cblr-1734 116 56 information.23 information.23 VERB cblr-1734 116 57 other other ADJ cblr-1734 116 58 studies study NOUN cblr-1734 116 59 focus focus VERB cblr-1734 116 60 on on ADP cblr-1734 116 61 whether whether SCONJ cblr-1734 116 62 insiders insider NOUN cblr-1734 116 63 misrepresent misrepresent VERB cblr-1734 116 64 disclosure disclosure NOUN cblr-1734 116 65 content content NOUN cblr-1734 116 66 to to PART cblr-1734 116 67 optimize optimize VERB cblr-1734 116 68 the the DET cblr-1734 116 69 payoff payoff NOUN cblr-1734 116 70 from from ADP cblr-1734 116 71 their their PRON cblr-1734 116 72 stock stock NOUN cblr-1734 116 73 sales,24 sales,24 NOUN cblr-1734 116 74 and and CCONJ cblr-1734 116 75 whether whether SCONJ cblr-1734 116 76 insiders insider NOUN cblr-1734 116 77 who who PRON cblr-1734 116 78 have have VERB cblr-1734 116 79 sales sale NOUN cblr-1734 116 80 plans plan NOUN cblr-1734 116 81 are be AUX cblr-1734 116 82 more more ADV cblr-1734 116 83 likely likely ADJ cblr-1734 116 84 to to PART cblr-1734 116 85 meet meet VERB cblr-1734 116 86 or or CCONJ cblr-1734 116 87 beat beat VERB cblr-1734 116 88 analysts analyst NOUN cblr-1734 116 89 ’ ’ PART cblr-1734 116 90 earnings earning NOUN cblr-1734 116 91 expectations expectation NOUN cblr-1734 116 92 in in ADP cblr-1734 116 93 the the DET cblr-1734 116 94 immediate immediate ADJ cblr-1734 116 95 period period NOUN cblr-1734 116 96 preceding precede VERB cblr-1734 116 97 planned plan VERB cblr-1734 116 98 sales.25 sales.25 NOUN cblr-1734 116 99 the the DET cblr-1734 116 100 evidence evidence NOUN cblr-1734 116 101     SPACE cblr-1734 116 102 20 20 NUM cblr-1734 116 103 see see VERB cblr-1734 116 104 henderson henderson PROPN cblr-1734 116 105 et et PROPN cblr-1734 116 106 al al PROPN cblr-1734 116 107 . . PROPN cblr-1734 116 108 , , PUNCT cblr-1734 116 109 supra supra PROPN cblr-1734 116 110 note note NOUN cblr-1734 116 111 4 4 NUM cblr-1734 116 112 , , PUNCT cblr-1734 116 113 at at ADP cblr-1734 116 114 20 20 NUM cblr-1734 116 115 . . PUNCT cblr-1734 116 116 21 21 NUM cblr-1734 116 117 see see VERB cblr-1734 116 118 jonathan jonathan PROPN cblr-1734 116 119 a. a. PROPN cblr-1734 116 120 millian millian PROPN cblr-1734 116 121 , , PUNCT cblr-1734 116 122 insider insider NOUN cblr-1734 116 123 sales sale NOUN cblr-1734 116 124 based base VERB cblr-1734 116 125 on on ADP cblr-1734 116 126 short short ADJ cblr-1734 116 127 - - PUNCT cblr-1734 116 128 term term NOUN cblr-1734 116 129 earnings earning NOUN cblr-1734 116 130 information information NOUN cblr-1734 116 131 : : PUNCT cblr-1734 116 132 the the DET cblr-1734 116 133 use use NOUN cblr-1734 116 134 of of ADP cblr-1734 116 135 short short ADJ cblr-1734 116 136 - - PUNCT cblr-1734 116 137 term term NOUN cblr-1734 116 138 rule rule NOUN cblr-1734 116 139 10b5 10b5 NUM cblr-1734 116 140 - - SYM cblr-1734 116 141 1 1 NUM cblr-1734 116 142 plans plan NOUN cblr-1734 116 143 , , PUNCT cblr-1734 116 144 rev rev X cblr-1734 116 145 . . PROPN cblr-1734 116 146 quantitative quantitative ADJ cblr-1734 116 147 fin fin PROPN cblr-1734 116 148 . . PUNCT cblr-1734 116 149 & & CCONJ cblr-1734 116 150 acct acct NOUN cblr-1734 116 151 . . PUNCT cblr-1734 117 1 ( ( PUNCT cblr-1734 117 2 dec dec PROPN cblr-1734 117 3 . . PROPN cblr-1734 117 4 2014 2014 NUM cblr-1734 117 5 ) ) PUNCT cblr-1734 117 6 ( ( PUNCT cblr-1734 117 7 forthcoming forthcoming ADJ cblr-1734 117 8 ) ) PUNCT cblr-1734 117 9 ( ( PUNCT cblr-1734 117 10 manuscript manuscript NOUN cblr-1734 117 11 at at ADP cblr-1734 117 12 2 2 NUM cblr-1734 117 13 ) ) PUNCT cblr-1734 117 14 , , PUNCT cblr-1734 117 15 http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2276217 http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2276217 NOUN cblr-1734 117 16 [ [ X cblr-1734 117 17 http://perma http://perma NOUN cblr-1734 117 18 . . PUNCT cblr-1734 117 19 cc cc NOUN cblr-1734 117 20 / / SYM cblr-1734 117 21 jf4k jf4k PROPN cblr-1734 117 22 - - PUNCT cblr-1734 117 23 xtwf xtwf PROPN cblr-1734 117 24 ] ] PUNCT cblr-1734 117 25 . . PUNCT cblr-1734 118 1 22 22 NUM cblr-1734 119 1 i i PRON cblr-1734 119 2 d. d. PROPN cblr-1734 119 3 at at ADP cblr-1734 119 4 2–3 2–3 PROPN cblr-1734 119 5 , , PUNCT cblr-1734 119 6 17–18 17–18 NUM cblr-1734 119 7 . . NOUN cblr-1734 119 8 23 23 NUM cblr-1734 120 1 i i PRON cblr-1734 120 2 d. d. PROPN cblr-1734 120 3 at at ADP cblr-1734 120 4 17–18 17–18 NUM cblr-1734 120 5 . . PUNCT cblr-1734 120 6 24 24 NUM cblr-1734 120 7 see see VERB cblr-1734 120 8 generally generally ADV cblr-1734 120 9 stanley stanley PROPN cblr-1734 120 10 veliotis veliotis NOUN cblr-1734 120 11 , , PUNCT cblr-1734 120 12 rule rule NOUN cblr-1734 120 13 10b5 10b5 NUM cblr-1734 120 14 - - SYM cblr-1734 120 15 1 1 NUM cblr-1734 120 16 trading trading NOUN cblr-1734 120 17 plans plan NOUN cblr-1734 120 18 and and CCONJ cblr-1734 120 19 insiders insider NOUN cblr-1734 120 20 ’ ’ PART cblr-1734 120 21 incentive incentive NOUN cblr-1734 120 22 to to PART cblr-1734 120 23 misrepresent misrepresent VERB cblr-1734 120 24 , , PUNCT cblr-1734 120 25 47 47 NUM cblr-1734 120 26 am am NOUN cblr-1734 120 27 . . PUNCT cblr-1734 121 1 bus bus NOUN cblr-1734 121 2 . . PUNCT cblr-1734 122 1 l.j l.j PROPN cblr-1734 122 2 . . PROPN cblr-1734 123 1 313 313 NUM cblr-1734 123 2 ( ( PUNCT cblr-1734 123 3 2010 2010 NUM cblr-1734 123 4 ) ) PUNCT cblr-1734 123 5 . . PUNCT cblr-1734 124 1 25 25 NUM cblr-1734 124 2 see see VERB cblr-1734 124 3 john john PROPN cblr-1734 124 4 shon shon PROPN cblr-1734 124 5 & & CCONJ cblr-1734 124 6 stanley stanley PROPN cblr-1734 124 7 veliotis veliotis PROPN cblr-1734 124 8 , , PUNCT cblr-1734 124 9 insiders insider NOUN cblr-1734 124 10 ’ ’ PART cblr-1734 124 11 sales sale NOUN cblr-1734 124 12 under under ADP cblr-1734 124 13 rule rule NOUN cblr-1734 124 14 10b51 10b51 NUM cblr-1734 124 15 plans plan NOUN cblr-1734 124 16 and and CCONJ cblr-1734 124 17 meeting meet VERB cblr-1734 124 18 or or CCONJ cblr-1734 124 19 beating beat VERB cblr-1734 124 20 earnings earning NOUN cblr-1734 124 21 expectations expectation NOUN cblr-1734 124 22 , , PUNCT cblr-1734 124 23 59 59 NUM cblr-1734 124 24 mgmt mgmt NOUN cblr-1734 124 25 . . PUNCT cblr-1734 125 1 sci sci PROPN cblr-1734 125 2 . . PROPN cblr-1734 125 3 1988 1988 NUM cblr-1734 125 4 ( ( PUNCT cblr-1734 125 5 2013 2013 NUM cblr-1734 125 6 ) ) PUNCT cblr-1734 125 7 . . PUNCT cblr-1734 126 1 mavruk mavruk PROPN cblr-1734 126 2 & & CCONJ cblr-1734 126 3 seyhun seyhun PROPN cblr-1734 126 4 – – PUNCT cblr-1734 126 5 final final ADJ cblr-1734 126 6 no no NOUN cblr-1734 126 7 . . PUNCT cblr-1734 127 1 1:133 1:133 NUM cblr-1734 127 2 ] ] X cblr-1734 127 3 sec sec PROPN cblr-1734 127 4 ’s ’s PART cblr-1734 127 5 10b5 10b5 NUM cblr-1734 127 6 - - SYM cblr-1734 127 7 1 1 NUM cblr-1734 127 8 safe safe ADJ cblr-1734 127 9 harbor harbor NOUN cblr-1734 127 10 rules rule NOUN cblr-1734 127 11 145 145 NUM cblr-1734 127 12 seems seem VERB cblr-1734 127 13 to to PART cblr-1734 127 14 suggest suggest VERB cblr-1734 127 15 that that SCONJ cblr-1734 127 16 insiders insider NOUN cblr-1734 127 17 strategically strategically ADV cblr-1734 127 18 time time VERB cblr-1734 127 19 public public ADJ cblr-1734 127 20 disclosure.26 disclosure.26 NOUN cblr-1734 127 21 in in ADP cblr-1734 127 22 contrast contrast NOUN cblr-1734 127 23 , , PUNCT cblr-1734 127 24 other other ADJ cblr-1734 127 25 studies study NOUN cblr-1734 127 26 conclude conclude VERB cblr-1734 127 27 that that SCONJ cblr-1734 127 28 the the DET cblr-1734 127 29 sec sec PROPN cblr-1734 127 30 ’s ’s PART cblr-1734 127 31 safe safe ADJ cblr-1734 127 32 harbor harbor NOUN cblr-1734 127 33 rule rule NOUN cblr-1734 127 34 does do AUX cblr-1734 127 35 constrain constrain VERB cblr-1734 127 36 some some DET cblr-1734 127 37 informed informed ADJ cblr-1734 127 38 insider insider NOUN cblr-1734 127 39 trading.27 trading.27 PROPN cblr-1734 127 40 for for ADP cblr-1734 127 41 instance instance NOUN cblr-1734 127 42 , , PUNCT cblr-1734 127 43 studying study VERB cblr-1734 127 44 a a DET cblr-1734 127 45 sample sample NOUN cblr-1734 127 46 of of ADP cblr-1734 127 47 insider insider NOUN cblr-1734 127 48 sales sale NOUN cblr-1734 127 49 reported report VERB cblr-1734 127 50 to to ADP cblr-1734 127 51 the the DET cblr-1734 127 52 sec sec PROPN cblr-1734 127 53 between between ADP cblr-1734 127 54 january january PROPN cblr-1734 127 55 2003 2003 NUM cblr-1734 127 56 and and CCONJ cblr-1734 127 57 june june PROPN cblr-1734 127 58 2006 2006 NUM cblr-1734 127 59 , , PUNCT cblr-1734 127 60 rik rik PROPN cblr-1734 127 61 sen sen PROPN cblr-1734 127 62 shows show VERB cblr-1734 127 63 evidence evidence NOUN cblr-1734 127 64 of of ADP cblr-1734 127 65 only only ADJ cblr-1734 127 66 insignificant insignificant ADJ cblr-1734 127 67 abnormal abnormal ADJ cblr-1734 127 68 returns return NOUN cblr-1734 127 69 following follow VERB cblr-1734 127 70 planned plan VERB cblr-1734 127 71 sales.28 sales.28 PROPN cblr-1734 127 72 sen sen PROPN cblr-1734 127 73 ’s ’s PART cblr-1734 127 74 results result NOUN cblr-1734 127 75 suggest suggest VERB cblr-1734 127 76 selection selection NOUN cblr-1734 127 77 biases bias NOUN cblr-1734 127 78 may may AUX cblr-1734 127 79 influence influence VERB cblr-1734 127 80 the the DET cblr-1734 127 81 findings finding NOUN cblr-1734 127 82 of of ADP cblr-1734 127 83 these these DET cblr-1734 127 84 papers.29 papers.29 NOUN cblr-1734 127 85 we we PRON cblr-1734 127 86 extend extend VERB cblr-1734 127 87 this this DET cblr-1734 127 88 research research NOUN cblr-1734 127 89 in in ADP cblr-1734 127 90 a a DET cblr-1734 127 91 number number NOUN cblr-1734 127 92 of of ADP cblr-1734 127 93 significant significant ADJ cblr-1734 127 94 ways way NOUN cblr-1734 127 95 . . PUNCT cblr-1734 128 1 first first ADV cblr-1734 128 2 , , PUNCT cblr-1734 128 3 to to PART cblr-1734 128 4 guard guard VERB cblr-1734 128 5 against against ADP cblr-1734 128 6 time time NOUN cblr-1734 128 7 - - PUNCT cblr-1734 128 8 specific specific ADJ cblr-1734 128 9 variations variation NOUN cblr-1734 128 10 , , PUNCT cblr-1734 128 11 our our PRON cblr-1734 128 12 data datum NOUN cblr-1734 128 13 set set VERB cblr-1734 128 14 is be AUX cblr-1734 128 15 comprehensive comprehensive ADJ cblr-1734 128 16 : : PUNCT cblr-1734 128 17 we we PRON cblr-1734 128 18 collect collect VERB cblr-1734 128 19 all all PRON cblr-1734 128 20 reported report VERB cblr-1734 128 21 10b5 10b5 NUM cblr-1734 128 22 - - SYM cblr-1734 128 23 1 1 NUM cblr-1734 128 24 trades trade NOUN cblr-1734 128 25 from from ADP cblr-1734 128 26 2003 2003 NUM cblr-1734 128 27 to to ADP cblr-1734 128 28 2013 2013 NUM cblr-1734 128 29 . . PUNCT cblr-1734 129 1 second second ADJ cblr-1734 129 2 , , PUNCT cblr-1734 129 3 we we PRON cblr-1734 129 4 use use VERB cblr-1734 129 5 the the DET cblr-1734 129 6 calendar calendar NOUN cblr-1734 129 7 time time NOUN cblr-1734 129 8 portfolio portfolio NOUN cblr-1734 129 9 approach approach NOUN cblr-1734 129 10 to to PART cblr-1734 129 11 measure measure VERB cblr-1734 129 12 abnormal abnormal ADJ cblr-1734 129 13 returns return NOUN cblr-1734 129 14 in in ADP cblr-1734 129 15 order order NOUN cblr-1734 129 16 to to PART cblr-1734 129 17 guard guard VERB cblr-1734 129 18 against against ADP cblr-1734 129 19 potential potential ADJ cblr-1734 129 20 selection selection NOUN cblr-1734 129 21 biases bias NOUN cblr-1734 129 22 . . PUNCT cblr-1734 130 1 third third ADV cblr-1734 130 2 , , PUNCT cblr-1734 130 3 we we PRON cblr-1734 130 4 test test VERB cblr-1734 130 5 for for ADP cblr-1734 130 6 specific specific ADJ cblr-1734 130 7 hypotheses hypothesis NOUN cblr-1734 130 8 regarding regard VERB cblr-1734 130 9 the the DET cblr-1734 130 10 source source NOUN cblr-1734 130 11 of of ADP cblr-1734 130 12 the the DET cblr-1734 130 13 profitability profitability NOUN cblr-1734 130 14 of of ADP cblr-1734 130 15 insider insider NOUN cblr-1734 130 16 trades trade NOUN cblr-1734 130 17 . . PUNCT cblr-1734 131 1 specifically specifically ADV cblr-1734 131 2 , , PUNCT cblr-1734 131 3 we we PRON cblr-1734 131 4 test test VERB cblr-1734 131 5 whether whether SCONJ cblr-1734 131 6 profitability profitability NOUN cblr-1734 131 7 arises arise VERB cblr-1734 131 8 because because SCONJ cblr-1734 131 9 of of ADP cblr-1734 131 10 the the DET cblr-1734 131 11 possibility possibility NOUN cblr-1734 131 12 that that SCONJ cblr-1734 131 13 insiders insider NOUN cblr-1734 131 14 possess possess VERB cblr-1734 131 15 material material NOUN cblr-1734 131 16 non non ADJ cblr-1734 131 17     SPACE cblr-1734 131 18 26 26 NUM cblr-1734 131 19 i i PROPN cblr-1734 131 20 d. d. PROPN cblr-1734 131 21 at at ADP cblr-1734 131 22 1995–96 1995–96 NUM cblr-1734 131 23 . . PUNCT cblr-1734 132 1 27 27 NUM cblr-1734 132 2 rik rik PROPN cblr-1734 132 3 sen sen PROPN cblr-1734 132 4 , , PUNCT cblr-1734 132 5 are be AUX cblr-1734 132 6 insider insider NOUN cblr-1734 132 7 sales sale NOUN cblr-1734 132 8 under under ADP cblr-1734 132 9 105b-1 105b-1 PROPN cblr-1734 132 10 plans plan NOUN cblr-1734 132 11 strategically strategically ADV cblr-1734 132 12 timed time VERB cblr-1734 132 13 ? ? PUNCT cblr-1734 133 1 ( ( PUNCT cblr-1734 133 2 june june PROPN cblr-1734 133 3 2008 2008 NUM cblr-1734 133 4 ) ) PUNCT cblr-1734 133 5 ( ( PUNCT cblr-1734 133 6 unpublished unpublished ADJ cblr-1734 133 7 manuscript manuscript NOUN cblr-1734 133 8 ) ) PUNCT cblr-1734 133 9 , , PUNCT cblr-1734 133 10 http://w4.stern.nyu.edu/ http://w4.stern.nyu.edu/ PROPN cblr-1734 133 11 finance finance NOUN cblr-1734 133 12 / / SYM cblr-1734 133 13 docs docs PROPN cblr-1734 133 14 / / SYM cblr-1734 133 15 pdfs pdfs NOUN cblr-1734 133 16 / / SYM cblr-1734 133 17 seminars/083f seminars/083f PROPN cblr-1734 133 18 - - NOUN cblr-1734 133 19 sen.pdf sen.pdf NOUN cblr-1734 133 20 [ [ X cblr-1734 133 21 http://perma.cc/57zq-p65z http://perma.cc/57zq-p65z X cblr-1734 133 22 ] ] X cblr-1734 133 23 . . PUNCT cblr-1734 134 1 28 28 NUM cblr-1734 135 1 i i PRON cblr-1734 135 2 d. d. PROPN cblr-1734 135 3 at at ADP cblr-1734 135 4 1–2 1–2 NUM cblr-1734 135 5 , , PUNCT cblr-1734 135 6 10–11 10–11 NUM cblr-1734 135 7 , , PUNCT cblr-1734 135 8 19 19 NUM cblr-1734 135 9 . . NOUN cblr-1734 135 10 29 29 NUM cblr-1734 136 1 i i PRON cblr-1734 136 2 d. d. VERB cblr-1734 136 3 at at ADP cblr-1734 136 4 13–17 13–17 NUM cblr-1734 136 5 . . PUNCT cblr-1734 137 1 according accord VERB cblr-1734 137 2 to to ADP cblr-1734 137 3 rik rik PROPN cblr-1734 137 4 sen sen PROPN cblr-1734 137 5 , , PUNCT cblr-1734 137 6 the the DET cblr-1734 137 7 event event NOUN cblr-1734 137 8 studies study NOUN cblr-1734 137 9 utilizing utilize VERB cblr-1734 137 10 methodologies methodology NOUN cblr-1734 137 11 that that PRON cblr-1734 137 12 neither neither CCONJ cblr-1734 137 13 eliminate eliminate VERB cblr-1734 137 14 issues issue NOUN cblr-1734 137 15 related relate VERB cblr-1734 137 16 to to PART cblr-1734 137 17 cross cross VERB cblr-1734 137 18 sectional sectional ADJ cblr-1734 137 19 dependence dependence NOUN cblr-1734 137 20 , , PUNCT cblr-1734 137 21 nor nor CCONJ cblr-1734 137 22 control control NOUN cblr-1734 137 23 for for ADP cblr-1734 137 24 returns return NOUN cblr-1734 137 25 on on ADP cblr-1734 137 26 stocks stock NOUN cblr-1734 137 27 with with ADP cblr-1734 137 28 similar similar ADJ cblr-1734 137 29 characteristics characteristic NOUN cblr-1734 137 30 , , PUNCT cblr-1734 137 31 nor nor CCONJ cblr-1734 137 32 take take VERB cblr-1734 137 33 into into ADP cblr-1734 137 34 account account NOUN cblr-1734 137 35 that that SCONJ cblr-1734 137 36 the the DET cblr-1734 137 37 events event NOUN cblr-1734 137 38 might might AUX cblr-1734 137 39 be be AUX cblr-1734 137 40 endogenous endogenous ADJ cblr-1734 137 41 when when SCONJ cblr-1734 137 42 computing compute VERB cblr-1734 137 43 abnormal abnormal ADJ cblr-1734 137 44 returns return NOUN cblr-1734 137 45 , , PUNCT cblr-1734 137 46 may may AUX cblr-1734 137 47 result result VERB cblr-1734 137 48 in in ADP cblr-1734 137 49 downward downward ADJ cblr-1734 137 50 biased biased ADJ cblr-1734 137 51 estimates estimate NOUN cblr-1734 137 52 of of ADP cblr-1734 137 53 abnormal abnormal ADJ cblr-1734 137 54 returns return NOUN cblr-1734 137 55 following follow VERB cblr-1734 137 56 planned plan VERB cblr-1734 137 57 sales sale NOUN cblr-1734 137 58 . . PUNCT cblr-1734 138 1 these these DET cblr-1734 138 2 biases bias NOUN cblr-1734 138 3 tend tend VERB cblr-1734 138 4 to to PART cblr-1734 138 5 give give VERB cblr-1734 138 6 both both DET cblr-1734 138 7 a a DET cblr-1734 138 8 lower low ADJ cblr-1734 138 9 weight weight NOUN cblr-1734 138 10 to to ADP cblr-1734 138 11 a a DET cblr-1734 138 12 planned plan VERB cblr-1734 138 13 sale sale NOUN cblr-1734 138 14 if if SCONJ cblr-1734 138 15 followed follow VERB cblr-1734 138 16 by by ADP cblr-1734 138 17 a a DET cblr-1734 138 18 positive positive ADJ cblr-1734 138 19 abnormal abnormal ADJ cblr-1734 138 20 return return NOUN cblr-1734 138 21 and and CCONJ cblr-1734 138 22 a a DET cblr-1734 138 23 higher high ADJ cblr-1734 138 24 weight weight NOUN cblr-1734 138 25 if if SCONJ cblr-1734 138 26 followed follow VERB cblr-1734 138 27 by by ADP cblr-1734 138 28 a a DET cblr-1734 138 29 negative negative ADJ cblr-1734 138 30 abnormal abnormal ADJ cblr-1734 138 31 return return NOUN cblr-1734 138 32 . . PUNCT cblr-1734 139 1 one one NUM cblr-1734 139 2 way way NOUN cblr-1734 139 3 to to PART cblr-1734 139 4 mitigate mitigate VERB cblr-1734 139 5 these these DET cblr-1734 139 6 biases bias NOUN cblr-1734 139 7 is be AUX cblr-1734 139 8 to to PART cblr-1734 139 9 use use VERB cblr-1734 139 10 a a DET cblr-1734 139 11 calendar calendar NOUN cblr-1734 139 12 - - PUNCT cblr-1734 139 13 time time NOUN cblr-1734 139 14 portfolio portfolio NOUN cblr-1734 139 15 approach approach NOUN cblr-1734 139 16 where where SCONJ cblr-1734 139 17 the the DET cblr-1734 139 18 benchmark benchmark NOUN cblr-1734 139 19 is be AUX cblr-1734 139 20 a a DET cblr-1734 139 21 matching match VERB cblr-1734 139 22 portfolio portfolio NOUN cblr-1734 139 23 of of ADP cblr-1734 139 24 stocks stock NOUN cblr-1734 139 25 ( ( PUNCT cblr-1734 139 26 as as ADP cblr-1734 139 27 of of ADP cblr-1734 139 28 the the DET cblr-1734 139 29 most most ADV cblr-1734 139 30 recent recent ADJ cblr-1734 139 31 planned plan VERB cblr-1734 139 32 sale sale NOUN cblr-1734 139 33 date date NOUN cblr-1734 139 34 ) ) PUNCT cblr-1734 139 35 with with ADP cblr-1734 139 36 similar similar ADJ cblr-1734 139 37 characteristics characteristic NOUN cblr-1734 139 38 . . PUNCT cblr-1734 140 1 sen sen PROPN cblr-1734 140 2 also also ADV cblr-1734 140 3 suggests suggest VERB cblr-1734 140 4 that that SCONJ cblr-1734 140 5 an an DET cblr-1734 140 6 equally equally ADV cblr-1734 140 7 weighted weight VERB cblr-1734 140 8 calendar calendar NOUN cblr-1734 140 9 - - PUNCT cblr-1734 140 10 time time NOUN cblr-1734 140 11 portfolio portfolio NOUN cblr-1734 140 12 method method NOUN cblr-1734 140 13 could could AUX cblr-1734 140 14 help help VERB cblr-1734 140 15 to to PART cblr-1734 140 16 mitigate mitigate VERB cblr-1734 140 17 these these DET cblr-1734 140 18 biases bias NOUN cblr-1734 140 19 . . PUNCT cblr-1734 141 1 alternatively alternatively ADV cblr-1734 141 2 , , PUNCT cblr-1734 141 3 a a DET cblr-1734 141 4 simple simple ADJ cblr-1734 141 5 event event NOUN cblr-1734 141 6 study study NOUN cblr-1734 141 7 methodology methodology NOUN cblr-1734 141 8 that that PRON cblr-1734 141 9 includes include VERB cblr-1734 141 10 only only ADV cblr-1734 141 11 the the DET cblr-1734 141 12 first first ADJ cblr-1734 141 13 planned plan VERB cblr-1734 141 14 sale sale NOUN cblr-1734 141 15 for for ADP cblr-1734 141 16 each each DET cblr-1734 141 17 firm firm NOUN cblr-1734 141 18 in in ADP cblr-1734 141 19 each each DET cblr-1734 141 20 calendar calendar NOUN cblr-1734 141 21 month month NOUN cblr-1734 141 22 could could AUX cblr-1734 141 23 eliminate eliminate VERB cblr-1734 141 24 the the DET cblr-1734 141 25 mentioned mention VERB cblr-1734 141 26 biases bias NOUN cblr-1734 141 27 , , PUNCT cblr-1734 141 28 since since SCONJ cblr-1734 141 29 including include VERB cblr-1734 141 30 only only ADV cblr-1734 141 31 the the DET cblr-1734 141 32 first first ADJ cblr-1734 141 33 planned plan VERB cblr-1734 141 34 sale sale NOUN cblr-1734 141 35 eliminates eliminate VERB cblr-1734 141 36 sales sale NOUN cblr-1734 141 37 by by ADP cblr-1734 141 38 multiple multiple ADJ cblr-1734 141 39 insiders insider NOUN cblr-1734 141 40 in in ADP cblr-1734 141 41 the the DET cblr-1734 141 42 same same ADJ cblr-1734 141 43 firm firm NOUN cblr-1734 141 44 around around ADP cblr-1734 141 45 the the DET cblr-1734 141 46 same same ADJ cblr-1734 141 47 time time NOUN cblr-1734 141 48 . . PUNCT cblr-1734 142 1 mavruk mavruk PROPN cblr-1734 142 2 & & CCONJ cblr-1734 142 3 seyhun seyhun PROPN cblr-1734 142 4 – – PUNCT cblr-1734 142 5 final final ADJ cblr-1734 142 6 146 146 NUM cblr-1734 142 7 columbia columbia PROPN cblr-1734 142 8 business business NOUN cblr-1734 142 9 law law PROPN cblr-1734 142 10 review review NOUN cblr-1734 142 11 [ [ X cblr-1734 142 12 vol vol NOUN cblr-1734 142 13 . . NOUN cblr-1734 142 14 2016 2016 NUM cblr-1734 142 15 public public ADJ cblr-1734 142 16 information information NOUN cblr-1734 142 17 at at ADP cblr-1734 142 18 the the DET cblr-1734 142 19 time time NOUN cblr-1734 142 20 they they PRON cblr-1734 142 21 set set VERB cblr-1734 142 22 up up ADP cblr-1734 142 23 the the DET cblr-1734 142 24 plans plan NOUN cblr-1734 142 25 , , PUNCT cblr-1734 142 26 or or CCONJ cblr-1734 142 27 whether whether SCONJ cblr-1734 142 28 subsequent subsequent ADJ cblr-1734 142 29 modifications modification NOUN cblr-1734 142 30 contribute contribute VERB cblr-1734 142 31 to to ADP cblr-1734 142 32 the the DET cblr-1734 142 33 profitability profitability NOUN cblr-1734 142 34 of of ADP cblr-1734 142 35 planned plan VERB cblr-1734 142 36 trades trade NOUN cblr-1734 142 37 . . PUNCT cblr-1734 143 1 we we PRON cblr-1734 143 2 also also ADV cblr-1734 143 3 investigate investigate VERB cblr-1734 143 4 insider insider NOUN cblr-1734 143 5 profitability profitability NOUN cblr-1734 143 6 by by ADP cblr-1734 143 7 firm firm ADJ cblr-1734 143 8 size size NOUN cblr-1734 143 9 , , PUNCT cblr-1734 143 10 type type NOUN cblr-1734 143 11 of of ADP cblr-1734 143 12 insiders insider NOUN cblr-1734 143 13 , , PUNCT cblr-1734 143 14 and and CCONJ cblr-1734 143 15 trade trade NOUN cblr-1734 143 16 volume volume NOUN cblr-1734 143 17 . . PUNCT cblr-1734 144 1 finally finally ADV cblr-1734 144 2 , , PUNCT cblr-1734 144 3 we we PRON cblr-1734 144 4 examine examine VERB cblr-1734 144 5 the the DET cblr-1734 144 6 time time NOUN cblr-1734 144 7 - - PUNCT cblr-1734 144 8 series series NOUN cblr-1734 144 9 evolution evolution NOUN cblr-1734 144 10 of of ADP cblr-1734 144 11 10b5 10b5 NUM cblr-1734 144 12 - - SYM cblr-1734 144 13 1 1 NUM cblr-1734 144 14 trades trade NOUN cblr-1734 144 15 between between ADP cblr-1734 144 16 2003 2003 NUM cblr-1734 144 17 and and CCONJ cblr-1734 144 18 2013 2013 NUM cblr-1734 144 19 . . PUNCT cblr-1734 145 1 iii iii X cblr-1734 145 2 . . PUNCT cblr-1734 145 3 data datum NOUN cblr-1734 145 4 and and CCONJ cblr-1734 145 5 method method NOUN cblr-1734 145 6 a. a. NOUN cblr-1734 145 7 data data PROPN cblr-1734 145 8 insider insider NOUN cblr-1734 145 9 trading trading NOUN cblr-1734 145 10 data datum NOUN cblr-1734 145 11 are be AUX cblr-1734 145 12 obtained obtain VERB cblr-1734 145 13 from from ADP cblr-1734 145 14 the the DET cblr-1734 145 15 sec sec PROPN cblr-1734 145 16 and and CCONJ cblr-1734 145 17 include include VERB cblr-1734 145 18 a a DET cblr-1734 145 19 total total NOUN cblr-1734 145 20 of of ADP cblr-1734 145 21 1,530,792 1,530,792 NUM cblr-1734 145 22 insider insider NOUN cblr-1734 145 23 transactions transaction NOUN cblr-1734 145 24 from from ADP cblr-1734 145 25 all all DET cblr-1734 145 26 publicly publicly ADV cblr-1734 145 27 held hold VERB cblr-1734 145 28 firms firm NOUN cblr-1734 145 29 between between ADP cblr-1734 145 30 january january PROPN cblr-1734 145 31 2003 2003 NUM cblr-1734 145 32 and and CCONJ cblr-1734 145 33 december december PROPN cblr-1734 145 34 2013 2013 NUM cblr-1734 145 35 , , PUNCT cblr-1734 145 36 a a DET cblr-1734 145 37 total total NOUN cblr-1734 145 38 of of ADP cblr-1734 145 39 2769 2769 NUM cblr-1734 145 40 calendar calendar NOUN cblr-1734 145 41 days day NOUN cblr-1734 145 42 . . PUNCT cblr-1734 146 1 the the DET cblr-1734 146 2 sec sec PROPN cblr-1734 146 3 mandated mandate VERB cblr-1734 146 4 electronic electronic ADJ cblr-1734 146 5 filings filing NOUN cblr-1734 146 6 of of ADP cblr-1734 146 7 insider insider NOUN cblr-1734 146 8 trading trading NOUN cblr-1734 146 9 activity activity NOUN cblr-1734 146 10 in in ADP cblr-1734 146 11 may may PROPN cblr-1734 146 12 2003.30 2003.30 NUM cblr-1734 146 13 between between ADP cblr-1734 146 14 2000 2000 NUM cblr-1734 146 15 and and CCONJ cblr-1734 146 16 2003 2003 NUM cblr-1734 146 17 , , PUNCT cblr-1734 146 18 very very ADV cblr-1734 146 19 few few ADJ cblr-1734 146 20 transactions transaction NOUN cblr-1734 146 21 were be AUX cblr-1734 146 22 tagged tag VERB cblr-1734 146 23 with with ADP cblr-1734 146 24 a a DET cblr-1734 146 25 10b5 10b5 NUM cblr-1734 146 26 - - SYM cblr-1734 146 27 1 1 NUM cblr-1734 146 28 designation designation NOUN cblr-1734 146 29 . . PUNCT cblr-1734 147 1 consequently consequently ADV cblr-1734 147 2 , , PUNCT cblr-1734 147 3 we we PRON cblr-1734 147 4 exclude exclude VERB cblr-1734 147 5 the the DET cblr-1734 147 6 period period NOUN cblr-1734 147 7 prior prior ADV cblr-1734 147 8 to to ADP cblr-1734 147 9 may may PROPN cblr-1734 147 10 2003 2003 NUM cblr-1734 147 11 . . PUNCT cblr-1734 148 1 our our PRON cblr-1734 148 2 dataset dataset NOUN cblr-1734 148 3 contains contain VERB cblr-1734 148 4 transactions transaction NOUN cblr-1734 148 5 for for ADP cblr-1734 148 6 an an DET cblr-1734 148 7 average average NOUN cblr-1734 148 8 of of ADP cblr-1734 148 9 14,211 14,211 NUM cblr-1734 148 10 insiders insider NOUN cblr-1734 148 11 in in ADP cblr-1734 148 12 3875 3875 NUM cblr-1734 148 13 firms firm NOUN cblr-1734 148 14 for for ADP cblr-1734 148 15 each each DET cblr-1734 148 16 year year NOUN cblr-1734 148 17 between between ADP cblr-1734 148 18 2003 2003 NUM cblr-1734 148 19 and and CCONJ cblr-1734 148 20 2013 2013 NUM cblr-1734 148 21 . . PUNCT cblr-1734 149 1 this this DET cblr-1734 149 2 article article NOUN cblr-1734 149 3 focuses focus VERB cblr-1734 149 4 only only ADV cblr-1734 149 5 on on ADP cblr-1734 149 6 open open ADJ cblr-1734 149 7 market market NOUN cblr-1734 149 8 transactions transaction NOUN cblr-1734 149 9 , , PUNCT cblr-1734 149 10 since since SCONJ cblr-1734 149 11 prior prior ADJ cblr-1734 149 12 research research NOUN cblr-1734 149 13 shows show VERB cblr-1734 149 14 these these PRON cblr-1734 149 15 to to PART cblr-1734 149 16 be be AUX cblr-1734 149 17 the the DET cblr-1734 149 18 most most ADV cblr-1734 149 19 informative informative ADJ cblr-1734 149 20 transactions.31 transactions.31 NOUN cblr-1734 149 21 all all DET cblr-1734 149 22 other other ADJ cblr-1734 149 23 transactions transaction NOUN cblr-1734 149 24 , , PUNCT cblr-1734 149 25 such such ADJ cblr-1734 149 26 as as ADP cblr-1734 149 27 private private ADJ cblr-1734 149 28 sales sale NOUN cblr-1734 149 29 and and CCONJ cblr-1734 149 30 purchases purchase NOUN cblr-1734 149 31 and and CCONJ cblr-1734 149 32 exercises exercise NOUN cblr-1734 149 33 of of ADP cblr-1734 149 34 options option NOUN cblr-1734 149 35 , , PUNCT cblr-1734 149 36 gifts gift NOUN cblr-1734 149 37 , , PUNCT cblr-1734 149 38 and and CCONJ cblr-1734 149 39 conversions conversion NOUN cblr-1734 149 40 , , PUNCT cblr-1734 149 41 are be AUX cblr-1734 149 42 excluded exclude VERB cblr-1734 149 43 from from ADP cblr-1734 149 44 the the DET cblr-1734 149 45 study study NOUN cblr-1734 149 46 . . PUNCT cblr-1734 150 1 the the DET cblr-1734 150 2 daily daily ADJ cblr-1734 150 3 stock stock NOUN cblr-1734 150 4 returns return NOUN cblr-1734 150 5 are be AUX cblr-1734 150 6 obtained obtain VERB cblr-1734 150 7 from from ADP cblr-1734 150 8 the the DET cblr-1734 150 9 files file NOUN cblr-1734 150 10 for for ADP cblr-1734 150 11 center center NOUN cblr-1734 150 12 for for ADP cblr-1734 150 13 research research NOUN cblr-1734 150 14 in in ADP cblr-1734 150 15 security security NOUN cblr-1734 150 16 prices price NOUN cblr-1734 150 17 ( ( PUNCT cblr-1734 150 18 “ " PUNCT cblr-1734 150 19 crsp crsp PROPN cblr-1734 150 20 ” " PUNCT cblr-1734 150 21 ) ) PUNCT cblr-1734 150 22 . . PUNCT cblr-1734 151 1 we we PRON cblr-1734 151 2 exclude exclude VERB cblr-1734 151 3 transactions transaction NOUN cblr-1734 151 4 with with ADP cblr-1734 151 5 missing miss VERB cblr-1734 151 6 values value NOUN cblr-1734 151 7 and and CCONJ cblr-1734 151 8 transactions transaction NOUN cblr-1734 151 9 without without ADP cblr-1734 151 10 corresponding correspond VERB cblr-1734 151 11 price price NOUN cblr-1734 151 12 and and CCONJ cblr-1734 151 13 return return VERB cblr-1734 151 14 data datum NOUN cblr-1734 151 15 from from ADP cblr-1734 151 16 crsp crsp PROPN cblr-1734 151 17 . . PUNCT cblr-1734 152 1 additional additional ADJ cblr-1734 152 2 checks check NOUN cblr-1734 152 3 on on ADP cblr-1734 152 4 firms firm NOUN cblr-1734 152 5 , , PUNCT cblr-1734 152 6 prices price NOUN cblr-1734 152 7 , , PUNCT cblr-1734 152 8 dates date NOUN cblr-1734 152 9 , , PUNCT cblr-1734 152 10 shares share NOUN cblr-1734 152 11 , , PUNCT cblr-1734 152 12     SPACE cblr-1734 152 13 30 30 NUM cblr-1734 152 14 mandated mandate VERB cblr-1734 152 15 electronic electronic ADJ cblr-1734 152 16 filing filing NOUN cblr-1734 152 17 and and CCONJ cblr-1734 152 18 website website NOUN cblr-1734 152 19 posting post VERB cblr-1734 152 20 for for ADP cblr-1734 152 21 forms form NOUN cblr-1734 152 22 3 3 NUM cblr-1734 152 23 , , PUNCT cblr-1734 152 24 4 4 NUM cblr-1734 152 25 and and CCONJ cblr-1734 152 26 5 5 NUM cblr-1734 152 27 , , PUNCT cblr-1734 152 28 68 68 NUM cblr-1734 152 29 fed feed VERB cblr-1734 152 30 . . PUNCT cblr-1734 153 1 reg reg PROPN cblr-1734 153 2 . . PUNCT cblr-1734 154 1 25,788 25,788 NUM cblr-1734 154 2 ( ( PUNCT cblr-1734 154 3 may may PROPN cblr-1734 154 4 13 13 NUM cblr-1734 154 5 , , PUNCT cblr-1734 154 6 2003 2003 NUM cblr-1734 154 7 ) ) PUNCT cblr-1734 154 8 ( ( PUNCT cblr-1734 154 9 to to PART cblr-1734 154 10 be be AUX cblr-1734 154 11 codified codify VERB cblr-1734 154 12 at at ADP cblr-1734 154 13 17 17 NUM cblr-1734 154 14 c.f.r c.f.r NOUN cblr-1734 154 15 . . PUNCT cblr-1734 155 1 pts pts PROPN cblr-1734 155 2 . . PROPN cblr-1734 155 3 230 230 NUM cblr-1734 155 4 , , PUNCT cblr-1734 155 5 232 232 NUM cblr-1734 155 6 , , PUNCT cblr-1734 155 7 239 239 NUM cblr-1734 155 8 , , PUNCT cblr-1734 155 9 240 240 NUM cblr-1734 155 10 , , PUNCT cblr-1734 155 11 249 249 NUM cblr-1734 155 12 , , PUNCT cblr-1734 155 13 250 250 NUM cblr-1734 155 14 , , PUNCT cblr-1734 155 15 259 259 NUM cblr-1734 155 16 , , PUNCT cblr-1734 155 17 260 260 NUM cblr-1734 155 18 , , PUNCT cblr-1734 155 19 269 269 NUM cblr-1734 155 20 , , PUNCT cblr-1734 155 21 274 274 NUM cblr-1734 155 22 ) ) PUNCT cblr-1734 155 23 . . PUNCT cblr-1734 156 1 31 31 NUM cblr-1734 156 2 see see VERB cblr-1734 156 3 h. h. PROPN cblr-1734 156 4 nejat nejat PROPN cblr-1734 156 5 seyhun seyhun PROPN cblr-1734 156 6 , , PUNCT cblr-1734 156 7 investment investment NOUN cblr-1734 156 8 intelligence intelligence NOUN cblr-1734 156 9 from from ADP cblr-1734 156 10 insider insider NOUN cblr-1734 156 11 trading trading NOUN cblr-1734 156 12 2 2 NUM cblr-1734 156 13 , , PUNCT cblr-1734 156 14 32 32 NUM cblr-1734 156 15 ( ( PUNCT cblr-1734 156 16 1998 1998 NUM cblr-1734 156 17 ) ) PUNCT cblr-1734 156 18 . . PUNCT cblr-1734 157 1 mavruk mavruk PROPN cblr-1734 157 2 & & CCONJ cblr-1734 157 3 seyhun seyhun PROPN cblr-1734 157 4 – – PUNCT cblr-1734 157 5 final final ADJ cblr-1734 157 6 no no NOUN cblr-1734 157 7 . . PUNCT cblr-1734 158 1 1:133 1:133 NUM cblr-1734 158 2 ] ] X cblr-1734 158 3 sec sec PROPN cblr-1734 158 4 ’s ’s PART cblr-1734 158 5 10b5 10b5 NUM cblr-1734 158 6 - - SYM cblr-1734 158 7 1 1 NUM cblr-1734 158 8 safe safe ADJ cblr-1734 158 9 harbor harbor NOUN cblr-1734 158 10 rules rule NOUN cblr-1734 158 11 147 147 NUM cblr-1734 158 12 and and CCONJ cblr-1734 158 13 10b5 10b5 NUM cblr-1734 158 14 - - SYM cblr-1734 158 15 1 1 NUM cblr-1734 158 16 observations observation NOUN cblr-1734 158 17 are be AUX cblr-1734 158 18 performed.32 performed.32 ADJ cblr-1734 158 19 as as ADP cblr-1734 158 20 a a DET cblr-1734 158 21 result result NOUN cblr-1734 158 22 , , PUNCT cblr-1734 158 23 we we PRON cblr-1734 158 24 exclude exclude VERB cblr-1734 158 25 an an DET cblr-1734 158 26 additional additional ADJ cblr-1734 158 27 300,000 300,000 NUM cblr-1734 158 28 transactions transaction NOUN cblr-1734 158 29 containing contain VERB cblr-1734 158 30 apparent apparent ADJ cblr-1734 158 31 data datum NOUN cblr-1734 158 32 errors error NOUN cblr-1734 158 33 . . PUNCT cblr-1734 159 1 our our PRON cblr-1734 159 2 final final ADJ cblr-1734 159 3 dataset dataset NOUN cblr-1734 159 4 contains contain VERB cblr-1734 159 5 1,530,792 1,530,792 NUM cblr-1734 159 6 transactions transaction NOUN cblr-1734 159 7 . . PUNCT cblr-1734 160 1 finally finally ADV cblr-1734 160 2 , , PUNCT cblr-1734 160 3 we we PRON cblr-1734 160 4 separate separate VERB cblr-1734 160 5 insider insider NOUN cblr-1734 160 6 trades trade NOUN cblr-1734 160 7 between between ADP cblr-1734 160 8 purchases purchase NOUN cblr-1734 160 9 and and CCONJ cblr-1734 160 10 sales sale NOUN cblr-1734 160 11 . . PUNCT cblr-1734 161 1 we we PRON cblr-1734 161 2 discuss discuss VERB cblr-1734 161 3 the the DET cblr-1734 161 4 results result NOUN cblr-1734 161 5 separately separately ADV cblr-1734 161 6 because because SCONJ cblr-1734 161 7 insider insider NOUN cblr-1734 161 8 purchases purchase NOUN cblr-1734 161 9 are be AUX cblr-1734 161 10 more more ADV cblr-1734 161 11 likely likely ADV cblr-1734 161 12 motivated motivate VERB cblr-1734 161 13 by by ADP cblr-1734 161 14 private private ADJ cblr-1734 161 15 information information NOUN cblr-1734 161 16 , , PUNCT cblr-1734 161 17 whereas whereas SCONJ cblr-1734 161 18 insider insider NOUN cblr-1734 161 19 sales sale NOUN cblr-1734 161 20 may may AUX cblr-1734 161 21 be be AUX cblr-1734 161 22 driven drive VERB cblr-1734 161 23 by by ADP cblr-1734 161 24 multiple multiple ADJ cblr-1734 161 25 motivations motivation NOUN cblr-1734 161 26 , , PUNCT cblr-1734 161 27 e.g. e.g. ADV cblr-1734 161 28 , , PUNCT cblr-1734 161 29 diversification diversification NOUN cblr-1734 161 30 , , PUNCT cblr-1734 161 31 information information NOUN cblr-1734 161 32 exploitation exploitation NOUN cblr-1734 161 33 , , PUNCT cblr-1734 161 34 and and CCONJ cblr-1734 161 35 personal personal ADJ cblr-1734 161 36 liquidity liquidity NOUN cblr-1734 161 37 shocks.33 shocks.33 NOUN cblr-1734 161 38 table table NOUN cblr-1734 161 39 1 1 NUM cblr-1734 161 40 provides provide VERB cblr-1734 161 41 descriptive descriptive ADJ cblr-1734 161 42 statistics statistic NOUN cblr-1734 161 43 for for ADP cblr-1734 161 44 10b5 10b5 NUM cblr-1734 161 45 - - SYM cblr-1734 161 46 1 1 NUM cblr-1734 161 47 and and CCONJ cblr-1734 161 48 non10b5 non10b5 PROPN cblr-1734 161 49 - - PUNCT cblr-1734 161 50 1 1 NUM cblr-1734 161 51 transactions transaction NOUN cblr-1734 161 52 ( ( PUNCT cblr-1734 161 53 panel panel NOUN cblr-1734 161 54 a a NOUN cblr-1734 161 55 ) ) PUNCT cblr-1734 161 56 and and CCONJ cblr-1734 161 57 transaction transaction NOUN cblr-1734 161 58 value value NOUN cblr-1734 161 59 ( ( PUNCT cblr-1734 161 60 panel panel NOUN cblr-1734 161 61 b b NOUN cblr-1734 161 62 ) ) PUNCT cblr-1734 161 63 grouped group VERB cblr-1734 161 64 by by ADP cblr-1734 161 65 firm firm ADJ cblr-1734 161 66 size size NOUN cblr-1734 161 67 . . PUNCT cblr-1734 162 1 we we PRON cblr-1734 162 2 define define VERB cblr-1734 162 3 three three NUM cblr-1734 162 4 firm firm ADJ cblr-1734 162 5 size size NOUN cblr-1734 162 6 groups group NOUN cblr-1734 162 7 : : PUNCT cblr-1734 162 8 small small ADJ cblr-1734 162 9 firms firm NOUN cblr-1734 162 10 are be AUX cblr-1734 162 11 defined define VERB cblr-1734 162 12 as as ADP cblr-1734 162 13 those those PRON cblr-1734 162 14 with with ADP cblr-1734 162 15 market market NOUN cblr-1734 162 16 values value NOUN cblr-1734 162 17 of of ADP cblr-1734 162 18 less less ADJ cblr-1734 162 19 than than ADP cblr-1734 162 20 $ $ SYM cblr-1734 162 21 1 1 NUM cblr-1734 162 22 billion billion NUM cblr-1734 162 23 , , PUNCT cblr-1734 162 24 medium medium ADJ cblr-1734 162 25 firms firm NOUN cblr-1734 162 26 are be AUX cblr-1734 162 27 those those PRON cblr-1734 162 28 with with ADP cblr-1734 162 29 market market NOUN cblr-1734 162 30 values value NOUN cblr-1734 162 31 between between ADP cblr-1734 162 32 $ $ SYM cblr-1734 162 33 1 1 NUM cblr-1734 162 34 billion billion NUM cblr-1734 162 35 and and CCONJ cblr-1734 162 36 $ $ SYM cblr-1734 162 37 5 5 NUM cblr-1734 162 38 billion billion NUM cblr-1734 162 39 , , PUNCT cblr-1734 162 40 and and CCONJ cblr-1734 162 41 large large ADJ cblr-1734 162 42 firms firm NOUN cblr-1734 162 43 are be AUX cblr-1734 162 44 those those PRON cblr-1734 162 45 with with ADP cblr-1734 162 46 market market NOUN cblr-1734 162 47 values value NOUN cblr-1734 162 48 equal equal ADJ cblr-1734 162 49 to to ADP cblr-1734 162 50 or or CCONJ cblr-1734 162 51 greater great ADJ cblr-1734 162 52 than than ADP cblr-1734 162 53 $ $ SYM cblr-1734 162 54 5 5 NUM cblr-1734 162 55 billion billion NUM cblr-1734 162 56 . . PUNCT cblr-1734 163 1 panel panel NOUN cblr-1734 163 2 c c PROPN cblr-1734 163 3 shows show VERB cblr-1734 163 4 the the DET cblr-1734 163 5 number number NOUN cblr-1734 163 6 of of ADP cblr-1734 163 7 transactions transaction NOUN cblr-1734 163 8 and and CCONJ cblr-1734 163 9 transaction transaction NOUN cblr-1734 163 10 value value NOUN cblr-1734 163 11 grouped group VERB cblr-1734 163 12 by by ADP cblr-1734 163 13 insider insider NOUN cblr-1734 163 14 type type NOUN cblr-1734 163 15 . . PUNCT cblr-1734 164 1 we we PRON cblr-1734 164 2 identify identify VERB cblr-1734 164 3 five five NUM cblr-1734 164 4 classes class NOUN cblr-1734 164 5 of of ADP cblr-1734 164 6 insiders insider NOUN cblr-1734 164 7 : : PUNCT cblr-1734 164 8 members member NOUN cblr-1734 164 9 of of ADP cblr-1734 164 10 the the DET cblr-1734 164 11 board board NOUN cblr-1734 164 12 of of ADP cblr-1734 164 13 directors director NOUN cblr-1734 164 14 , , PUNCT cblr-1734 164 15 officers officer NOUN cblr-1734 164 16 , , PUNCT cblr-1734 164 17 top top ADJ cblr-1734 164 18 executives executive NOUN cblr-1734 164 19 , , PUNCT cblr-1734 164 20 large large ADJ cblr-1734 164 21 shareholders shareholder NOUN cblr-1734 164 22 who who PRON cblr-1734 164 23 own own VERB cblr-1734 164 24 more more ADJ cblr-1734 164 25 than than ADP cblr-1734 164 26 10 10 NUM cblr-1734 164 27 % % NOUN cblr-1734 164 28 of of ADP cblr-1734 164 29 any any DET cblr-1734 164 30 equity equity NOUN cblr-1734 164 31 class class NOUN cblr-1734 164 32 in in ADP cblr-1734 164 33 the the DET cblr-1734 164 34 firm firm NOUN cblr-1734 164 35 , , PUNCT cblr-1734 164 36 and and CCONJ cblr-1734 164 37 other other ADJ cblr-1734 164 38 insiders insider NOUN cblr-1734 164 39 . . PUNCT cblr-1734 165 1 directors director NOUN cblr-1734 165 2 are be AUX cblr-1734 165 3 those those PRON cblr-1734 165 4 who who PRON cblr-1734 165 5 hold hold VERB cblr-1734 165 6 only only ADV cblr-1734 165 7 a a DET cblr-1734 165 8 position position NOUN cblr-1734 165 9 on on ADP cblr-1734 165 10 the the DET cblr-1734 165 11 board board NOUN cblr-1734 165 12 of of ADP cblr-1734 165 13 directors director NOUN cblr-1734 165 14 , , PUNCT cblr-1734 165 15 and and CCONJ cblr-1734 165 16 officers officer NOUN cblr-1734 165 17 are be AUX cblr-1734 165 18 those those PRON cblr-1734 165 19 who who PRON cblr-1734 165 20 hold hold VERB cblr-1734 165 21 executive executive ADJ cblr-1734 165 22 office office NOUN cblr-1734 165 23 . . PUNCT cblr-1734 166 1 if if SCONJ cblr-1734 166 2 a a DET cblr-1734 166 3 director director NOUN cblr-1734 166 4 is be AUX cblr-1734 166 5 also also ADV cblr-1734 166 6 an an DET cblr-1734 166 7 executive executive NOUN cblr-1734 166 8 of of ADP cblr-1734 166 9 the the DET cblr-1734 166 10 firm firm NOUN cblr-1734 166 11 , , PUNCT cblr-1734 166 12 then then ADV cblr-1734 166 13 we we PRON cblr-1734 166 14 include include VERB cblr-1734 166 15 her she PRON cblr-1734 166 16 within within ADP cblr-1734 166 17 the the DET cblr-1734 166 18 top top ADJ cblr-1734 166 19 executives executive NOUN cblr-1734 166 20 group group NOUN cblr-1734 166 21 as as ADV cblr-1734 166 22 well well ADV cblr-1734 166 23 . . PUNCT cblr-1734 167 1 this this DET cblr-1734 167 2 classification classification NOUN cblr-1734 167 3 allows allow VERB cblr-1734 167 4 overlap overlap NOUN cblr-1734 167 5 and and CCONJ cblr-1734 167 6 thus thus ADV cblr-1734 167 7 our our PRON cblr-1734 167 8 subgroups subgroup NOUN cblr-1734 167 9 will will AUX cblr-1734 167 10 not not PART cblr-1734 167 11 be be AUX cblr-1734 167 12 an an DET cblr-1734 167 13 independent independent ADJ cblr-1734 167 14 partition partition NOUN cblr-1734 167 15 of of ADP cblr-1734 167 16 the the DET cblr-1734 167 17 data datum NOUN cblr-1734 167 18 . . PUNCT cblr-1734 168 1 others other NOUN cblr-1734 168 2 are be AUX cblr-1734 168 3 those those DET cblr-1734 168 4 insiders insider NOUN cblr-1734 168 5 who who PRON cblr-1734 168 6 do do AUX cblr-1734 168 7 not not PART cblr-1734 168 8 belong belong VERB cblr-1734 168 9 to to ADP cblr-1734 168 10 any any PRON cblr-1734 168 11 of of ADP cblr-1734 168 12 the the DET cblr-1734 168 13 four four NUM cblr-1734 168 14 groups group NOUN cblr-1734 168 15 described describe VERB cblr-1734 168 16 above above ADV cblr-1734 168 17 . . PUNCT cblr-1734 168 18     SPACE cblr-1734 169 1 32 32 NUM cblr-1734 169 2 for for ADP cblr-1734 169 3 instance instance NOUN cblr-1734 169 4 , , PUNCT cblr-1734 169 5 we we PRON cblr-1734 169 6 also also ADV cblr-1734 169 7 exclude exclude VERB cblr-1734 169 8 all all DET cblr-1734 169 9 transactions transaction NOUN cblr-1734 169 10 where where SCONJ cblr-1734 169 11 trading trading NOUN cblr-1734 169 12 volume volume NOUN cblr-1734 169 13 exceeded exceed VERB cblr-1734 169 14 outstanding outstanding ADJ cblr-1734 169 15 shares share NOUN cblr-1734 169 16 or or CCONJ cblr-1734 169 17 the the DET cblr-1734 169 18 daily daily ADJ cblr-1734 169 19 trading trading NOUN cblr-1734 169 20 volume volume NOUN cblr-1734 169 21 as as SCONJ cblr-1734 169 22 reported report VERB cblr-1734 169 23 by by ADP cblr-1734 169 24 crsp crsp PROPN cblr-1734 169 25 . . PUNCT cblr-1734 170 1 we we PRON cblr-1734 170 2 exclude exclude VERB cblr-1734 170 3 all all DET cblr-1734 170 4 transactions transaction NOUN cblr-1734 170 5 where where SCONJ cblr-1734 170 6 the the DET cblr-1734 170 7 reported report VERB cblr-1734 170 8 stock stock NOUN cblr-1734 170 9 prices price NOUN cblr-1734 170 10 exceeded exceed VERB cblr-1734 170 11 the the DET cblr-1734 170 12 maximum maximum ADJ cblr-1734 170 13 trading trading NOUN cblr-1734 170 14 price price NOUN cblr-1734 170 15 on on ADP cblr-1734 170 16 that that DET cblr-1734 170 17 day day NOUN cblr-1734 170 18 as as SCONJ cblr-1734 170 19 reported report VERB cblr-1734 170 20 by by ADP cblr-1734 170 21 crsp crsp PROPN cblr-1734 170 22 . . PUNCT cblr-1734 171 1 33 33 NUM cblr-1734 171 2 see see VERB cblr-1734 171 3 josef josef PROPN cblr-1734 171 4 lakonishok lakonishok PROPN cblr-1734 171 5 & & CCONJ cblr-1734 171 6 inmoo inmoo PROPN cblr-1734 171 7 lee lee PROPN cblr-1734 171 8 , , PUNCT cblr-1734 171 9 are be AUX cblr-1734 171 10 insider insider NOUN cblr-1734 171 11 trades trade NOUN cblr-1734 171 12 informative informative ADJ cblr-1734 171 13 ? ? PUNCT cblr-1734 171 14 , , PUNCT cblr-1734 171 15 14 14 NUM cblr-1734 171 16 rev rev VERB cblr-1734 171 17 . . PROPN cblr-1734 172 1 fin fin NOUN cblr-1734 172 2 . . PUNCT cblr-1734 172 3 stud stud PROPN cblr-1734 172 4 . . PUNCT cblr-1734 172 5 , , PUNCT cblr-1734 172 6 79 79 NUM cblr-1734 172 7 , , PUNCT cblr-1734 172 8 109 109 NUM cblr-1734 172 9 ( ( PUNCT cblr-1734 172 10 2001 2001 NUM cblr-1734 172 11 ) ) PUNCT cblr-1734 172 12 ; ; PUNCT cblr-1734 172 13 a. a. NOUN cblr-1734 172 14 can can AUX cblr-1734 172 15 inci inci VERB cblr-1734 172 16 , , PUNCT cblr-1734 172 17 biao biao PROPN cblr-1734 172 18 lu lu PROPN cblr-1734 172 19 & & CCONJ cblr-1734 172 20 h. h. PROPN cblr-1734 172 21 nejat nejat PROPN cblr-1734 172 22 seyhun seyhun PROPN cblr-1734 172 23 , , PUNCT cblr-1734 172 24 intraday intraday NOUN cblr-1734 172 25 behavior behavior NOUN cblr-1734 172 26 of of ADP cblr-1734 172 27 stock stock NOUN cblr-1734 172 28 prices price NOUN cblr-1734 172 29 and and CCONJ cblr-1734 172 30 trades trade VERB cblr-1734 172 31 around around ADP cblr-1734 172 32 insider insider NOUN cblr-1734 172 33 trading trading NOUN cblr-1734 172 34 , , PUNCT cblr-1734 172 35 39 39 NUM cblr-1734 172 36 fin fin NOUN cblr-1734 172 37 . . PUNCT cblr-1734 173 1 mgmt mgmt PROPN cblr-1734 173 2 . . PUNCT cblr-1734 174 1 323 323 NUM cblr-1734 174 2 , , PUNCT cblr-1734 174 3 351 351 NUM cblr-1734 174 4 ( ( PUNCT cblr-1734 174 5 2010 2010 NUM cblr-1734 174 6 ) ) PUNCT cblr-1734 174 7 . . PUNCT cblr-1734 175 1 mavruk mavruk PROPN cblr-1734 175 2 & & CCONJ cblr-1734 175 3 seyhun seyhun PROPN cblr-1734 175 4 – – PUNCT cblr-1734 175 5 final final ADJ cblr-1734 175 6 148 148 NUM cblr-1734 175 7 columbia columbia PROPN cblr-1734 175 8 business business NOUN cblr-1734 175 9 law law PROPN cblr-1734 175 10 review review NOUN cblr-1734 175 11 [ [ X cblr-1734 175 12 vol vol NOUN cblr-1734 175 13 . . PUNCT cblr-1734 175 14 2016 2016 NUM cblr-1734 175 15 finally finally ADV cblr-1734 175 16 , , PUNCT cblr-1734 175 17 panel panel NOUN cblr-1734 175 18 d d PROPN cblr-1734 175 19 of of ADP cblr-1734 175 20 table table NOUN cblr-1734 175 21 1 1 NUM cblr-1734 175 22 shows show VERB cblr-1734 175 23 a a DET cblr-1734 175 24 time time NOUN cblr-1734 175 25 - - PUNCT cblr-1734 175 26 series series NOUN cblr-1734 175 27 evolution evolution NOUN cblr-1734 175 28 of of ADP cblr-1734 175 29 insider insider NOUN cblr-1734 175 30 trading trading NOUN cblr-1734 175 31 activity activity NOUN cblr-1734 175 32 . . PUNCT cblr-1734 176 1 we we PRON cblr-1734 176 2 report report VERB cblr-1734 176 3 on on ADP cblr-1734 176 4 the the DET cblr-1734 176 5 number number NOUN cblr-1734 176 6 of of ADP cblr-1734 176 7 10b51 10b51 NUM cblr-1734 176 8 and and CCONJ cblr-1734 176 9 non-10b5 non-10b5 NOUN cblr-1734 176 10 - - PUNCT cblr-1734 176 11 1 1 NUM cblr-1734 176 12 disclosing disclosing NOUN cblr-1734 176 13 firms firm NOUN cblr-1734 176 14 , , PUNCT cblr-1734 176 15 the the DET cblr-1734 176 16 number number NOUN cblr-1734 176 17 of of ADP cblr-1734 176 18 transactions transaction NOUN cblr-1734 176 19 , , PUNCT cblr-1734 176 20 and and CCONJ cblr-1734 176 21 the the DET cblr-1734 176 22 average average ADJ cblr-1734 176 23 transaction transaction NOUN cblr-1734 176 24 size size NOUN cblr-1734 176 25 for for ADP cblr-1734 176 26 each each DET cblr-1734 176 27 year year NOUN cblr-1734 176 28 from from ADP cblr-1734 176 29 2003 2003 NUM cblr-1734 176 30 to to ADP cblr-1734 176 31 2013 2013 NUM cblr-1734 176 32 . . PUNCT cblr-1734 177 1 table table NOUN cblr-1734 177 2 1 1 NUM cblr-1734 177 3 . . PUNCT cblr-1734 177 4 descriptive descriptive ADJ cblr-1734 177 5 statistics statistic NOUN cblr-1734 177 6 three three NUM cblr-1734 177 7 size size NOUN cblr-1734 177 8 groups group NOUN cblr-1734 177 9 are be AUX cblr-1734 177 10 defined define VERB cblr-1734 177 11 . . PUNCT cblr-1734 178 1 small small ADJ cblr-1734 178 2 firms firm NOUN cblr-1734 178 3 are be AUX cblr-1734 178 4 those those PRON cblr-1734 178 5 that that PRON cblr-1734 178 6 have have VERB cblr-1734 178 7 market market NOUN cblr-1734 178 8 value value NOUN cblr-1734 178 9 less less ADJ cblr-1734 178 10 than than ADP cblr-1734 178 11 $ $ SYM cblr-1734 178 12 1 1 NUM cblr-1734 178 13 billion billion NUM cblr-1734 178 14 , , PUNCT cblr-1734 178 15 medium medium ADJ cblr-1734 178 16 firms firm NOUN cblr-1734 178 17 are be AUX cblr-1734 178 18 those those PRON cblr-1734 178 19 that that PRON cblr-1734 178 20 have have VERB cblr-1734 178 21 market market NOUN cblr-1734 178 22 value value NOUN cblr-1734 178 23 between between ADP cblr-1734 178 24 $ $ SYM cblr-1734 178 25 1 1 NUM cblr-1734 178 26 billion billion NUM cblr-1734 178 27 and and CCONJ cblr-1734 178 28 $ $ SYM cblr-1734 178 29 5 5 NUM cblr-1734 178 30 billion billion NUM cblr-1734 178 31 , , PUNCT cblr-1734 178 32 and and CCONJ cblr-1734 178 33 large large ADJ cblr-1734 178 34 firms firm NOUN cblr-1734 178 35 are be AUX cblr-1734 178 36 those those PRON cblr-1734 178 37 that that PRON cblr-1734 178 38 have have VERB cblr-1734 178 39 market market NOUN cblr-1734 178 40 value value NOUN cblr-1734 178 41 equal equal ADJ cblr-1734 178 42 to to ADP cblr-1734 178 43 or or CCONJ cblr-1734 178 44 greater great ADJ cblr-1734 178 45 than than ADP cblr-1734 178 46 $ $ SYM cblr-1734 178 47 5 5 NUM cblr-1734 178 48 billion billion NUM cblr-1734 178 49 . . PUNCT cblr-1734 179 1 panel panel NOUN cblr-1734 179 2 a. a. NOUN cblr-1734 179 3 number number NOUN cblr-1734 179 4 of of ADP cblr-1734 179 5 transactions transaction NOUN cblr-1734 179 6 by by ADP cblr-1734 179 7 firm firm ADJ cblr-1734 179 8 size size NOUN cblr-1734 179 9 firm firm NOUN cblr-1734 179 10 size size NOUN cblr-1734 179 11 transactions transaction NOUN cblr-1734 179 12 small small ADJ cblr-1734 179 13 medium medium ADJ cblr-1734 179 14 large large ADJ cblr-1734 179 15 total total ADJ cblr-1734 179 16 10b5 10b5 NUM cblr-1734 179 17 - - SYM cblr-1734 179 18 1 1 NUM cblr-1734 179 19 purchases purchase NOUN cblr-1734 179 20 6619 6619 NUM cblr-1734 179 21 1004 1004 NUM cblr-1734 179 22 153 153 NUM cblr-1734 179 23 7776 7776 NUM cblr-1734 179 24 non-10b5 non-10b5 NOUN cblr-1734 179 25 - - PUNCT cblr-1734 179 26 1 1 NUM cblr-1734 179 27 purchases purchase NOUN cblr-1734 179 28 266,128 266,128 NUM cblr-1734 179 29 49,448 49,448 NUM cblr-1734 179 30 13,148 13,148 NUM cblr-1734 179 31 328,724 328,724 NUM cblr-1734 179 32 total total ADJ cblr-1734 179 33 purchases purchase NOUN cblr-1734 179 34 272,747 272,747 NUM cblr-1734 179 35 50,452 50,452 NUM cblr-1734 179 36 13,301 13,301 NUM cblr-1734 179 37 336,500 336,500 NUM cblr-1734 179 38 10b5 10b5 NUM cblr-1734 179 39 - - SYM cblr-1734 179 40 1 1 NUM cblr-1734 179 41 sales sale NOUN cblr-1734 179 42 122,103 122,103 NUM cblr-1734 179 43 90,145 90,145 NUM cblr-1734 179 44 55,465 55,465 NUM cblr-1734 179 45 267,713 267,713 NUM cblr-1734 179 46 non-10b5 non-10b5 NOUN cblr-1734 179 47 - - PUNCT cblr-1734 179 48 1 1 NUM cblr-1734 179 49 sales sale NOUN cblr-1734 179 50 399,641 399,641 NUM cblr-1734 179 51 307,985 307,985 NUM cblr-1734 179 52 218,953 218,953 NUM cblr-1734 179 53 926,579 926,579 NUM cblr-1734 179 54 total total ADJ cblr-1734 179 55 sales sale NOUN cblr-1734 179 56 521,744 521,744 NUM cblr-1734 179 57 398,130 398,130 NUM cblr-1734 179 58 274,418 274,418 NUM cblr-1734 179 59 1,194,292 1,194,292 NUM cblr-1734 179 60 all all DET cblr-1734 179 61 transactions transaction NOUN cblr-1734 179 62 794,491 794,491 NUM cblr-1734 179 63 448,582 448,582 NUM cblr-1734 179 64 287,719 287,719 NUM cblr-1734 179 65 1,530,792 1,530,792 NUM cblr-1734 179 66     SPACE cblr-1734 179 67 mavruk mavruk PROPN cblr-1734 179 68 & & CCONJ cblr-1734 179 69 seyhun seyhun PROPN cblr-1734 179 70 – – PUNCT cblr-1734 179 71 final final ADJ cblr-1734 179 72 no no NOUN cblr-1734 179 73 . . PUNCT cblr-1734 180 1 1:133 1:133 NUM cblr-1734 180 2 ] ] X cblr-1734 180 3 sec sec PROPN cblr-1734 180 4 ’s ’s PART cblr-1734 180 5 10b5 10b5 NUM cblr-1734 180 6 - - SYM cblr-1734 180 7 1 1 NUM cblr-1734 180 8 safe safe ADJ cblr-1734 180 9 harbor harbor NOUN cblr-1734 180 10 rules rule VERB cblr-1734 180 11 149 149 NUM cblr-1734 180 12 panel panel NOUN cblr-1734 180 13 b. b. PROPN cblr-1734 180 14 average average ADJ cblr-1734 180 15 transaction transaction NOUN cblr-1734 180 16 value value NOUN cblr-1734 180 17 ( ( PUNCT cblr-1734 180 18 $ $ SYM cblr-1734 180 19 million million NUM cblr-1734 180 20 ) ) PUNCT cblr-1734 180 21 by by ADP cblr-1734 180 22 firm firm ADJ cblr-1734 180 23 size size NOUN cblr-1734 180 24 firm firm NOUN cblr-1734 180 25 size size NOUN cblr-1734 180 26 transaction transaction NOUN cblr-1734 180 27 value value NOUN cblr-1734 180 28 small small ADJ cblr-1734 180 29 medium medium ADJ cblr-1734 180 30 large large ADJ cblr-1734 180 31 10b5 10b5 NUM cblr-1734 180 32 - - SYM cblr-1734 180 33 1 1 NUM cblr-1734 180 34 purchases purchase NOUN cblr-1734 180 35 0.026 0.026 NUM cblr-1734 180 36 0.430 0.430 NUM cblr-1734 180 37 1.405 1.405 NUM cblr-1734 180 38 non-10b5 non-10b5 NOUN cblr-1734 180 39 - - PUNCT cblr-1734 180 40 1 1 NUM cblr-1734 180 41 purchases purchase NOUN cblr-1734 180 42 0.166 0.166 NUM cblr-1734 180 43 0.735 0.735 NUM cblr-1734 180 44 1.116 1.116 NUM cblr-1734 180 45 total total ADJ cblr-1734 180 46 purchases purchase NOUN cblr-1734 180 47 0.162 0.162 NUM cblr-1734 180 48 0.729 0.729 NUM cblr-1734 180 49 1.120 1.120 NUM cblr-1734 180 50 10b5 10b5 NUM cblr-1734 180 51 - - SYM cblr-1734 180 52 1 1 NUM cblr-1734 180 53 sales sale NOUN cblr-1734 180 54 0.072 0.072 NUM cblr-1734 180 55 0.178 0.178 NUM cblr-1734 180 56 0.569 0.569 NUM cblr-1734 180 57 non-10b5 non-10b5 NOUN cblr-1734 180 58 - - SYM cblr-1734 180 59 1 1 NUM cblr-1734 180 60 sales sale NOUN cblr-1734 180 61 0.294 0.294 NUM cblr-1734 180 62 0.587 0.587 NUM cblr-1734 180 63 0.834 0.834 NUM cblr-1734 180 64 total total ADJ cblr-1734 180 65 sales sale NOUN cblr-1734 180 66 0.242 0.242 NUM cblr-1734 180 67 0.495 0.495 NUM cblr-1734 180 68 0.780 0.780 NUM cblr-1734 180 69 overall overall ADJ cblr-1734 180 70 average average NOUN cblr-1734 180 71 0.214 0.214 NUM cblr-1734 180 72 0.521 0.521 NUM cblr-1734 180 73 0.796 0.796 NUM cblr-1734 180 74 panel panel NOUN cblr-1734 180 75 c. c. NOUN cblr-1734 180 76 transactions transaction NOUN cblr-1734 180 77 by by ADP cblr-1734 180 78 insider insider NOUN cblr-1734 180 79 type type NOUN cblr-1734 180 80 insider insider NOUN cblr-1734 180 81 type type NOUN cblr-1734 180 82 transactions transaction NOUN cblr-1734 180 83 director director NOUN cblr-1734 180 84 officer officer NOUN cblr-1734 180 85 top top PROPN cblr-1734 180 86 exec exec NOUN cblr-1734 180 87 . . PUNCT cblr-1734 181 1 10 10 NUM cblr-1734 181 2 % % NOUN cblr-1734 181 3 owner owner NOUN cblr-1734 181 4 other other ADJ cblr-1734 181 5 total total ADJ cblr-1734 181 6 10b5 10b5 NUM cblr-1734 181 7 - - SYM cblr-1734 181 8 1 1 NUM cblr-1734 181 9 no no PRON cblr-1734 181 10 tr tr VERB cblr-1734 181 11 . . NOUN cblr-1734 181 12 48,641 48,641 NUM cblr-1734 181 13 94,277 94,277 NUM cblr-1734 181 14 77,814 77,814 NUM cblr-1734 181 15 48,007 48,007 NUM cblr-1734 181 16 6,750 6,750 NUM cblr-1734 181 17 275,489 275,489 NUM cblr-1734 181 18 non10b5 non10b5 PROPN cblr-1734 181 19 - - SYM cblr-1734 181 20 1 1 NUM cblr-1734 181 21 no no PRON cblr-1734 181 22 tr tr NOUN cblr-1734 181 23 . . NOUN cblr-1734 181 24 310,473 310,473 NUM cblr-1734 181 25 368,554 368,554 NUM cblr-1734 181 26 212,427 212,427 NUM cblr-1734 181 27 290,247 290,247 NUM cblr-1734 181 28 73,602 73,602 NUM cblr-1734 181 29 1,255,303 1,255,303 NUM cblr-1734 181 30 total total NOUN cblr-1734 181 31 no no DET cblr-1734 181 32 tr tr NOUN cblr-1734 181 33 . . NOUN cblr-1734 181 34 359,114 359,114 NUM cblr-1734 181 35 462,831 462,831 NUM cblr-1734 181 36 290,241 290,241 NUM cblr-1734 181 37 338,254 338,254 NUM cblr-1734 181 38 80,352 80,352 NUM cblr-1734 181 39 1,530,792 1,530,792 NUM cblr-1734 181 40 10b5 10b5 NUM cblr-1734 181 41 - - SYM cblr-1734 181 42 1 1 NUM cblr-1734 181 43 av av NOUN cblr-1734 181 44 . . PUNCT cblr-1734 181 45 tr tr VERB cblr-1734 181 46 . . PROPN cblr-1734 181 47 size size NOUN cblr-1734 181 48 0.182 0.182 NUM cblr-1734 181 49 0.178 0.178 NUM cblr-1734 181 50 0.257 0.257 NUM cblr-1734 181 51 0.206 0.206 NUM cblr-1734 181 52 0.249 0.249 NUM cblr-1734 181 53 non10b5 non10b5 PROPN cblr-1734 181 54 - - SYM cblr-1734 181 55 1 1 NUM cblr-1734 181 56 av av NOUN cblr-1734 181 57 . . PUNCT cblr-1734 181 58 tr tr VERB cblr-1734 181 59 . . PROPN cblr-1734 181 60 size size NOUN cblr-1734 181 61 0.248 0.248 NUM cblr-1734 181 62 0.223 0.223 NUM cblr-1734 181 63 0.338 0.338 NUM cblr-1734 181 64 0.985 0.985 NUM cblr-1734 181 65 0.802 0.802 NUM cblr-1734 181 66 total total NOUN cblr-1734 181 67 av av PROPN cblr-1734 181 68 . . PUNCT cblr-1734 182 1 tr tr VERB cblr-1734 182 2 . . PROPN cblr-1734 182 3 size size NOUN cblr-1734 182 4 0.239 0.239 NUM cblr-1734 182 5 0.214 0.214 NUM cblr-1734 182 6 0.317 0.317 NUM cblr-1734 182 7 0.874 0.874 NUM cblr-1734 182 8 0.756 0.756 NUM cblr-1734 182 9     SPACE cblr-1734 182 10 mavruk mavruk PROPN cblr-1734 182 11 & & CCONJ cblr-1734 182 12 seyhun seyhun PROPN cblr-1734 182 13 – – PUNCT cblr-1734 182 14 final final ADJ cblr-1734 182 15 150 150 NUM cblr-1734 182 16 columbia columbia PROPN cblr-1734 182 17 business business NOUN cblr-1734 182 18 law law NOUN cblr-1734 182 19 review review NOUN cblr-1734 183 1 [ [ X cblr-1734 183 2 vol vol NOUN cblr-1734 183 3 . . NOUN cblr-1734 183 4 2016 2016 NUM cblr-1734 183 5 panel panel NOUN cblr-1734 183 6 d. d. PROPN cblr-1734 183 7 transactions transaction NOUN cblr-1734 183 8 across across ADP cblr-1734 183 9 time time NOUN cblr-1734 183 10 year year NOUN cblr-1734 183 11 total total ADJ cblr-1734 183 12 firms firm NOUN cblr-1734 183 13 total total VERB cblr-1734 183 14 insiders insider NOUN cblr-1734 183 15 total total VERB cblr-1734 183 16 no no INTJ cblr-1734 183 17 . . PUNCT cblr-1734 184 1 tr tr AUX cblr-1734 184 2 . . PUNCT cblr-1734 184 3 total total PROPN cblr-1734 184 4 av av PROPN cblr-1734 184 5 . . PUNCT cblr-1734 184 6 tr tr VERB cblr-1734 184 7 . . PROPN cblr-1734 184 8 size size NOUN cblr-1734 184 9 10b5 10b5 NUM cblr-1734 184 10 - - SYM cblr-1734 184 11 1 1 NUM cblr-1734 184 12 firms firm NOUN cblr-1734 184 13 10b5 10b5 NUM cblr-1734 184 14 - - SYM cblr-1734 184 15 1 1 NUM cblr-1734 184 16 insiders insider NOUN cblr-1734 184 17 2003 2003 NUM cblr-1734 184 18 3490 3490 NUM cblr-1734 184 19 10,479 10,479 NUM cblr-1734 184 20 78,085 78,085 NUM cblr-1734 184 21 0.352 0.352 NUM cblr-1734 184 22 220 220 NUM cblr-1734 184 23 405 405 NUM cblr-1734 184 24 2004 2004 NUM cblr-1734 184 25 4370 4370 NUM cblr-1734 184 26 15,556 15,556 NUM cblr-1734 184 27 128,609 128,609 NUM cblr-1734 184 28 0.349 0.349 NUM cblr-1734 184 29 447 447 NUM cblr-1734 184 30 969 969 NUM cblr-1734 184 31 2005 2005 NUM cblr-1734 184 32 4532 4532 NUM cblr-1734 184 33 18,349 18,349 NUM cblr-1734 184 34 197,450 197,450 NUM cblr-1734 184 35 0.321 0.321 NUM cblr-1734 184 36 609 609 NUM cblr-1734 184 37 1474 1474 NUM cblr-1734 184 38 2006 2006 NUM cblr-1734 184 39 3642 3642 NUM cblr-1734 184 40 11,286 11,286 NUM cblr-1734 184 41 132,971 132,971 NUM cblr-1734 184 42 0.317 0.317 NUM cblr-1734 184 43 556 556 NUM cblr-1734 184 44 1091 1091 NUM cblr-1734 184 45 2007 2007 NUM cblr-1734 184 46 4415 4415 NUM cblr-1734 184 47 16,879 16,879 NUM cblr-1734 184 48 260,134 260,134 NUM cblr-1734 184 49 0.247 0.247 NUM cblr-1734 184 50 761 761 NUM cblr-1734 184 51 1860 1860 NUM cblr-1734 184 52 2008 2008 NUM cblr-1734 184 53 4137 4137 NUM cblr-1734 184 54 14,152 14,152 NUM cblr-1734 184 55 209,661 209,661 NUM cblr-1734 184 56 0.213 0.213 NUM cblr-1734 184 57 523 523 NUM cblr-1734 184 58 1067 1067 NUM cblr-1734 184 59 2009 2009 NUM cblr-1734 184 60 3557 3557 NUM cblr-1734 184 61 11,217 11,217 NUM cblr-1734 184 62 86,416 86,416 NUM cblr-1734 184 63 0.398 0.398 NUM cblr-1734 184 64 520 520 NUM cblr-1734 184 65 1053 1053 NUM cblr-1734 184 66 2010 2010 NUM cblr-1734 184 67 3552 3552 NUM cblr-1734 184 68 11,534 11,534 NUM cblr-1734 184 69 84,660 84,660 NUM cblr-1734 184 70 0.529 0.529 NUM cblr-1734 184 71 644 644 NUM cblr-1734 184 72 1351 1351 NUM cblr-1734 184 73 2011 2011 NUM cblr-1734 184 74 3730 3730 NUM cblr-1734 184 75 13,474 13,474 NUM cblr-1734 184 76 100,100 100,100 NUM cblr-1734 184 77 0.703 0.703 NUM cblr-1734 184 78 706 706 NUM cblr-1734 184 79 1509 1509 NUM cblr-1734 184 80 2012 2012 NUM cblr-1734 184 81 3584 3584 NUM cblr-1734 184 82 15,309 15,309 NUM cblr-1734 184 83 110,704 110,704 NUM cblr-1734 184 84 0.747 0.747 NUM cblr-1734 184 85 781 781 NUM cblr-1734 184 86 1834 1834 NUM cblr-1734 184 87 2013 2013 NUM cblr-1734 184 88 3611 3611 NUM cblr-1734 184 89 18,083 18,083 NUM cblr-1734 184 90 142,002 142,002 NUM cblr-1734 184 91 0.803 0.803 NUM cblr-1734 184 92 849 849 NUM cblr-1734 184 93 2539 2539 NUM cblr-1734 184 94 sum sum NOUN cblr-1734 184 95 1,530,792 1,530,792 NUM cblr-1734 184 96 year year NOUN cblr-1734 184 97 10b5 10b5 NUM cblr-1734 184 98 - - SYM cblr-1734 184 99 1 1 NUM cblr-1734 184 100 no no NOUN cblr-1734 184 101 . . PUNCT cblr-1734 185 1 tr tr VERB cblr-1734 185 2 . . NOUN cblr-1734 186 1 10b5 10b5 NUM cblr-1734 186 2 - - SYM cblr-1734 186 3 1 1 NUM cblr-1734 186 4 av av NOUN cblr-1734 186 5 tr tr VERB cblr-1734 186 6 . . NOUN cblr-1734 186 7 size size NOUN cblr-1734 186 8 non-10b5 non-10b5 NOUN cblr-1734 186 9 - - PUNCT cblr-1734 186 10 1 1 NUM cblr-1734 186 11 firms firm NOUN cblr-1734 186 12 non-10b5 non-10b5 NOUN cblr-1734 186 13 - - SYM cblr-1734 186 14 1 1 NUM cblr-1734 186 15 insiders insider NOUN cblr-1734 186 16 non-10b5 non-10b5 NOUN cblr-1734 186 17 - - SYM cblr-1734 186 18 1 1 NUM cblr-1734 186 19 no no NOUN cblr-1734 186 20 . . PUNCT cblr-1734 187 1 tr tr VERB cblr-1734 187 2 . . NOUN cblr-1734 187 3 non-10b5 non-10b5 NOUN cblr-1734 187 4 - - PUNCT cblr-1734 187 5 1 1 NUM cblr-1734 187 6 av av NOUN cblr-1734 187 7 . . PUNCT cblr-1734 188 1 tr tr VERB cblr-1734 188 2 . . PROPN cblr-1734 188 3 size size NOUN cblr-1734 188 4 2003 2003 NUM cblr-1734 188 5 7749 7749 NUM cblr-1734 188 6 0.131 0.131 NUM cblr-1734 188 7 3462 3462 NUM cblr-1734 188 8 10,252 10,252 NUM cblr-1734 188 9 70,336 70,336 NUM cblr-1734 188 10 0.377 0.377 NUM cblr-1734 188 11 2004 2004 NUM cblr-1734 188 12 15,353 15,353 NUM cblr-1734 188 13 0.191 0.191 NUM cblr-1734 188 14 4316 4316 NUM cblr-1734 188 15 14,999 14,999 NUM cblr-1734 188 16 113,256 113,256 NUM cblr-1734 188 17 0.370 0.370 NUM cblr-1734 188 18 2005 2005 NUM cblr-1734 188 19 41,213 41,213 NUM cblr-1734 188 20 0.102 0.102 NUM cblr-1734 188 21 4469 4469 NUM cblr-1734 188 22 17,460 17,460 NUM cblr-1734 188 23 156,237 156,237 NUM cblr-1734 188 24 0.379 0.379 NUM cblr-1734 188 25 2006 2006 NUM cblr-1734 188 26 24,864 24,864 NUM cblr-1734 188 27 0.157 0.157 NUM cblr-1734 188 28 3545 3545 NUM cblr-1734 188 29 10,583 10,583 NUM cblr-1734 188 30 108,107 108,107 NUM cblr-1734 188 31 0.354 0.354 NUM cblr-1734 188 32 2007 2007 NUM cblr-1734 188 33 63,826 63,826 NUM cblr-1734 188 34 0.102 0.102 NUM cblr-1734 188 35 4314 4314 NUM cblr-1734 188 36 15,689 15,689 NUM cblr-1734 188 37 196,308 196,308 NUM cblr-1734 188 38 0.294 0.294 NUM cblr-1734 188 39 2008 2008 NUM cblr-1734 188 40 33,089 33,089 NUM cblr-1734 188 41 0.084 0.084 NUM cblr-1734 188 42 4071 4071 NUM cblr-1734 188 43 13,426 13,426 NUM cblr-1734 188 44 176,572 176,572 NUM cblr-1734 188 45 0.237 0.237 NUM cblr-1734 188 46 2009 2009 NUM cblr-1734 188 47 10,680 10,680 NUM cblr-1734 188 48 0.249 0.249 NUM cblr-1734 188 49 3476 3476 NUM cblr-1734 188 50 10,514 10,514 NUM cblr-1734 188 51 75,736 75,736 NUM cblr-1734 188 52 0.419 0.419 NUM cblr-1734 188 53 2010 2010 NUM cblr-1734 188 54 15,921 15,921 NUM cblr-1734 188 55 0.311 0.311 NUM cblr-1734 188 56 3454 3454 NUM cblr-1734 188 57 10,690 10,690 NUM cblr-1734 188 58 68,739 68,739 NUM cblr-1734 188 59 0.579 0.579 NUM cblr-1734 188 60 2011 2011 NUM cblr-1734 188 61 19,294 19,294 NUM cblr-1734 188 62 0.281 0.281 NUM cblr-1734 188 63 3655 3655 NUM cblr-1734 188 64 12,540 12,540 NUM cblr-1734 188 65 80,806 80,806 NUM cblr-1734 188 66 0.804 0.804 NUM cblr-1734 188 67 2012 2012 NUM cblr-1734 188 68 16,098 16,098 NUM cblr-1734 188 69 0.539 0.539 NUM cblr-1734 188 70 3511 3511 NUM cblr-1734 188 71 14,158 14,158 NUM cblr-1734 188 72 94,606 94,606 NUM cblr-1734 188 73 0.782 0.782 NUM cblr-1734 188 74 2013 2013 NUM cblr-1734 188 75 27,402 27,402 NUM cblr-1734 188 76 0.516 0.516 NUM cblr-1734 188 77 3536 3536 NUM cblr-1734 188 78 16,497 16,497 NUM cblr-1734 188 79 114,600 114,600 NUM cblr-1734 188 80 0.872 0.872 NUM cblr-1734 188 81 sum sum NOUN cblr-1734 188 82 275,489 275,489 NUM cblr-1734 188 83 1,255,303 1,255,303 NUM cblr-1734 188 84 panel panel NOUN cblr-1734 188 85 a a PRON cblr-1734 188 86 of of ADP cblr-1734 188 87 table table NOUN cblr-1734 188 88 1 1 NUM cblr-1734 188 89 shows show VERB cblr-1734 188 90 that that SCONJ cblr-1734 188 91 the the DET cblr-1734 188 92 overall overall ADJ cblr-1734 188 93 sample sample NOUN cblr-1734 188 94 contains contain VERB cblr-1734 188 95 7776 7776 NUM cblr-1734 188 96 10b5 10b5 NUM cblr-1734 188 97 - - SYM cblr-1734 188 98 1 1 NUM cblr-1734 188 99 insider insider NOUN cblr-1734 188 100 purchases purchase NOUN cblr-1734 188 101 and and CCONJ cblr-1734 188 102 328,724 328,724 NUM cblr-1734 188 103 non non ADJ cblr-1734 188 104 - - ADJ cblr-1734 188 105 planned planned ADJ cblr-1734 188 106 insider insider NOUN cblr-1734 188 107 purchases purchase NOUN cblr-1734 188 108 , , PUNCT cblr-1734 188 109 for for ADP cblr-1734 188 110 a a DET cblr-1734 188 111 total total ADJ cblr-1734 188 112 insider insider NOUN cblr-1734 188 113 purchase purchase NOUN cblr-1734 188 114 sample sample NOUN cblr-1734 188 115 size size NOUN cblr-1734 188 116 of of ADP cblr-1734 188 117 336,500 336,500 NUM cblr-1734 188 118 . . PUNCT cblr-1734 189 1 our our PRON cblr-1734 189 2 database database NOUN cblr-1734 189 3 contains contain VERB cblr-1734 189 4 267,713 267,713 NUM cblr-1734 189 5 10b5 10b5 NUM cblr-1734 189 6 - - SYM cblr-1734 189 7 1 1 NUM cblr-1734 189 8 insider insider NOUN cblr-1734 189 9 sales sale NOUN cblr-1734 189 10 and and CCONJ cblr-1734 189 11 926,579 926,579 NUM cblr-1734 189 12 non non ADJ cblr-1734 189 13 - - ADJ cblr-1734 189 14 planned planned ADJ cblr-1734 189 15 insider insider NOUN cblr-1734 189 16 sales sale NOUN cblr-1734 189 17 , , PUNCT cblr-1734 189 18 for for ADP cblr-1734 189 19 a a DET cblr-1734 189 20 total total ADJ cblr-1734 189 21 insider insider NOUN cblr-1734 189 22 mavruk mavruk PROPN cblr-1734 189 23 & & CCONJ cblr-1734 189 24 seyhun seyhun PROPN cblr-1734 189 25 – – PUNCT cblr-1734 189 26 final final ADJ cblr-1734 189 27 no no NOUN cblr-1734 189 28 . . PUNCT cblr-1734 190 1 1:133 1:133 NUM cblr-1734 190 2 ] ] X cblr-1734 190 3 sec sec PROPN cblr-1734 190 4 ’s ’s PART cblr-1734 190 5 10b5 10b5 NUM cblr-1734 190 6 - - SYM cblr-1734 190 7 1 1 NUM cblr-1734 190 8 safe safe ADJ cblr-1734 190 9 harbor harbor NOUN cblr-1734 190 10 rules rule VERB cblr-1734 190 11 151 151 NUM cblr-1734 190 12 sale sale NOUN cblr-1734 190 13 sample sample NOUN cblr-1734 190 14 of of ADP cblr-1734 190 15 1,194,292 1,194,292 NUM cblr-1734 190 16 . . PUNCT cblr-1734 191 1 our our PRON cblr-1734 191 2 total total ADJ cblr-1734 191 3 sample sample NOUN cblr-1734 191 4 contains contain VERB cblr-1734 191 5 1,530,792 1,530,792 NUM cblr-1734 191 6 insider insider NOUN cblr-1734 191 7 trades trade NOUN cblr-1734 191 8 . . PUNCT cblr-1734 192 1 looking look VERB cblr-1734 192 2 at at ADP cblr-1734 192 3 percentages percentage NOUN cblr-1734 192 4 for for ADP cblr-1734 192 5 the the DET cblr-1734 192 6 overall overall ADJ cblr-1734 192 7 sample sample NOUN cblr-1734 192 8 , , PUNCT cblr-1734 192 9 2.3 2.3 NUM cblr-1734 192 10 % % NOUN cblr-1734 192 11 of of ADP cblr-1734 192 12 the the DET cblr-1734 192 13 purchases purchase NOUN cblr-1734 192 14 are be AUX cblr-1734 192 15 tagged tag VERB cblr-1734 192 16 with with ADP cblr-1734 192 17 10b5 10b5 NUM cblr-1734 192 18 - - SYM cblr-1734 192 19 1 1 NUM cblr-1734 192 20 designations designation NOUN cblr-1734 192 21 and and CCONJ cblr-1734 192 22 22.4 22.4 NUM cblr-1734 192 23 % % NOUN cblr-1734 192 24 of of ADP cblr-1734 192 25 the the DET cblr-1734 192 26 sales sale NOUN cblr-1734 192 27 are be AUX cblr-1734 192 28 tagged tag VERB cblr-1734 192 29 with with ADP cblr-1734 192 30 10b5 10b5 NUM cblr-1734 192 31 - - SYM cblr-1734 192 32 1 1 NUM cblr-1734 192 33 designations designation NOUN cblr-1734 192 34 . . PUNCT cblr-1734 193 1 hence hence ADV cblr-1734 193 2 , , PUNCT cblr-1734 193 3 the the DET cblr-1734 193 4 10b5 10b5 NUM cblr-1734 193 5 - - SYM cblr-1734 193 6 1 1 NUM cblr-1734 193 7 designation designation NOUN cblr-1734 193 8 is be AUX cblr-1734 193 9 almost almost ADV cblr-1734 193 10 ten ten NUM cblr-1734 193 11 times time NOUN cblr-1734 193 12 more more ADV cblr-1734 193 13 likely likely ADJ cblr-1734 193 14 to to PART cblr-1734 193 15 be be AUX cblr-1734 193 16 used use VERB cblr-1734 193 17 for for ADP cblr-1734 193 18 sales sale NOUN cblr-1734 193 19 than than ADP cblr-1734 193 20 for for ADP cblr-1734 193 21 purchases purchase NOUN cblr-1734 193 22 . . PUNCT cblr-1734 194 1 insiders insider NOUN cblr-1734 194 2 appear appear VERB cblr-1734 194 3 to to PART cblr-1734 194 4 prefer prefer VERB cblr-1734 194 5 10b5 10b5 NUM cblr-1734 194 6 - - SYM cblr-1734 194 7 1 1 NUM cblr-1734 194 8 plans plan NOUN cblr-1734 194 9 mostly mostly ADV cblr-1734 194 10 for for ADP cblr-1734 194 11 their their PRON cblr-1734 194 12 sales sale NOUN cblr-1734 194 13 activity activity NOUN cblr-1734 194 14 . . PUNCT cblr-1734 195 1 moreover moreover ADV cblr-1734 195 2 , , PUNCT cblr-1734 195 3 panel panel NOUN cblr-1734 195 4 a a DET cblr-1734 195 5 shows show NOUN cblr-1734 195 6 that that SCONJ cblr-1734 195 7 insiders insider NOUN cblr-1734 195 8 in in ADP cblr-1734 195 9 smaller small ADJ cblr-1734 195 10 firms firm NOUN cblr-1734 195 11 prefer prefer VERB cblr-1734 195 12 10b5 10b5 NUM cblr-1734 195 13 - - SYM cblr-1734 195 14 1 1 NUM cblr-1734 195 15 purchases purchase NOUN cblr-1734 195 16 over over ADP cblr-1734 195 17 non non ADJ cblr-1734 195 18 - - ADJ cblr-1734 195 19 planned planned ADJ cblr-1734 195 20 purchases purchase NOUN cblr-1734 195 21 ( ( PUNCT cblr-1734 195 22 2.5 2.5 NUM cblr-1734 195 23 % % NOUN cblr-1734 195 24 ) ) PUNCT cblr-1734 195 25 at at ADP cblr-1734 195 26 more more ADJ cblr-1734 195 27 than than ADP cblr-1734 195 28 twice twice DET cblr-1734 195 29 the the DET cblr-1734 195 30 frequency frequency NOUN cblr-1734 195 31 as as ADP cblr-1734 195 32 insiders insider NOUN cblr-1734 195 33 in in ADP cblr-1734 195 34 large large ADJ cblr-1734 195 35 firms firm NOUN cblr-1734 195 36 ( ( PUNCT cblr-1734 195 37 1.2 1.2 NUM cblr-1734 195 38 % % NOUN cblr-1734 195 39 ) ) PUNCT cblr-1734 195 40 . . PUNCT cblr-1734 196 1 similarly similarly ADV cblr-1734 196 2 , , PUNCT cblr-1734 196 3 for for ADP cblr-1734 196 4 sales sale NOUN cblr-1734 196 5 , , PUNCT cblr-1734 196 6 the the DET cblr-1734 196 7 10b5 10b5 NUM cblr-1734 196 8 - - SYM cblr-1734 196 9 1 1 NUM cblr-1734 196 10 planned plan VERB cblr-1734 196 11 to to ADP cblr-1734 196 12 nonplanned nonplanne VERB cblr-1734 196 13 ratio ratio NOUN cblr-1734 196 14 is be AUX cblr-1734 196 15 30.6 30.6 NUM cblr-1734 196 16 % % NOUN cblr-1734 196 17 in in ADP cblr-1734 196 18 small small ADJ cblr-1734 196 19 firms firm NOUN cblr-1734 196 20 and and CCONJ cblr-1734 196 21 25.3 25.3 NUM cblr-1734 196 22 % % NOUN cblr-1734 196 23 in in ADP cblr-1734 196 24 large large ADJ cblr-1734 196 25 firms firm NOUN cblr-1734 196 26 . . PUNCT cblr-1734 197 1 given give VERB cblr-1734 197 2 that that DET cblr-1734 197 3 insider insider NOUN cblr-1734 197 4 trading trading NOUN cblr-1734 197 5 is be AUX cblr-1734 197 6 more more ADV cblr-1734 197 7 profitable profitable ADJ cblr-1734 197 8 in in ADP cblr-1734 197 9 small small ADJ cblr-1734 197 10 firms firm NOUN cblr-1734 197 11 , , PUNCT cblr-1734 197 12 the the DET cblr-1734 197 13 fact fact NOUN cblr-1734 197 14 that that SCONJ cblr-1734 197 15 10b5 10b5 NUM cblr-1734 197 16 - - SYM cblr-1734 197 17 1 1 NUM cblr-1734 197 18 plans plan NOUN cblr-1734 197 19 are be AUX cblr-1734 197 20 also also ADV cblr-1734 197 21 more more ADV cblr-1734 197 22 popular popular ADJ cblr-1734 197 23 in in ADP cblr-1734 197 24 small small ADJ cblr-1734 197 25 firms firm NOUN cblr-1734 197 26 should should AUX cblr-1734 197 27 be be AUX cblr-1734 197 28 expected.34 expected.34 NOUN cblr-1734 197 29 panel panel NOUN cblr-1734 197 30 b b PROPN cblr-1734 197 31 of of ADP cblr-1734 197 32 table table NOUN cblr-1734 197 33 1 1 NUM cblr-1734 197 34 focuses focus VERB cblr-1734 197 35 on on ADP cblr-1734 197 36 transaction transaction NOUN cblr-1734 197 37 size size NOUN cblr-1734 197 38 sorted sort VERB cblr-1734 197 39 by by ADP cblr-1734 197 40 firm firm ADJ cblr-1734 197 41 size size NOUN cblr-1734 197 42 . . PUNCT cblr-1734 198 1 both both DET cblr-1734 198 2 10b5 10b5 NUM cblr-1734 198 3 - - SYM cblr-1734 198 4 1 1 NUM cblr-1734 198 5 purchases purchase NOUN cblr-1734 198 6 and and CCONJ cblr-1734 198 7 sales sale NOUN cblr-1734 198 8 are be AUX cblr-1734 198 9 typically typically ADV cblr-1734 198 10 smaller small ADJ cblr-1734 198 11 than than ADP cblr-1734 198 12 their their PRON cblr-1734 198 13 non non ADJ cblr-1734 198 14 - - ADJ cblr-1734 198 15 planned planned ADJ cblr-1734 198 16 counterparts counterpart NOUN cblr-1734 198 17 . . PUNCT cblr-1734 199 1 for for ADP cblr-1734 199 2 small small ADJ cblr-1734 199 3 firms firm NOUN cblr-1734 199 4 , , PUNCT cblr-1734 199 5 10b5 10b5 NUM cblr-1734 199 6 - - SYM cblr-1734 199 7 1 1 NUM cblr-1734 199 8 purchases purchase NOUN cblr-1734 199 9 average average ADJ cblr-1734 199 10 about about ADV cblr-1734 199 11 $ $ SYM cblr-1734 199 12 26,000 26,000 NUM cblr-1734 199 13 , , PUNCT cblr-1734 199 14 while while SCONJ cblr-1734 199 15 non10b5 non10b5 ADV cblr-1734 199 16 - - PUNCT cblr-1734 199 17 1 1 NUM cblr-1734 199 18 purchases purchase NOUN cblr-1734 199 19 average average ADJ cblr-1734 199 20 about about ADV cblr-1734 199 21 $ $ SYM cblr-1734 199 22 166,000 166,000 NUM cblr-1734 199 23 . . PUNCT cblr-1734 200 1 in in ADP cblr-1734 200 2 medium medium ADJ cblr-1734 200 3 size size NOUN cblr-1734 200 4 firms firm NOUN cblr-1734 200 5 , , PUNCT cblr-1734 200 6 again again ADV cblr-1734 200 7 , , PUNCT cblr-1734 200 8 10b5 10b5 NUM cblr-1734 200 9 - - SYM cblr-1734 200 10 1 1 NUM cblr-1734 200 11 purchase purchase NOUN cblr-1734 200 12 size size NOUN cblr-1734 200 13 is be AUX cblr-1734 200 14 smaller small ADJ cblr-1734 200 15 than than ADP cblr-1734 200 16 nonplanned nonplanned ADJ cblr-1734 200 17 purchases purchase NOUN cblr-1734 200 18 . . PUNCT cblr-1734 201 1 in in ADP cblr-1734 201 2 large large ADJ cblr-1734 201 3 firms firm NOUN cblr-1734 201 4 , , PUNCT cblr-1734 201 5 however however ADV cblr-1734 201 6 , , PUNCT cblr-1734 201 7 the the DET cblr-1734 201 8 order order NOUN cblr-1734 201 9 is be AUX cblr-1734 201 10 reversed reverse VERB cblr-1734 201 11 , , PUNCT cblr-1734 201 12 but but CCONJ cblr-1734 201 13 there there PRON cblr-1734 201 14 are be VERB cblr-1734 201 15 only only ADV cblr-1734 201 16 153 153 NUM cblr-1734 201 17 such such ADJ cblr-1734 201 18 purchases purchase NOUN cblr-1734 201 19 . . PUNCT cblr-1734 202 1 similar similar ADJ cblr-1734 202 2 trends trend NOUN cblr-1734 202 3 are be AUX cblr-1734 202 4 observed observe VERB cblr-1734 202 5 in in ADP cblr-1734 202 6 sales sale NOUN cblr-1734 202 7 . . PUNCT cblr-1734 203 1 planned plan VERB cblr-1734 203 2 sales sale NOUN cblr-1734 203 3 tend tend VERB cblr-1734 203 4 to to PART cblr-1734 203 5 be be AUX cblr-1734 203 6     SPACE cblr-1734 203 7 34 34 NUM cblr-1734 203 8 insiders insider NOUN cblr-1734 203 9 in in ADP cblr-1734 203 10 small small ADJ cblr-1734 203 11 firms firm NOUN cblr-1734 203 12 tend tend VERB cblr-1734 203 13 to to PART cblr-1734 203 14 have have VERB cblr-1734 203 15 more more ADJ cblr-1734 203 16 purchases purchase NOUN cblr-1734 203 17 than than ADP cblr-1734 203 18 sales sale NOUN cblr-1734 203 19 . . PUNCT cblr-1734 204 1 in in ADP cblr-1734 204 2 large large ADJ cblr-1734 204 3 firms firm NOUN cblr-1734 204 4 , , PUNCT cblr-1734 204 5 insiders insider NOUN cblr-1734 204 6 have have VERB cblr-1734 204 7 fewer few ADJ cblr-1734 204 8 purchases purchase NOUN cblr-1734 204 9 than than ADP cblr-1734 204 10 sales sale NOUN cblr-1734 204 11 . . PUNCT cblr-1734 205 1 this this DET cblr-1734 205 2 evidence evidence NOUN cblr-1734 205 3 might might AUX cblr-1734 205 4 be be AUX cblr-1734 205 5 one one NUM cblr-1734 205 6 reason reason NOUN cblr-1734 205 7 why why SCONJ cblr-1734 205 8 we we PRON cblr-1734 205 9 observe observe VERB cblr-1734 205 10 positive positive ADJ cblr-1734 205 11 abnormal abnormal ADJ cblr-1734 205 12 returns return NOUN cblr-1734 205 13 following follow VERB cblr-1734 205 14 insider insider NOUN cblr-1734 205 15 purchases purchase NOUN cblr-1734 205 16 and and CCONJ cblr-1734 205 17 negative negative ADJ cblr-1734 205 18 abnormal abnormal ADJ cblr-1734 205 19 returns return NOUN cblr-1734 205 20 following follow VERB cblr-1734 205 21 insider insider NOUN cblr-1734 205 22 sales sale NOUN cblr-1734 205 23 . . PUNCT cblr-1734 206 1 the the DET cblr-1734 206 2 strength strength NOUN cblr-1734 206 3 of of ADP cblr-1734 206 4 the the DET cblr-1734 206 5 small small ADJ cblr-1734 206 6 firm firm ADJ cblr-1734 206 7 effect effect NOUN cblr-1734 206 8 and and CCONJ cblr-1734 206 9 the the DET cblr-1734 206 10 distribution distribution NOUN cblr-1734 206 11 of of ADP cblr-1734 206 12 the the DET cblr-1734 206 13 sales sale NOUN cblr-1734 206 14 and and CCONJ cblr-1734 206 15 purchase purchase NOUN cblr-1734 206 16 transactions transaction NOUN cblr-1734 206 17 across across ADP cblr-1734 206 18 firms firm NOUN cblr-1734 206 19 have have VERB cblr-1734 206 20 substantial substantial ADJ cblr-1734 206 21 consequences consequence NOUN cblr-1734 206 22 , , PUNCT cblr-1734 206 23 which which PRON cblr-1734 206 24 may may AUX cblr-1734 206 25 lead lead VERB cblr-1734 206 26 to to ADP cblr-1734 206 27 an an DET cblr-1734 206 28 upward upward ADJ cblr-1734 206 29 bias bias NOUN cblr-1734 206 30 in in ADP cblr-1734 206 31 abnormal abnormal ADJ cblr-1734 206 32 returns return NOUN cblr-1734 206 33 calculations calculation NOUN cblr-1734 206 34 . . PUNCT cblr-1734 207 1 consistent consistent ADJ cblr-1734 207 2 with with ADP cblr-1734 207 3 this this DET cblr-1734 207 4 conjecture conjecture NOUN cblr-1734 207 5 , , PUNCT cblr-1734 207 6 the the DET cblr-1734 207 7 cumulative cumulative ADJ cblr-1734 207 8 daily daily ADJ cblr-1734 207 9 average average ADJ cblr-1734 207 10 prediction prediction NOUN cblr-1734 207 11 errors error NOUN cblr-1734 207 12 following follow VERB cblr-1734 207 13 the the DET cblr-1734 207 14 insider insider NOUN cblr-1734 207 15 - - PUNCT cblr-1734 207 16 trading trading NOUN cblr-1734 207 17 day day NOUN cblr-1734 207 18 decrease decrease NOUN cblr-1734 207 19 substantially substantially ADV cblr-1734 207 20 as as ADP cblr-1734 207 21 firm firm ADJ cblr-1734 207 22 size size NOUN cblr-1734 207 23 increases increase NOUN cblr-1734 207 24 . . PUNCT cblr-1734 208 1 this this PRON cblr-1734 208 2 means mean VERB cblr-1734 208 3 that that SCONJ cblr-1734 208 4 insiders insider NOUN cblr-1734 208 5 in in ADP cblr-1734 208 6 small small ADJ cblr-1734 208 7 firms firm NOUN cblr-1734 208 8 tend tend VERB cblr-1734 208 9 to to PART cblr-1734 208 10 earn earn VERB cblr-1734 208 11 greater great ADJ cblr-1734 208 12 abnormal abnormal ADJ cblr-1734 208 13 returns return NOUN cblr-1734 208 14 on on ADP cblr-1734 208 15 their their PRON cblr-1734 208 16 transactions transaction NOUN cblr-1734 208 17 than than ADP cblr-1734 208 18 insiders insider NOUN cblr-1734 208 19 in in ADP cblr-1734 208 20 large large ADJ cblr-1734 208 21 firms firm NOUN cblr-1734 208 22 . . PUNCT cblr-1734 209 1 for for ADP cblr-1734 209 2 further further ADJ cblr-1734 209 3 details detail NOUN cblr-1734 209 4 on on ADP cblr-1734 209 5 the the DET cblr-1734 209 6 profitability profitability NOUN cblr-1734 209 7 of of ADP cblr-1734 209 8 insider insider NOUN cblr-1734 209 9 trading trading NOUN cblr-1734 209 10 by by ADP cblr-1734 209 11 firm firm ADJ cblr-1734 209 12 size size NOUN cblr-1734 209 13 , , PUNCT cblr-1734 209 14 see see VERB cblr-1734 209 15 h. h. PROPN cblr-1734 209 16 nejat nejat PROPN cblr-1734 209 17 seyhun seyhun PROPN cblr-1734 209 18 , , PUNCT cblr-1734 209 19 insiders insider NOUN cblr-1734 209 20 ’ ’ PART cblr-1734 209 21 profits profit NOUN cblr-1734 209 22 , , PUNCT cblr-1734 209 23 costs cost NOUN cblr-1734 209 24 of of ADP cblr-1734 209 25 trading trading NOUN cblr-1734 209 26 , , PUNCT cblr-1734 209 27 and and CCONJ cblr-1734 209 28 market market NOUN cblr-1734 209 29 efficiency efficiency NOUN cblr-1734 209 30 , , PUNCT cblr-1734 209 31 16 16 NUM cblr-1734 209 32 j. j. PROPN cblr-1734 209 33 fin fin PROPN cblr-1734 209 34 . . PUNCT cblr-1734 209 35 econ econ PROPN cblr-1734 209 36 . . PUNCT cblr-1734 210 1 189 189 NUM cblr-1734 210 2 , , PUNCT cblr-1734 210 3 199–206 199–206 NUM cblr-1734 210 4 ( ( PUNCT cblr-1734 210 5 1986 1986 NUM cblr-1734 210 6 ) ) PUNCT cblr-1734 210 7 . . PUNCT cblr-1734 211 1 mavruk mavruk PROPN cblr-1734 211 2 & & CCONJ cblr-1734 211 3 seyhun seyhun PROPN cblr-1734 211 4 – – PUNCT cblr-1734 211 5 final final ADJ cblr-1734 211 6 152 152 NUM cblr-1734 211 7 columbia columbia PROPN cblr-1734 211 8 business business NOUN cblr-1734 211 9 law law PROPN cblr-1734 211 10 review review NOUN cblr-1734 211 11 [ [ X cblr-1734 211 12 vol vol NOUN cblr-1734 211 13 . . NOUN cblr-1734 211 14 2016 2016 NUM cblr-1734 211 15 smaller small ADJ cblr-1734 211 16 in in ADP cblr-1734 211 17 size size NOUN cblr-1734 211 18 than than ADP cblr-1734 211 19 non non ADJ cblr-1734 211 20 - - ADJ cblr-1734 211 21 planned planned ADJ cblr-1734 211 22 sales sale NOUN cblr-1734 211 23 for for ADP cblr-1734 211 24 all all DET cblr-1734 211 25 three three NUM cblr-1734 211 26 firm firm ADJ cblr-1734 211 27 size size NOUN cblr-1734 211 28 groups group NOUN cblr-1734 211 29 . . PUNCT cblr-1734 212 1 looking look VERB cblr-1734 212 2 at at ADP cblr-1734 212 3 the the DET cblr-1734 212 4 types type NOUN cblr-1734 212 5 of of ADP cblr-1734 212 6 insiders insider NOUN cblr-1734 212 7 , , PUNCT cblr-1734 212 8 we we PRON cblr-1734 212 9 observe observe VERB cblr-1734 212 10 that that SCONJ cblr-1734 212 11 the the DET cblr-1734 212 12 popularity popularity NOUN cblr-1734 212 13 of of ADP cblr-1734 212 14 10b5 10b5 NUM cblr-1734 212 15 - - SYM cblr-1734 212 16 1 1 NUM cblr-1734 212 17 plans plan NOUN cblr-1734 212 18 increases increase NOUN cblr-1734 212 19 proportionally proportionally ADV cblr-1734 212 20 with with ADP cblr-1734 212 21 the the DET cblr-1734 212 22 amount amount NOUN cblr-1734 212 23 of of ADP cblr-1734 212 24 inside inside ADJ cblr-1734 212 25 information information NOUN cblr-1734 212 26 . . PUNCT cblr-1734 213 1 for for ADP cblr-1734 213 2 top top ADJ cblr-1734 213 3 executives executive NOUN cblr-1734 213 4 who who PRON cblr-1734 213 5 are be AUX cblr-1734 213 6 best well ADV cblr-1734 213 7 informed inform VERB cblr-1734 213 8 , , PUNCT cblr-1734 213 9 the the DET cblr-1734 213 10 frequency frequency NOUN cblr-1734 213 11 of of ADP cblr-1734 213 12 10b5 10b5 NUM cblr-1734 213 13 - - SYM cblr-1734 213 14 1 1 NUM cblr-1734 213 15 plans plan NOUN cblr-1734 213 16 to to ADP cblr-1734 213 17 non-10b5 non-10b5 NOUN cblr-1734 213 18 - - PUNCT cblr-1734 213 19 1 1 NUM cblr-1734 213 20 transactions transaction NOUN cblr-1734 213 21 is be AUX cblr-1734 213 22 about about ADV cblr-1734 213 23 1:3 1:3 NUM cblr-1734 213 24 . . PUNCT cblr-1734 214 1 as as SCONJ cblr-1734 214 2 the the DET cblr-1734 214 3 seniority seniority NOUN cblr-1734 214 4 of of ADP cblr-1734 214 5 the the DET cblr-1734 214 6 insiders insider NOUN cblr-1734 214 7 falls fall VERB cblr-1734 214 8 , , PUNCT cblr-1734 214 9 so so ADV cblr-1734 214 10 does do VERB cblr-1734 214 11 the the DET cblr-1734 214 12 popularity popularity NOUN cblr-1734 214 13 of of ADP cblr-1734 214 14 10b5 10b5 NUM cblr-1734 214 15 - - SYM cblr-1734 214 16 1 1 NUM cblr-1734 214 17 plans plan NOUN cblr-1734 214 18 . . PUNCT cblr-1734 215 1 this this DET cblr-1734 215 2 ratio ratio NOUN cblr-1734 215 3 is be AUX cblr-1734 215 4 1:4 1:4 NUM cblr-1734 215 5 for for ADP cblr-1734 215 6 officers officer NOUN cblr-1734 215 7 , , PUNCT cblr-1734 215 8 1:6 1:6 NUM cblr-1734 215 9 for for ADP cblr-1734 215 10 directors director NOUN cblr-1734 215 11 , , PUNCT cblr-1734 215 12 1:6 1:6 NUM cblr-1734 215 13 for for ADP cblr-1734 215 14 large large ADJ cblr-1734 215 15 shareholders shareholder NOUN cblr-1734 215 16 , , PUNCT cblr-1734 215 17 and and CCONJ cblr-1734 215 18 1:11 1:11 NUM cblr-1734 215 19 for for ADP cblr-1734 215 20 other other ADJ cblr-1734 215 21 insiders insider NOUN cblr-1734 215 22 . . PUNCT cblr-1734 216 1 while while SCONJ cblr-1734 216 2 the the DET cblr-1734 216 3 average average ADJ cblr-1734 216 4 transaction transaction NOUN cblr-1734 216 5 value value NOUN cblr-1734 216 6 of of ADP cblr-1734 216 7 10b5 10b5 NUM cblr-1734 216 8 - - SYM cblr-1734 216 9 1 1 NUM cblr-1734 216 10 trades trade NOUN cblr-1734 216 11 is be AUX cblr-1734 216 12 smaller small ADJ cblr-1734 216 13 than than ADP cblr-1734 216 14 that that PRON cblr-1734 216 15 of of ADP cblr-1734 216 16 non non ADJ cblr-1734 216 17 - - ADJ cblr-1734 216 18 planned planned ADJ cblr-1734 216 19 trades trade NOUN cblr-1734 216 20 across across ADP cblr-1734 216 21 all all DET cblr-1734 216 22 insider insider NOUN cblr-1734 216 23 classes class NOUN cblr-1734 216 24 , , PUNCT cblr-1734 216 25 the the DET cblr-1734 216 26 ratio ratio NOUN cblr-1734 216 27 is be AUX cblr-1734 216 28 smaller small ADJ cblr-1734 216 29 for for ADP cblr-1734 216 30 more more ADV cblr-1734 216 31 informed informed ADJ cblr-1734 216 32 insiders.35 insiders.35 NOUN cblr-1734 216 33 for for ADP cblr-1734 216 34 instance instance NOUN cblr-1734 216 35 , , PUNCT cblr-1734 216 36 the the DET cblr-1734 216 37 ratio ratio NOUN cblr-1734 216 38 is be AUX cblr-1734 216 39 76.0 76.0 NUM cblr-1734 216 40 % % NOUN cblr-1734 216 41 for for ADP cblr-1734 216 42 top top ADJ cblr-1734 216 43 executives executive NOUN cblr-1734 216 44 and and CCONJ cblr-1734 216 45 79.8 79.8 NUM cblr-1734 216 46 % % NOUN cblr-1734 216 47 for for ADP cblr-1734 216 48 officers officer NOUN cblr-1734 216 49 . . PUNCT cblr-1734 217 1 as as SCONJ cblr-1734 217 2 one one NUM cblr-1734 217 3 proceeds proceed VERB cblr-1734 217 4 down down ADP cblr-1734 217 5 the the DET cblr-1734 217 6 hierarchy hierarchy NOUN cblr-1734 217 7 , , PUNCT cblr-1734 217 8 the the DET cblr-1734 217 9 ratio ratio NOUN cblr-1734 217 10 falls fall VERB cblr-1734 217 11 to to ADP cblr-1734 217 12 73.4 73.4 NUM cblr-1734 217 13 % % NOUN cblr-1734 217 14 for for ADP cblr-1734 217 15 directors director NOUN cblr-1734 217 16 , , PUNCT cblr-1734 217 17 20.9 20.9 NUM cblr-1734 217 18 % % NOUN cblr-1734 217 19 for for ADP cblr-1734 217 20 large large ADJ cblr-1734 217 21 shareholders shareholder NOUN cblr-1734 217 22 , , PUNCT cblr-1734 217 23 and and CCONJ cblr-1734 217 24 31.0 31.0 NUM cblr-1734 217 25 % % NOUN cblr-1734 217 26 for for ADP cblr-1734 217 27 others other NOUN cblr-1734 217 28 . . PUNCT cblr-1734 218 1 finally finally ADV cblr-1734 218 2 , , PUNCT cblr-1734 218 3 panel panel NOUN cblr-1734 218 4 d d PROPN cblr-1734 218 5 shows show VERB cblr-1734 218 6 the the DET cblr-1734 218 7 time time NOUN cblr-1734 218 8 - - PUNCT cblr-1734 218 9 series series NOUN cblr-1734 218 10 evolution evolution NOUN cblr-1734 218 11 of of ADP cblr-1734 218 12 10b5 10b5 NUM cblr-1734 218 13 - - SYM cblr-1734 218 14 1 1 NUM cblr-1734 218 15 planned plan VERB cblr-1734 218 16 trades trade NOUN cblr-1734 218 17 . . PUNCT cblr-1734 219 1 our our PRON cblr-1734 219 2 analyses analysis NOUN cblr-1734 219 3 show show VERB cblr-1734 219 4 that that SCONJ cblr-1734 219 5 insider insider NOUN cblr-1734 219 6 trading trading NOUN cblr-1734 219 7 is be AUX cblr-1734 219 8 becoming become VERB cblr-1734 219 9 more more ADV cblr-1734 219 10 prevalent prevalent ADJ cblr-1734 219 11 over over ADP cblr-1734 219 12 time time NOUN cblr-1734 219 13 . . PUNCT cblr-1734 220 1 the the DET cblr-1734 220 2 evidence evidence NOUN cblr-1734 220 3 also also ADV cblr-1734 220 4 points point VERB cblr-1734 220 5 to to ADP cblr-1734 220 6 increasing increase VERB cblr-1734 220 7 popularity popularity NOUN cblr-1734 220 8 of of ADP cblr-1734 220 9 10b5 10b5 NUM cblr-1734 220 10 - - SYM cblr-1734 220 11 1 1 NUM cblr-1734 220 12 plans plan NOUN cblr-1734 220 13 over over ADP cblr-1734 220 14 time time NOUN cblr-1734 220 15 . . PUNCT cblr-1734 221 1 this this PRON cblr-1734 221 2 is be AUX cblr-1734 221 3 consistent consistent ADJ cblr-1734 221 4 with with ADP cblr-1734 221 5 the the DET cblr-1734 221 6 findings finding NOUN cblr-1734 221 7 that that PRON cblr-1734 221 8 insider insider NOUN cblr-1734 221 9 trading trading NOUN cblr-1734 221 10 litigation litigation NOUN cblr-1734 221 11 costs cost NOUN cblr-1734 221 12 have have AUX cblr-1734 221 13 increased increase VERB cblr-1734 221 14 over over ADP cblr-1734 221 15 time time NOUN cblr-1734 221 16 , , PUNCT cblr-1734 221 17 and and CCONJ cblr-1734 221 18 consequently consequently ADV cblr-1734 221 19 the the DET cblr-1734 221 20 value value NOUN cblr-1734 221 21 of of ADP cblr-1734 221 22 safe safe ADJ cblr-1734 221 23 harbor harbor NOUN cblr-1734 221 24 benefits benefit NOUN cblr-1734 221 25 of of ADP cblr-1734 221 26 the the DET cblr-1734 221 27 10b5 10b5 NUM cblr-1734 221 28 - - SYM cblr-1734 221 29 1 1 NUM cblr-1734 221 30 tag tag NOUN cblr-1734 221 31 have have AUX cblr-1734 221 32 also also ADV cblr-1734 221 33 increased increase VERB cblr-1734 221 34 over over ADP cblr-1734 221 35 time time NOUN cblr-1734 221 36 . . PUNCT cblr-1734 222 1 interestingly interestingly ADV cblr-1734 222 2 , , PUNCT cblr-1734 222 3 insider insider NOUN cblr-1734 222 4 trading trading NOUN cblr-1734 222 5 also also ADV cblr-1734 222 6 appears appear VERB cblr-1734 222 7 to to PART cblr-1734 222 8 have have AUX cblr-1734 222 9 been be AUX cblr-1734 222 10 most most ADV cblr-1734 222 11 prevalent prevalent ADJ cblr-1734 222 12 during during ADP cblr-1734 222 13 the the DET cblr-1734 222 14 recent recent ADJ cblr-1734 222 15 financial financial ADJ cblr-1734 222 16 crisis crisis NOUN cblr-1734 222 17 . . PUNCT cblr-1734 223 1 from from ADP cblr-1734 223 2 2006 2006 NUM cblr-1734 223 3 to to ADP cblr-1734 223 4 2007 2007 NUM cblr-1734 223 5 , , PUNCT cblr-1734 223 6 the the DET cblr-1734 223 7 total total ADJ cblr-1734 223 8 number number NOUN cblr-1734 223 9 of of ADP cblr-1734 223 10 insider insider NOUN cblr-1734 223 11 trades trade NOUN cblr-1734 223 12 just just ADV cblr-1734 223 13 about about ADV cblr-1734 223 14 doubled double VERB cblr-1734 223 15 , , PUNCT cblr-1734 223 16 and and CCONJ cblr-1734 223 17 it it PRON cblr-1734 223 18 remained remain VERB cblr-1734 223 19 elevated elevated ADJ cblr-1734 223 20 throughout throughout ADP cblr-1734 223 21 2008 2008 NUM cblr-1734 223 22 . . PUNCT cblr-1734 224 1 immediately immediately ADV cblr-1734 224 2 following follow VERB cblr-1734 224 3 the the DET cblr-1734 224 4 financial financial ADJ cblr-1734 224 5 crisis crisis NOUN cblr-1734 224 6 , , PUNCT cblr-1734 224 7 the the DET cblr-1734 224 8 number number NOUN cblr-1734 224 9 of of ADP cblr-1734 224 10 insider insider NOUN cblr-1734 224 11 transactions transaction NOUN cblr-1734 224 12 fell fall VERB cblr-1734 224 13 by by ADP cblr-1734 224 14 more more ADJ cblr-1734 224 15 than than ADP cblr-1734 224 16 50 50 NUM cblr-1734 224 17 % % NOUN cblr-1734 224 18 . . PUNCT cblr-1734 225 1 another another DET cblr-1734 225 2 observation observation NOUN cblr-1734 225 3 is be AUX cblr-1734 225 4 that that SCONJ cblr-1734 225 5 the the DET cblr-1734 225 6 frequency frequency NOUN cblr-1734 225 7 of of ADP cblr-1734 225 8 insiders insider NOUN cblr-1734 225 9 who who PRON cblr-1734 225 10 report report VERB cblr-1734 225 11 10b5 10b5 NUM cblr-1734 225 12 - - SYM cblr-1734 225 13 1 1 NUM cblr-1734 225 14 trades trade NOUN cblr-1734 225 15 increased increase VERB cblr-1734 225 16 significantly significantly ADV cblr-1734 225 17 over over ADP cblr-1734 225 18 time time NOUN cblr-1734 225 19 . . PUNCT cblr-1734 226 1 the the DET cblr-1734 226 2 data datum NOUN cblr-1734 226 3 show show VERB cblr-1734 226 4 an an DET cblr-1734 226 5 increase increase NOUN cblr-1734 226 6 of of ADP cblr-1734 226 7 527 527 NUM cblr-1734 226 8 % % NOUN cblr-1734 226 9 between between ADP cblr-1734 226 10 2003 2003 NUM cblr-1734 226 11 and and CCONJ cblr-1734 226 12 2013 2013 NUM cblr-1734 226 13 . . PUNCT cblr-1734 227 1 the the DET cblr-1734 227 2 data datum NOUN cblr-1734 227 3 also also ADV cblr-1734 227 4 show show VERB cblr-1734 227 5 that that SCONJ cblr-1734 227 6 the the DET cblr-1734 227 7 number number NOUN cblr-1734 227 8 of of ADP cblr-1734 227 9 insiders insider NOUN cblr-1734 227 10 who who PRON cblr-1734 227 11 disclosed disclose VERB cblr-1734 227 12 their their PRON cblr-1734 227 13 transactions transaction NOUN cblr-1734 227 14 varies vary VERB cblr-1734 227 15 from from ADP cblr-1734 227 16 405 405 NUM cblr-1734 227 17 to to ADP cblr-1734 227 18 2539 2539 NUM cblr-1734 227 19 for for ADP cblr-1734 227 20 each each DET cblr-1734 227 21 year year NOUN cblr-1734 227 22 . . PUNCT cblr-1734 228 1 the the DET cblr-1734 228 2     SPACE cblr-1734 228 3 35 35 NUM cblr-1734 228 4 see see VERB cblr-1734 228 5 i i PRON cblr-1734 228 6 d. d. PROPN cblr-1734 228 7 at at ADP cblr-1734 228 8 202 202 NUM cblr-1734 228 9 , , PUNCT cblr-1734 228 10 204–05 204–05 PROPN cblr-1734 228 11 ( ( PUNCT cblr-1734 228 12 discussing discuss VERB cblr-1734 228 13 profitability profitability NOUN cblr-1734 228 14 of of ADP cblr-1734 228 15 insider insider NOUN cblr-1734 228 16 trading trading NOUN cblr-1734 228 17 across across ADP cblr-1734 228 18 insider insider NOUN cblr-1734 228 19 types type NOUN cblr-1734 228 20 ) ) PUNCT cblr-1734 228 21 . . PUNCT cblr-1734 229 1 mavru mavru PROPN cblr-1734 230 1 no no INTJ cblr-1734 230 2 . . NOUN cblr-1734 231 1 1 1 NUM cblr-1734 231 2 : : PUNCT cblr-1734 231 3 num num PROPN cblr-1734 231 4 10,2 10,2 PROPN cblr-1734 231 5 discl discl PROPN cblr-1734 231 6 t t PROPN cblr-1734 231 7 year year NOUN cblr-1734 231 8 than than ADP cblr-1734 231 9 the the DET cblr-1734 231 10 nonresp nonresp ADJ cblr-1734 231 11 limit limit NOUN cblr-1734 231 12 prov prov NOUN cblr-1734 231 13 and and CCONJ cblr-1734 231 14 figu figu ADJ cblr-1734 231 15 desi desi NOUN cblr-1734 231 16     SPACE cblr-1734 231 17 36 36 NUM cblr-1734 231 18 sen sen PROPN cblr-1734 231 19 , , PUNCT cblr-1734 231 20 s s PROPN cblr-1734 231 21 uk uk PROPN cblr-1734 231 22 & & CCONJ cblr-1734 231 23 seyhun seyhun PROPN cblr-1734 231 24 – – PUNCT cblr-1734 231 25 fin fin NOUN cblr-1734 231 26 : : PUNCT cblr-1734 231 27 133 133 NUM cblr-1734 231 28 ] ] PUNCT cblr-1734 231 29 s s VERB cblr-1734 231 30 mber mber NOUN cblr-1734 231 31 of of ADP cblr-1734 231 32 disclo disclo NOUN cblr-1734 231 33 52 52 NUM cblr-1734 231 34 to to PART cblr-1734 231 35 16,49 16,49 NUM cblr-1734 231 36 lose lose NOUN cblr-1734 231 37 . . PUNCT cblr-1734 232 1 the the DET cblr-1734 232 2 average average ADJ cblr-1734 232 3 rs rs NOUN cblr-1734 232 4 . . PUNCT cblr-1734 233 1 the the DET cblr-1734 233 2 incr incr PROPN cblr-1734 233 3 n n X cblr-1734 233 4 for for ADP cblr-1734 233 5 non-10 non-10 PRON cblr-1734 233 6 transaction transaction NOUN cblr-1734 233 7 -10b5 -10b5 NOUN cblr-1734 233 8 - - PUNCT cblr-1734 233 9 1 1 NUM cblr-1734 233 10 sa sa NOUN cblr-1734 233 11 ectively ectively ADV cblr-1734 233 12 ) ) PUNCT cblr-1734 233 13 . . PUNCT cblr-1734 234 1 th th PROPN cblr-1734 234 2 ted te VERB cblr-1734 234 3 sample sample PROPN cblr-1734 234 4 vide vide NOUN cblr-1734 234 5 more more ADV cblr-1734 234 6 p p NOUN cblr-1734 234 7 non-10b5 non-10b5 NOUN cblr-1734 234 8 - - PUNCT cblr-1734 234 9 1 1 NUM cblr-1734 234 10 ure ure NOUN cblr-1734 234 11 5 5 NUM cblr-1734 234 12 . . PUNCT cblr-1734 235 1 the the DET cblr-1734 235 2 p p PROPN cblr-1734 235 3 ignations ignation NOUN cblr-1734 235 4 ov ov VERB cblr-1734 235 5 6 6 NUM cblr-1734 235 6 see see VERB cblr-1734 235 7 , , PUNCT cblr-1734 235 8 e.g. e.g. ADV cblr-1734 235 9 , , PUNCT cblr-1734 235 10 ja ja PROPN cblr-1734 235 11 supra supra PROPN cblr-1734 235 12 note note PROPN cblr-1734 235 13 27 27 NUM cblr-1734 235 14 . . PUNCT cblr-1734 236 1 nal nal PROPN cblr-1734 236 2 sec sec PROPN cblr-1734 236 3 ’s ’s PART cblr-1734 236 4 10b5 10b5 NUM cblr-1734 236 5 - - SYM cblr-1734 236 6 1 1 NUM cblr-1734 236 7 s s PART cblr-1734 236 8 osing osing NOUN cblr-1734 236 9 firms firm NOUN cblr-1734 236 10 97 97 NUM cblr-1734 236 11 insiders insider NOUN cblr-1734 236 12 e e NOUN cblr-1734 236 13 transaction transaction NOUN cblr-1734 236 14 ease ease NOUN cblr-1734 236 15 is be AUX cblr-1734 236 16 larg larg NOUN cblr-1734 236 17 0b5 0b5 NOUN cblr-1734 236 18 - - SYM cblr-1734 236 19 1 1 NUM cblr-1734 236 20 transa transa VERB cblr-1734 236 21 ns ns NUM cblr-1734 236 22 is be AUX cblr-1734 236 23 the the DET cblr-1734 236 24 lo lo PROPN cblr-1734 236 25 amples ample NOUN cblr-1734 236 26 in in ADP cblr-1734 236 27 hus hus PRON cblr-1734 236 28 , , PUNCT cblr-1734 236 29 unlike unlike ADP cblr-1734 236 30 s,36 s,36 PRON cblr-1734 236 31 our our PRON cblr-1734 236 32 co co ADJ cblr-1734 236 33 precise precise ADJ cblr-1734 236 34 ana ana PROPN cblr-1734 236 35 transaction transaction PROPN cblr-1734 236 36 ercentage ercentage NOUN cblr-1734 236 37 o o PROPN cblr-1734 236 38 ver ver NOUN cblr-1734 236 39 time time NOUN cblr-1734 236 40 agolinzer agolinzer NOUN cblr-1734 236 41 , , PUNCT cblr-1734 236 42 supr supr NOUN cblr-1734 236 43 . . PUNCT cblr-1734 237 1 safe safe ADJ cblr-1734 237 2 harbor harbor NOUN cblr-1734 237 3 varies vary VERB cblr-1734 237 4 from from ADP cblr-1734 237 5 and and CCONJ cblr-1734 237 6 3462 3462 NUM cblr-1734 237 7 n n NOUN cblr-1734 237 8 size size NOUN cblr-1734 237 9 incre incre NOUN cblr-1734 237 10 ger ger NOUN cblr-1734 237 11 for for ADP cblr-1734 237 12 10b5 10b5 NUM cblr-1734 237 13 actions action NOUN cblr-1734 237 14 ( ( PUNCT cblr-1734 237 15 131 131 NUM cblr-1734 237 16 west west NOUN cblr-1734 237 17 in in ADP cblr-1734 237 18 bot bot PROPN cblr-1734 237 19 2008 2008 NUM cblr-1734 237 20 ( ( PUNCT cblr-1734 237 21 $ $ SYM cblr-1734 237 22 8 8 NUM cblr-1734 237 23 previous previous ADJ cblr-1734 237 24 st st PROPN cblr-1734 237 25 mprehensiv mprehensiv PROPN cblr-1734 237 26 alyses alyse NOUN cblr-1734 237 27 and and CCONJ cblr-1734 237 28 c c PROPN cblr-1734 237 29 ns ns INTJ cblr-1734 237 30 . . PROPN cblr-1734 237 31 of of ADP cblr-1734 237 32 sales sale NOUN cblr-1734 237 33 and and CCONJ cblr-1734 237 34 ra ra PROPN cblr-1734 237 35 note note NOUN cblr-1734 237 36 4 4 NUM cblr-1734 237 37 ; ; PUNCT cblr-1734 237 38 hen hen NOUN cblr-1734 237 39 r r NOUN cblr-1734 237 40 rules rule NOUN cblr-1734 237 41 m m VERB cblr-1734 237 42 220 220 NUM cblr-1734 237 43 to to PART cblr-1734 237 44 849 849 NUM cblr-1734 237 45 to to PART cblr-1734 237 46 3536 3536 NUM cblr-1734 237 47 fir fir NOUN cblr-1734 237 48 eased ease VERB cblr-1734 237 49 by by ADP cblr-1734 237 50 12 12 NUM cblr-1734 237 51 5 5 NUM cblr-1734 237 52 - - SYM cblr-1734 237 53 1 1 NUM cblr-1734 237 54 transact transact NOUN cblr-1734 237 55 1 1 NUM cblr-1734 237 56 % % NOUN cblr-1734 237 57 ) ) PUNCT cblr-1734 237 58 . . PUNCT cblr-1734 238 1 the the DET cblr-1734 238 2 ave ave NOUN cblr-1734 238 3 th th X cblr-1734 238 4 the the DET cblr-1734 238 5 10b5 10b5 NUM cblr-1734 238 6 84,000 84,000 NUM cblr-1734 238 7 and and CCONJ cblr-1734 238 8 tudies tudie NOUN cblr-1734 238 9 that that PRON cblr-1734 238 10 ve ve AUX cblr-1734 238 11 dataset dataset VERB cblr-1734 238 12 comparison comparison NOUN cblr-1734 238 13 purchases purchase NOUN cblr-1734 238 14 nderson nderson NOUN cblr-1734 238 15 et et PROPN cblr-1734 238 16 al al PROPN cblr-1734 238 17 . . PROPN cblr-1734 238 18 , , PUNCT cblr-1734 238 19 15 15 NUM cblr-1734 238 20 9 9 NUM cblr-1734 238 21 . . PUNCT cblr-1734 239 1 each each DET cblr-1734 239 2 year year NOUN cblr-1734 239 3 rms rm NOUN cblr-1734 239 4 did do AUX cblr-1734 239 5 no no DET cblr-1734 239 6 8 8 NUM cblr-1734 239 7 % % NOUN cblr-1734 239 8 over over ADP cblr-1734 239 9 the the DET cblr-1734 239 10 tions tion NOUN cblr-1734 239 11 ( ( PUNCT cblr-1734 239 12 294 294 NUM cblr-1734 239 13 % % NOUN cblr-1734 239 14 erage erage NOUN cblr-1734 239 15 size size NOUN cblr-1734 239 16 o o NOUN cblr-1734 239 17 5 5 NUM cblr-1734 239 18 - - SYM cblr-1734 239 19 1 1 NUM cblr-1734 239 20 and and CCONJ cblr-1734 239 21 the the DET cblr-1734 239 22 d d NOUN cblr-1734 239 23 $ $ SYM cblr-1734 239 24 237,000 237,000 NUM cblr-1734 239 25 utilize utilize NOUN cblr-1734 239 26 more more ADJ cblr-1734 239 27 is be AUX cblr-1734 239 28 likely likely ADJ cblr-1734 239 29 to to PART cblr-1734 239 30 ns ns VERB cblr-1734 239 31 of of ADP cblr-1734 239 32 10b5 10b5 NUM cblr-1734 239 33 with with ADP cblr-1734 239 34 10b5 10b5 NUM cblr-1734 239 35 - - SYM cblr-1734 239 36 1 1 NUM cblr-1734 239 37 , , PUNCT cblr-1734 239 38 supra supra NOUN cblr-1734 239 39 note note NOUN cblr-1734 239 40 4 4 NUM cblr-1734 239 41 3 3 NUM cblr-1734 239 42 r r NOUN cblr-1734 239 43 , , PUNCT cblr-1734 239 44 ot ot NOUN cblr-1734 239 45 e e NOUN cblr-1734 239 46 % % NOUN cblr-1734 239 47 ) ) PUNCT cblr-1734 239 48 of of ADP cblr-1734 239 49 e e NOUN cblr-1734 239 50 0 0 PUNCT cblr-1734 239 51 e e NOUN cblr-1734 239 52 o o NOUN cblr-1734 239 53 1 1 NUM cblr-1734 239 54 1 1 NUM cblr-1734 239 55 4 4 NUM cblr-1734 239 56 ; ; PUNCT cblr-1734 239 57 mavru mavru NOUN cblr-1734 239 58 154 154 NUM cblr-1734 239 59 figu figu PROPN cblr-1734 239 60 tran tran PROPN cblr-1734 239 61 t t PROPN cblr-1734 239 62 and and CCONJ cblr-1734 239 63 with with ADP cblr-1734 239 64 prop prop NOUN cblr-1734 239 65 desig desig NOUN cblr-1734 239 66 prop prop NOUN cblr-1734 239 67 23 23 NUM cblr-1734 239 68 % % NOUN cblr-1734 239 69 10b5 10b5 NUM cblr-1734 239 70 part part NOUN cblr-1734 239 71 duri duri X cblr-1734 239 72 in in ADP cblr-1734 239 73 a a DET cblr-1734 239 74 the the DET cblr-1734 239 75 abou abou PROPN cblr-1734 239 76 t t PROPN cblr-1734 239 77 insid insid PROPN cblr-1734 239 78 desp desp ADJ cblr-1734 239 79 figu figu ADJ cblr-1734 239 80 one one NUM cblr-1734 239 81 from from ADP cblr-1734 239 82 uk uk PROPN cblr-1734 239 83 & & CCONJ cblr-1734 239 84 seyhun seyhun PROPN cblr-1734 239 85 – – PUNCT cblr-1734 239 86 fin fin NOUN cblr-1734 239 87 c c NOUN cblr-1734 239 88 ure ure PROPN cblr-1734 239 89 6 6 NUM cblr-1734 239 90 . . PUNCT cblr-1734 240 1 the the DET cblr-1734 240 2 p p PROPN cblr-1734 240 3 nsaction nsaction NOUN cblr-1734 240 4 ov ov ADP cblr-1734 240 5 the the DET cblr-1734 240 6 evolutio evolutio PROPN cblr-1734 240 7 6 6 X cblr-1734 240 8 . . PUNCT cblr-1734 240 9 figure figure VERB cblr-1734 240 10 5 5 NUM cblr-1734 240 11 h h NOUN cblr-1734 240 12 10b5 10b5 NUM cblr-1734 240 13 - - SYM cblr-1734 240 14 1 1 NUM cblr-1734 240 15 portion portion NOUN cblr-1734 240 16 of of ADP cblr-1734 240 17 gnations gnation NOUN cblr-1734 240 18 i i PRON cblr-1734 240 19 portion portion NOUN cblr-1734 240 20 of of ADP cblr-1734 240 21 sa sa NOUN cblr-1734 240 22 while while SCONJ cblr-1734 240 23 purc purc NOUN cblr-1734 240 24 5 5 NUM cblr-1734 240 25 - - SYM cblr-1734 240 26 1 1 NUM cblr-1734 240 27 purcha purcha NOUN cblr-1734 240 28 icularly icularly ADV cblr-1734 240 29 aft aft VERB cblr-1734 240 30 ng ng PROPN cblr-1734 240 31 the the DET cblr-1734 240 32 sam sam PROPN cblr-1734 240 33 ll ll PROPN cblr-1734 240 34 sub sub ADJ cblr-1734 240 35 - - NOUN cblr-1734 240 36 perio perio ADJ cblr-1734 240 37 proportion proportion NOUN cblr-1734 240 38 ut ut PROPN cblr-1734 240 39 eight eight NUM cblr-1734 240 40 time time NOUN cblr-1734 240 41 the the DET cblr-1734 240 42 financia financia PROPN cblr-1734 240 43 ders der VERB cblr-1734 240 44 ’ ' PUNCT cblr-1734 240 45 10b5 10b5 NUM cblr-1734 240 46 - - SYM cblr-1734 240 47 1 1 NUM cblr-1734 240 48 pite pite NOUN cblr-1734 240 49 this this DET cblr-1734 240 50 tem tem NOUN cblr-1734 240 51 ure ure VERB cblr-1734 240 52 6 6 NUM cblr-1734 240 53 sugges sugge NOUN cblr-1734 240 54 10b5 10b5 NUM cblr-1734 240 55 - - SYM cblr-1734 240 56 1 1 NUM cblr-1734 240 57 tran tran NOUN cblr-1734 240 58 m m VERB cblr-1734 240 59 about about ADV cblr-1734 240 60 6 6 NUM cblr-1734 240 61 % % NOUN cblr-1734 240 62 nal nal PROPN cblr-1734 240 63 columbia columbia PROPN cblr-1734 240 64 bu bu PROPN cblr-1734 241 1 percentage percentage NOUN cblr-1734 241 2 o o NOUN cblr-1734 241 3 er er INTJ cblr-1734 241 4 time time NOUN cblr-1734 241 5 on on ADP cblr-1734 241 6 of of ADP cblr-1734 241 7 insider insider NOUN cblr-1734 241 8 shows show VERB cblr-1734 241 9 the the DET cblr-1734 241 10 designation designation NOUN cblr-1734 241 11 both both DET cblr-1734 241 12 sale sale NOUN cblr-1734 241 13 increased increase VERB cblr-1734 241 14 ales ale NOUN cblr-1734 241 15 transac transac NOUN cblr-1734 241 16 chases chase NOUN cblr-1734 241 17 incre incre VERB cblr-1734 241 18 ases as NOUN cblr-1734 241 19 tend tend VERB cblr-1734 241 20 ter ter NOUN cblr-1734 241 21 2008 2008 NUM cblr-1734 241 22 , , PUNCT cblr-1734 241 23 10 10 NUM cblr-1734 241 24 ple ple PROPN cblr-1734 241 25 period period NOUN cblr-1734 241 26 , , PUNCT cblr-1734 241 27 ods ods PROPN cblr-1734 241 28 , , PUNCT cblr-1734 241 29 insiders insider NOUN cblr-1734 241 30 of of ADP cblr-1734 241 31 sales sale NOUN cblr-1734 241 32 tr tr AUX cblr-1734 241 33 es es X cblr-1734 241 34 larger large ADJ cblr-1734 241 35 . . PUNCT cblr-1734 242 1 al al PROPN cblr-1734 242 2 crisis crisis NOUN cblr-1734 242 3 in in ADP cblr-1734 242 4 1 1 NUM cblr-1734 242 5 sales sale NOUN cblr-1734 242 6 but but CCONJ cblr-1734 242 7 mporary mporary ADJ cblr-1734 242 8 de de X cblr-1734 242 9 sts st NOUN cblr-1734 242 10 that that PRON cblr-1734 242 11 the the DET cblr-1734 242 12 nsaction nsaction PROPN cblr-1734 242 13 inc inc PROPN cblr-1734 242 14 to to ADP cblr-1734 242 15 24 24 NUM cblr-1734 242 16 % % NOUN cblr-1734 242 17 dur dur PROPN cblr-1734 242 18 usiness usiness PROPN cblr-1734 242 19 law law NOUN cblr-1734 242 20 of of ADP cblr-1734 242 21 firms firm NOUN cblr-1734 242 22 wit wit SCONJ cblr-1734 242 23 r r NOUN cblr-1734 242 24 trading trading NOUN cblr-1734 242 25 is be AUX cblr-1734 242 26 percentage percentage NOUN cblr-1734 242 27 ns ns ADJ cblr-1734 242 28 over over ADP cblr-1734 242 29 ti ti PROPN cblr-1734 242 30 es es NOUN cblr-1734 242 31 and and CCONJ cblr-1734 242 32 pu pu PROPN cblr-1734 242 33 over over ADP cblr-1734 242 34 the the DET cblr-1734 242 35 ctions ction NOUN cblr-1734 242 36 increa increa NOUN cblr-1734 242 37 eased ease VERB cblr-1734 242 38 from from ADP cblr-1734 242 39 to to PART cblr-1734 242 40 be be AUX cblr-1734 242 41 mo mo PROPN cblr-1734 242 42 0b5 0b5 NUM cblr-1734 242 43 - - SYM cblr-1734 242 44 1 1 NUM cblr-1734 242 45 sales sale NOUN cblr-1734 242 46 declining decline VERB cblr-1734 242 47 b b X cblr-1734 242 48 s s NOUN cblr-1734 242 49 tend tend VERB cblr-1734 242 50 to to PART cblr-1734 242 51 se se VERB cblr-1734 242 52 ransactions ransaction NOUN cblr-1734 242 53 2008 2008 NUM cblr-1734 242 54 appe appe PROPN cblr-1734 242 55 increased increase VERB cblr-1734 242 56 t t PROPN cblr-1734 242 57 ecrease ecrease VERB cblr-1734 242 58 duri duri PROPN cblr-1734 242 59 e e PROPN cblr-1734 242 60 proportion proportion NOUN cblr-1734 242 61 creased crease VERB cblr-1734 242 62 abo abo ADV cblr-1734 242 63 ing e VERB cblr-1734 242 64 our our PRON cblr-1734 242 65 sam sam PROPN cblr-1734 242 66 w w PROPN cblr-1734 242 67 review review NOUN cblr-1734 242 68 th th X cblr-1734 242 69 at at ADP cblr-1734 242 70 least least ADJ cblr-1734 242 71 best well ADV cblr-1734 242 72 seen see VERB cblr-1734 242 73 i i PRON cblr-1734 242 74 of of ADP cblr-1734 242 75 sales sale NOUN cblr-1734 242 76 an an DET cblr-1734 242 77 me i PRON cblr-1734 242 78 . . PUNCT cblr-1734 243 1 in in ADP cblr-1734 243 2 g g PROPN cblr-1734 243 3 urchases urchase VERB cblr-1734 243 4 w w PROPN cblr-1734 243 5 sample sample NOUN cblr-1734 243 6 p p PROPN cblr-1734 243 7 ased ase VERB cblr-1734 243 8 from from ADP cblr-1734 243 9 a a DET cblr-1734 243 10 about about ADP cblr-1734 243 11 1 1 NUM cblr-1734 243 12 % % NOUN cblr-1734 243 13 t t NOUN cblr-1734 243 14 ore ore NOUN cblr-1734 243 15 or or CCONJ cblr-1734 243 16 les les PROPN cblr-1734 243 17 s s X cblr-1734 243 18 seem seem VERB cblr-1734 243 19 to to ADP cblr-1734 243 20 f f PROPN cblr-1734 243 21 etween etween VERB cblr-1734 243 22 200 200 NUM cblr-1734 243 23 ell ell NOUN cblr-1734 243 24 more more ADJ cblr-1734 243 25 tha tha NOUN cblr-1734 243 26 under under ADP cblr-1734 243 27 rul rul NOUN cblr-1734 243 28 ears ear NOUN cblr-1734 243 29 to to PART cblr-1734 243 30 hav hav AUX cblr-1734 243 31 their their PRON cblr-1734 243 32 10b5 10b5 NUM cblr-1734 243 33 - - SYM cblr-1734 243 34 1 1 NUM cblr-1734 243 35 ing e VERB cblr-1734 243 36 the the DET cblr-1734 243 37 fina fina PROPN cblr-1734 243 38 n n PROPN cblr-1734 243 39 of of ADP cblr-1734 243 40 firms firm NOUN cblr-1734 243 41 w w VERB cblr-1734 243 42 out out ADV cblr-1734 243 43 four four NUM cblr-1734 243 44 - - ADJ cblr-1734 243 45 fold fold ADJ cblr-1734 243 46 mple mple ADJ cblr-1734 243 47 period period NOUN cblr-1734 243 48 . . PUNCT cblr-1734 244 1 [ [ X cblr-1734 244 2 vol vol NOUN cblr-1734 244 3 . . PUNCT cblr-1734 245 1 201 201 NUM cblr-1734 245 2 one one NUM cblr-1734 245 3 10b5 10b5 NUM cblr-1734 245 4 in in ADP cblr-1734 245 5 figures figure NOUN cblr-1734 245 6 5 5 NUM cblr-1734 245 7 nd nd NOUN cblr-1734 245 8 purchase purchase NOUN cblr-1734 245 9 eneral eneral NOUN cblr-1734 245 10 , , PUNCT cblr-1734 245 11 the the PRON cblr-1734 245 12 with with ADP cblr-1734 245 13 10b5period 10b5period NUM cblr-1734 245 14 . . PUNCT cblr-1734 246 1 the the DET cblr-1734 246 2 about about ADV cblr-1734 246 3 12 12 NUM cblr-1734 246 4 % % NOUN cblr-1734 246 5 to to ADP cblr-1734 246 6 o o PROPN cblr-1734 246 7 3 3 NUM cblr-1734 246 8 % % NOUN cblr-1734 246 9 . . PUNCT cblr-1734 247 1 while while SCONJ cblr-1734 247 2 s s VERB cblr-1734 247 3 constant constant ADJ cblr-1734 247 4 follow follow NOUN cblr-1734 247 5 cycle cycle NOUN cblr-1734 247 6 07 07 NUM cblr-1734 247 7 and and CCONJ cblr-1734 247 8 2009 2009 NUM cblr-1734 247 9 an an PRON cblr-1734 247 10 they they PRON cblr-1734 247 11 buy buy VERB cblr-1734 247 12 le le X cblr-1734 247 13 10b5 10b5 NUM cblr-1734 247 14 - - SYM cblr-1734 247 15 1 1 NUM cblr-1734 247 16 i i PRON cblr-1734 247 17 ve ve AUX cblr-1734 247 18 decreased decrease VERB cblr-1734 247 19 1 1 NUM cblr-1734 247 20 purchases purchase NOUN cblr-1734 247 21 ancial ancial ADJ cblr-1734 247 22 crisis crisis NOUN cblr-1734 247 23 with with ADP cblr-1734 247 24 at at ADP cblr-1734 247 25 leas leas PROPN cblr-1734 247 26 d d PROPN cblr-1734 247 27 over over ADP cblr-1734 247 28 time time NOUN cblr-1734 247 29 . . PUNCT cblr-1734 248 1 this this DET cblr-1734 248 2 resul resul NOUN cblr-1734 248 3 6 6 NUM cblr-1734 248 4 1 1 NUM cblr-1734 248 5 5 5 NUM cblr-1734 248 6 s s NOUN cblr-1734 248 7 e e NOUN cblr-1734 248 8 1 1 NUM cblr-1734 248 9 e e NOUN cblr-1734 248 10 o o X cblr-1734 248 11 e e PROPN cblr-1734 248 12 t t PROPN cblr-1734 248 13 , , PUNCT cblr-1734 248 14 s s VERB cblr-1734 248 15 9 9 NUM cblr-1734 248 16 . . PUNCT cblr-1734 249 1 y. y. PROPN cblr-1734 249 2 s s PART cblr-1734 250 1 d d X cblr-1734 250 2 s. s. PROPN cblr-1734 250 3 s s PROPN cblr-1734 250 4 , , PUNCT cblr-1734 250 5 st st PROPN cblr-1734 250 6 e e PROPN cblr-1734 250 7 , , PUNCT cblr-1734 250 8 lt lt PRON cblr-1734 250 9 mavruk mavruk PROPN cblr-1734 250 10 & & CCONJ cblr-1734 250 11 seyhun seyhun PROPN cblr-1734 250 12 – – PUNCT cblr-1734 250 13 final final ADJ cblr-1734 250 14 no no NOUN cblr-1734 250 15 . . PUNCT cblr-1734 251 1 1:133 1:133 NUM cblr-1734 251 2 ] ] X cblr-1734 251 3 sec sec PROPN cblr-1734 251 4 ’s ’s PART cblr-1734 251 5 10b5 10b5 NUM cblr-1734 251 6 - - SYM cblr-1734 251 7 1 1 NUM cblr-1734 251 8 safe safe ADJ cblr-1734 251 9 harbor harbor NOUN cblr-1734 251 10 rules rule NOUN cblr-1734 251 11 155 155 NUM cblr-1734 251 12 also also ADV cblr-1734 251 13 indicates indicate VERB cblr-1734 251 14 that that SCONJ cblr-1734 251 15 , , PUNCT cblr-1734 251 16 unlike unlike ADP cblr-1734 251 17 earlier early ADJ cblr-1734 251 18 studies study NOUN cblr-1734 251 19 , , PUNCT cblr-1734 251 20 recent recent ADJ cblr-1734 251 21 data datum NOUN cblr-1734 251 22 allow allow VERB cblr-1734 251 23 more more ADV cblr-1734 251 24 accurate accurate ADJ cblr-1734 251 25 analysis analysis NOUN cblr-1734 251 26 of of ADP cblr-1734 251 27 the the DET cblr-1734 251 28 effects effect NOUN cblr-1734 251 29 of of ADP cblr-1734 251 30 rule rule NOUN cblr-1734 251 31 10b5 10b5 NUM cblr-1734 251 32 - - SYM cblr-1734 251 33 1 1 NUM cblr-1734 251 34 on on ADP cblr-1734 251 35 insider insider NOUN cblr-1734 251 36 - - PUNCT cblr-1734 251 37 trading trading NOUN cblr-1734 251 38 and and CCONJ cblr-1734 251 39 profitability.37 profitability.37 VERB cblr-1734 251 40 b. b. PROPN cblr-1734 251 41 methodology methodology NOUN cblr-1734 251 42 to to PART cblr-1734 251 43 analyze analyze VERB cblr-1734 251 44 and and CCONJ cblr-1734 251 45 compare compare VERB cblr-1734 251 46 whether whether SCONJ cblr-1734 251 47 insiders insider NOUN cblr-1734 251 48 ’ ' PUNCT cblr-1734 251 49 10b5 10b5 NUM cblr-1734 251 50 - - SYM cblr-1734 251 51 1 1 NUM cblr-1734 251 52 and and CCONJ cblr-1734 251 53 non-10b5 non-10b5 NOUN cblr-1734 251 54 - - PUNCT cblr-1734 251 55 1 1 NUM cblr-1734 251 56 purchases purchase NOUN cblr-1734 251 57 and and CCONJ cblr-1734 251 58 sales sale NOUN cblr-1734 251 59 predict predict VERB cblr-1734 251 60 future future ADJ cblr-1734 251 61 stock stock NOUN cblr-1734 251 62 returns return NOUN cblr-1734 251 63 , , PUNCT cblr-1734 251 64 we we PRON cblr-1734 251 65 evaluate evaluate VERB cblr-1734 251 66 the the DET cblr-1734 251 67 calendar calendar NOUN cblr-1734 251 68 - - PUNCT cblr-1734 251 69 time time NOUN cblr-1734 251 70 portfolio portfolio NOUN cblr-1734 251 71 approach approach NOUN cblr-1734 251 72 for for ADP cblr-1734 251 73 tests test NOUN cblr-1734 251 74 of of ADP cblr-1734 251 75 long long ADV cblr-1734 251 76 - - PUNCT cblr-1734 251 77 run run VERB cblr-1734 251 78 abnormal abnormal ADJ cblr-1734 251 79 stock stock NOUN cblr-1734 251 80 returns.38 returns.38 PROPN cblr-1734 251 81 previous previous ADJ cblr-1734 251 82 research research NOUN cblr-1734 251 83 utilizing utilize VERB cblr-1734 251 84 event event NOUN cblr-1734 251 85 studies39 studies39 NOUN cblr-1734 251 86 suggests suggest VERB cblr-1734 251 87 that that SCONJ cblr-1734 251 88 this this DET cblr-1734 251 89 approach approach NOUN cblr-1734 251 90 mitigates mitigate VERB cblr-1734 251 91 the the DET cblr-1734 251 92 skewness skewness NOUN cblr-1734 251 93 bias bias NOUN cblr-1734 251 94 that that PRON cblr-1734 251 95 arises arise VERB cblr-1734 251 96 because because SCONJ cblr-1734 251 97 of of ADP cblr-1734 251 98 the the DET cblr-1734 251 99 documented document VERB cblr-1734 251 100 positive positive ADJ cblr-1734 251 101 skewed skewed ADJ cblr-1734 251 102 distribution distribution NOUN cblr-1734 251 103 of of ADP cblr-1734 251 104 the the DET cblr-1734 251 105 long long ADV cblr-1734 251 106 - - PUNCT cblr-1734 251 107 run run VERB cblr-1734 251 108 abnormal abnormal ADJ cblr-1734 251 109 returns.40 returns.40 NOUN cblr-1734 251 110 the the DET cblr-1734 251 111 distribution distribution NOUN cblr-1734 251 112 of of ADP cblr-1734 251 113 the the DET cblr-1734 251 114 calendar calendar NOUN cblr-1734 251 115 - - PUNCT cblr-1734 251 116 time time NOUN cblr-1734 251 117 portfolio portfolio NOUN cblr-1734 251 118 approach approach NOUN cblr-1734 251 119 estimator estimator NOUN cblr-1734 251 120 is be AUX cblr-1734 251 121 better well ADV cblr-1734 251 122 approximated approximate VERB cblr-1734 251 123 by by ADP cblr-1734 251 124 the the DET cblr-1734 251 125 normal normal ADJ cblr-1734 251 126 distribution distribution NOUN cblr-1734 251 127 that that PRON cblr-1734 251 128 allows allow VERB cblr-1734 251 129 for for ADP cblr-1734 251 130 standard standard ADJ cblr-1734 251 131 statistical statistical ADJ cblr-1734 251 132 inference inference NOUN cblr-1734 251 133 . . PUNCT cblr-1734 252 1 because because SCONJ cblr-1734 252 2 the the DET cblr-1734 252 3     SPACE cblr-1734 252 4 37 37 NUM cblr-1734 252 5 see see NOUN cblr-1734 252 6 , , PUNCT cblr-1734 252 7 e.g. e.g. ADV cblr-1734 252 8 , , PUNCT cblr-1734 252 9 jagolinzer jagolinzer NOUN cblr-1734 252 10 , , PUNCT cblr-1734 252 11 supra supra PROPN cblr-1734 252 12 note note PROPN cblr-1734 252 13 4 4 NUM cblr-1734 252 14 ; ; PUNCT cblr-1734 252 15 henderson henderson PROPN cblr-1734 252 16 et et PROPN cblr-1734 252 17 al al PROPN cblr-1734 252 18 . . PROPN cblr-1734 252 19 , , PUNCT cblr-1734 252 20 supra supra PROPN cblr-1734 252 21 note note PROPN cblr-1734 252 22 4 4 NUM cblr-1734 252 23 ; ; PUNCT cblr-1734 252 24 sen sen PROPN cblr-1734 252 25 , , PUNCT cblr-1734 252 26 supra supra PROPN cblr-1734 252 27 note note NOUN cblr-1734 252 28 27 27 NUM cblr-1734 252 29 . . PUNCT cblr-1734 252 30 38 38 NUM cblr-1734 252 31 for for ADP cblr-1734 252 32 a a DET cblr-1734 252 33 thorough thorough ADJ cblr-1734 252 34 discussion discussion NOUN cblr-1734 252 35 of of ADP cblr-1734 252 36 this this DET cblr-1734 252 37 approach approach NOUN cblr-1734 252 38 , , PUNCT cblr-1734 252 39 see see VERB cblr-1734 252 40 eugene eugene PROPN cblr-1734 252 41 f. f. PROPN cblr-1734 252 42 fama fama PROPN cblr-1734 252 43 , , PUNCT cblr-1734 252 44 market market NOUN cblr-1734 252 45 efficiency efficiency NOUN cblr-1734 252 46 , , PUNCT cblr-1734 252 47 long long ADJ cblr-1734 252 48 - - PUNCT cblr-1734 252 49 term term NOUN cblr-1734 252 50 returns return NOUN cblr-1734 252 51 , , PUNCT cblr-1734 252 52 and and CCONJ cblr-1734 252 53 behavioral behavioral ADJ cblr-1734 252 54 finance finance NOUN cblr-1734 252 55 , , PUNCT cblr-1734 252 56 49 49 NUM cblr-1734 252 57 j. j. PROPN cblr-1734 252 58 fin fin PROPN cblr-1734 252 59 . . PUNCT cblr-1734 252 60 econ econ PROPN cblr-1734 252 61 . . PUNCT cblr-1734 253 1 283 283 NUM cblr-1734 253 2 ( ( PUNCT cblr-1734 253 3 1998 1998 NUM cblr-1734 253 4 ) ) PUNCT cblr-1734 253 5 . . PUNCT cblr-1734 254 1 for for ADP cblr-1734 254 2 implementation implementation NOUN cblr-1734 254 3 , , PUNCT cblr-1734 254 4 see see VERB cblr-1734 254 5 , , PUNCT cblr-1734 254 6 e.g. e.g. ADV cblr-1734 254 7 , , PUNCT cblr-1734 254 8 tim tim PROPN cblr-1734 254 9 loughran loughran PROPN cblr-1734 254 10 & & CCONJ cblr-1734 254 11 jay jay PROPN cblr-1734 254 12 r. r. PROPN cblr-1734 254 13 ritter ritter PROPN cblr-1734 254 14 , , PUNCT cblr-1734 254 15 the the DET cblr-1734 254 16 new new ADJ cblr-1734 254 17 issue issue NOUN cblr-1734 254 18 puzzle puzzle NOUN cblr-1734 254 19 , , PUNCT cblr-1734 254 20 50 50 NUM cblr-1734 254 21 j. j. PROPN cblr-1734 254 22 fin fin PROPN cblr-1734 254 23 . . PUNCT cblr-1734 255 1 23 23 NUM cblr-1734 255 2 ( ( PUNCT cblr-1734 255 3 1995 1995 NUM cblr-1734 255 4 ) ) PUNCT cblr-1734 255 5 ; ; PUNCT cblr-1734 256 1 brad brad PROPN cblr-1734 256 2 m. m. PROPN cblr-1734 256 3 barber barber PROPN cblr-1734 256 4 & & CCONJ cblr-1734 256 5 terrance terrance PROPN cblr-1734 256 6 odean odean PROPN cblr-1734 256 7 , , PUNCT cblr-1734 256 8 boys boy NOUN cblr-1734 256 9 will will AUX cblr-1734 256 10 be be AUX cblr-1734 256 11 boys boy NOUN cblr-1734 256 12 : : PUNCT cblr-1734 256 13 gender gender NOUN cblr-1734 256 14 , , PUNCT cblr-1734 256 15 overconfidence overconfidence NOUN cblr-1734 256 16 , , PUNCT cblr-1734 256 17 and and CCONJ cblr-1734 256 18 common common ADJ cblr-1734 256 19 stock stock NOUN cblr-1734 256 20 investment investment NOUN cblr-1734 256 21 , , PUNCT cblr-1734 256 22 116 116 NUM cblr-1734 256 23 q.j q.j PROPN cblr-1734 256 24 . . PROPN cblr-1734 256 25 econ econ PROPN cblr-1734 256 26 . . PUNCT cblr-1734 257 1 261 261 NUM cblr-1734 257 2 ( ( PUNCT cblr-1734 257 3 2001 2001 NUM cblr-1734 257 4 ) ) PUNCT cblr-1734 257 5 ; ; PUNCT cblr-1734 257 6 brad brad PROPN cblr-1734 257 7 m. m. PROPN cblr-1734 257 8 barber barber PROPN cblr-1734 257 9 , , PUNCT cblr-1734 257 10 reuven reuven PROPN cblr-1734 257 11 lehavy lehavy PROPN cblr-1734 257 12 & & CCONJ cblr-1734 257 13 brett brett PROPN cblr-1734 257 14 trueman trueman PROPN cblr-1734 257 15 , , PUNCT cblr-1734 257 16 comparing compare VERB cblr-1734 257 17 the the DET cblr-1734 257 18 stock stock NOUN cblr-1734 257 19 recommendation recommendation NOUN cblr-1734 257 20 performance performance NOUN cblr-1734 257 21 of of ADP cblr-1734 257 22 investment investment NOUN cblr-1734 257 23 banks bank NOUN cblr-1734 257 24 and and CCONJ cblr-1734 257 25 independent independent ADJ cblr-1734 257 26 research research NOUN cblr-1734 257 27 firms firm NOUN cblr-1734 257 28 , , PUNCT cblr-1734 257 29 85 85 NUM cblr-1734 257 30 j. j. PROPN cblr-1734 257 31 fin fin PROPN cblr-1734 257 32 . . PUNCT cblr-1734 257 33 econ econ PROPN cblr-1734 257 34 . . PUNCT cblr-1734 258 1 490 490 NUM cblr-1734 258 2 ( ( PUNCT cblr-1734 258 3 2007 2007 NUM cblr-1734 258 4 ) ) PUNCT cblr-1734 258 5 . . PUNCT cblr-1734 259 1 for for ADP cblr-1734 259 2 implementation implementation NOUN cblr-1734 259 3 in in ADP cblr-1734 259 4 recent recent ADJ cblr-1734 259 5 work work NOUN cblr-1734 259 6 , , PUNCT cblr-1734 259 7 see see VERB cblr-1734 259 8 jagolinzer jagolinzer NOUN cblr-1734 259 9 , , PUNCT cblr-1734 259 10 supra supra PROPN cblr-1734 259 11 note note NOUN cblr-1734 259 12 4 4 NUM cblr-1734 259 13 . . SYM cblr-1734 259 14 39 39 NUM cblr-1734 259 15 see see VERB cblr-1734 259 16 , , PUNCT cblr-1734 259 17 e.g. e.g. ADV cblr-1734 259 18 , , PUNCT cblr-1734 259 19 brad brad PROPN cblr-1734 259 20 m. m. PROPN cblr-1734 259 21 barber barber PROPN cblr-1734 259 22 & & CCONJ cblr-1734 259 23 john john PROPN cblr-1734 259 24 d. d. PROPN cblr-1734 259 25 lyon lyon PROPN cblr-1734 259 26 , , PUNCT cblr-1734 259 27 detecting detect VERB cblr-1734 259 28 long long ADV cblr-1734 259 29 - - PUNCT cblr-1734 259 30 run run VERB cblr-1734 259 31 abnormal abnormal ADJ cblr-1734 259 32 stock stock NOUN cblr-1734 259 33 returns return NOUN cblr-1734 259 34 : : PUNCT cblr-1734 259 35 the the DET cblr-1734 259 36 empirical empirical ADJ cblr-1734 259 37 power power NOUN cblr-1734 259 38 and and CCONJ cblr-1734 259 39 specification specification NOUN cblr-1734 259 40 of of ADP cblr-1734 259 41 test test NOUN cblr-1734 259 42 statistics statistic NOUN cblr-1734 259 43 , , PUNCT cblr-1734 259 44 43 43 NUM cblr-1734 259 45 j. j. PROPN cblr-1734 259 46 fin fin PROPN cblr-1734 259 47 . . PUNCT cblr-1734 259 48 econ econ PROPN cblr-1734 259 49 . . PUNCT cblr-1734 260 1 341 341 NUM cblr-1734 260 2 ( ( PUNCT cblr-1734 260 3 1997 1997 NUM cblr-1734 260 4 ) ) PUNCT cblr-1734 260 5 ; ; PUNCT cblr-1734 260 6 john john PROPN cblr-1734 260 7 d. d. PROPN cblr-1734 260 8 lyon lyon PROPN cblr-1734 260 9 , , PUNCT cblr-1734 260 10 brad brad PROPN cblr-1734 260 11 m. m. PROPN cblr-1734 260 12 barber barber PROPN cblr-1734 260 13 & & CCONJ cblr-1734 260 14 chih chih PROPN cblr-1734 260 15 - - PUNCT cblr-1734 260 16 ling ling PROPN cblr-1734 260 17 tsai tsai PROPN cblr-1734 260 18 , , PUNCT cblr-1734 260 19 improved improve VERB cblr-1734 260 20 methods method NOUN cblr-1734 260 21 for for ADP cblr-1734 260 22 tests test NOUN cblr-1734 260 23 of of ADP cblr-1734 260 24 long long ADV cblr-1734 260 25 - - PUNCT cblr-1734 260 26 run run VERB cblr-1734 260 27 abnormal abnormal ADJ cblr-1734 260 28 stock stock NOUN cblr-1734 260 29 returns return NOUN cblr-1734 260 30 , , PUNCT cblr-1734 260 31 54 54 NUM cblr-1734 260 32 j. j. PROPN cblr-1734 260 33 fin fin PROPN cblr-1734 260 34 . . PUNCT cblr-1734 261 1 165 165 NUM cblr-1734 261 2 ( ( PUNCT cblr-1734 261 3 1999 1999 NUM cblr-1734 261 4 ) ) PUNCT cblr-1734 261 5 ; ; PUNCT cblr-1734 261 6 s.p s.p PROPN cblr-1734 261 7 . . PROPN cblr-1734 261 8 kothari kothari PROPN cblr-1734 261 9 & & CCONJ cblr-1734 261 10 jerold jerold PROPN cblr-1734 261 11 b. b. PROPN cblr-1734 261 12 warner warner PROPN cblr-1734 261 13 , , PUNCT cblr-1734 261 14 measuring measure VERB cblr-1734 261 15 long long ADJ cblr-1734 261 16 - - PUNCT cblr-1734 261 17 horizon horizon NOUN cblr-1734 261 18 security security NOUN cblr-1734 261 19 price price NOUN cblr-1734 261 20 performance performance NOUN cblr-1734 261 21 , , PUNCT cblr-1734 261 22 43 43 NUM cblr-1734 261 23 j. j. PROPN cblr-1734 261 24 fin fin PROPN cblr-1734 261 25 . . PUNCT cblr-1734 261 26 econ econ PROPN cblr-1734 261 27 . . PUNCT cblr-1734 262 1 301 301 NUM cblr-1734 262 2 ( ( PUNCT cblr-1734 262 3 1997 1997 NUM cblr-1734 262 4 ) ) PUNCT cblr-1734 262 5 ; ; PUNCT cblr-1734 262 6 mark mark PROPN cblr-1734 262 7 j. j. PROPN cblr-1734 262 8 mitchell mitchell PROPN cblr-1734 262 9 & & CCONJ cblr-1734 262 10 erik erik PROPN cblr-1734 262 11 stafford stafford PROPN cblr-1734 262 12 , , PUNCT cblr-1734 262 13 managerial managerial ADJ cblr-1734 262 14 decisions decision NOUN cblr-1734 262 15 and and CCONJ cblr-1734 262 16 longterm longterm VERB cblr-1734 262 17 stock stock NOUN cblr-1734 262 18 price price NOUN cblr-1734 262 19 performance performance NOUN cblr-1734 262 20 , , PUNCT cblr-1734 262 21 73 73 NUM cblr-1734 262 22 j. j. PROPN cblr-1734 262 23 bus bus PROPN cblr-1734 262 24 . . PUNCT cblr-1734 263 1 287 287 NUM cblr-1734 263 2 ( ( PUNCT cblr-1734 263 3 2000 2000 NUM cblr-1734 263 4 ) ) PUNCT cblr-1734 263 5 . . PUNCT cblr-1734 264 1 40 40 NUM cblr-1734 265 1 the the DET cblr-1734 265 2 positive positive ADJ cblr-1734 265 3 skewness skewness NOUN cblr-1734 265 4 leads lead VERB cblr-1734 265 5 to to ADP cblr-1734 265 6 negatively negatively ADV cblr-1734 265 7 biased bias VERB cblr-1734 265 8 t t PROPN cblr-1734 265 9 - - PUNCT cblr-1734 265 10 statistics statistic NOUN cblr-1734 265 11 causing cause VERB cblr-1734 265 12 smaller small ADJ cblr-1734 265 13 p p NOUN cblr-1734 265 14 values value NOUN cblr-1734 265 15 for for ADP cblr-1734 265 16 lower lower ADV cblr-1734 265 17 - - PUNCT cblr-1734 265 18 tailed tail VERB cblr-1734 265 19 tests test NOUN cblr-1734 265 20 ( ( PUNCT cblr-1734 265 21 thus thus ADV cblr-1734 265 22 an an DET cblr-1734 265 23 inflated inflated ADJ cblr-1734 265 24 significance significance NOUN cblr-1734 265 25 level level NOUN cblr-1734 265 26 ) ) PUNCT cblr-1734 265 27 , , PUNCT cblr-1734 265 28 and and CCONJ cblr-1734 265 29 larger large ADJ cblr-1734 265 30 p p NOUN cblr-1734 265 31 values value NOUN cblr-1734 265 32 for for ADP cblr-1734 265 33 upper upper ADV cblr-1734 265 34 - - PUNCT cblr-1734 265 35 tailed tail VERB cblr-1734 265 36 tests test NOUN cblr-1734 265 37 ( ( PUNCT cblr-1734 265 38 thus thus ADV cblr-1734 265 39 a a DET cblr-1734 265 40 loss loss NOUN cblr-1734 265 41 of of ADP cblr-1734 265 42 power power NOUN cblr-1734 265 43 ) ) PUNCT cblr-1734 265 44 . . PUNCT cblr-1734 266 1 see see VERB cblr-1734 266 2 seyhun seyhun PROPN cblr-1734 266 3 , , PUNCT cblr-1734 266 4 supra supra PROPN cblr-1734 266 5 note note NOUN cblr-1734 266 6 34 34 NUM cblr-1734 266 7 . . PUNCT cblr-1734 267 1 mavruk mavruk PROPN cblr-1734 267 2 & & CCONJ cblr-1734 267 3 seyhun seyhun PROPN cblr-1734 267 4 – – PUNCT cblr-1734 267 5 final final ADJ cblr-1734 267 6 156 156 NUM cblr-1734 267 7 columbia columbia PROPN cblr-1734 267 8 business business NOUN cblr-1734 267 9 law law PROPN cblr-1734 267 10 review review NOUN cblr-1734 267 11 [ [ X cblr-1734 267 12 vol vol NOUN cblr-1734 267 13 . . NOUN cblr-1734 267 14 2016 2016 NUM cblr-1734 267 15 firm firm ADJ cblr-1734 267 16 returns return NOUN cblr-1734 267 17 are be AUX cblr-1734 267 18 clustered cluster VERB cblr-1734 267 19 into into ADP cblr-1734 267 20 a a DET cblr-1734 267 21 single single ADJ cblr-1734 267 22 portfolio portfolio NOUN cblr-1734 267 23 , , PUNCT cblr-1734 267 24 using use VERB cblr-1734 267 25 a a DET cblr-1734 267 26 calendar calendar NOUN cblr-1734 267 27 - - PUNCT cblr-1734 267 28 time time NOUN cblr-1734 267 29 portfolio portfolio NOUN cblr-1734 267 30 approach approach NOUN cblr-1734 267 31 also also ADV cblr-1734 267 32 eliminates eliminate VERB cblr-1734 267 33 the the DET cblr-1734 267 34 problem problem NOUN cblr-1734 267 35 of of ADP cblr-1734 267 36 cross cross ADJ cblr-1734 267 37 - - ADJ cblr-1734 267 38 sectional sectional ADJ cblr-1734 267 39 dependence dependence NOUN cblr-1734 267 40 among among ADP cblr-1734 267 41 the the DET cblr-1734 267 42 event event NOUN cblr-1734 267 43 - - PUNCT cblr-1734 267 44 firm firm ADJ cblr-1734 267 45 abnormal abnormal ADJ cblr-1734 267 46 returns return NOUN cblr-1734 267 47 in in ADP cblr-1734 267 48 the the DET cblr-1734 267 49 portfolio portfolio NOUN cblr-1734 267 50 variance variance NOUN cblr-1734 267 51 . . PUNCT cblr-1734 268 1 for for ADP cblr-1734 268 2 each each DET cblr-1734 268 3 holding hold VERB cblr-1734 268 4 period period NOUN cblr-1734 268 5 , , PUNCT cblr-1734 268 6 we we PRON cblr-1734 268 7 obtain obtain VERB cblr-1734 268 8 daily daily ADJ cblr-1734 268 9 calendar calendar NOUN cblr-1734 268 10 - - PUNCT cblr-1734 268 11 time time NOUN cblr-1734 268 12 portfolio portfolio NOUN cblr-1734 268 13 returns return NOUN cblr-1734 268 14 for for ADP cblr-1734 268 15 2769 2769 NUM cblr-1734 268 16 insider insider NOUN cblr-1734 268 17 trade trade NOUN cblr-1734 268 18 days day NOUN cblr-1734 268 19 between between ADP cblr-1734 268 20 the the DET cblr-1734 268 21 years year NOUN cblr-1734 268 22 of of ADP cblr-1734 268 23 2003 2003 NUM cblr-1734 268 24 and and CCONJ cblr-1734 268 25 2013 2013 NUM cblr-1734 268 26 . . PUNCT cblr-1734 269 1 we we PRON cblr-1734 269 2 compute compute VERB cblr-1734 269 3 calendar calendar NOUN cblr-1734 269 4 - - PUNCT cblr-1734 269 5 time time NOUN cblr-1734 269 6 portfolios portfolio NOUN cblr-1734 269 7 based base VERB cblr-1734 269 8 on on ADP cblr-1734 269 9 insider insider NOUN cblr-1734 269 10 - - PUNCT cblr-1734 269 11 trading trading NOUN cblr-1734 269 12 and and CCONJ cblr-1734 269 13 holding hold VERB cblr-1734 269 14 periods period NOUN cblr-1734 269 15 of of ADP cblr-1734 269 16 one one NUM cblr-1734 269 17 , , PUNCT cblr-1734 269 18 three three NUM cblr-1734 269 19 , , PUNCT cblr-1734 269 20 six six NUM cblr-1734 269 21 , , PUNCT cblr-1734 269 22 and and CCONJ cblr-1734 269 23 twelve twelve NUM cblr-1734 269 24 months month NOUN cblr-1734 269 25 following follow VERB cblr-1734 269 26 the the DET cblr-1734 269 27 insider insider NOUN cblr-1734 269 28 trade trade NOUN cblr-1734 269 29 . . PUNCT cblr-1734 270 1 in in ADP cblr-1734 270 2 tables table NOUN cblr-1734 270 3 2 2 NUM cblr-1734 270 4 and and CCONJ cblr-1734 270 5 3 3 NUM cblr-1734 270 6 , , PUNCT cblr-1734 270 7 we we PRON cblr-1734 270 8 form form VERB cblr-1734 270 9 four four NUM cblr-1734 270 10 portfolios portfolio NOUN cblr-1734 270 11 , , PUNCT cblr-1734 270 12 one one NUM cblr-1734 270 13 each each DET cblr-1734 270 14 for for ADP cblr-1734 270 15 10b5 10b5 NUM cblr-1734 270 16 - - SYM cblr-1734 270 17 1 1 NUM cblr-1734 270 18 and and CCONJ cblr-1734 270 19 non10b5 non10b5 PROPN cblr-1734 270 20 - - PUNCT cblr-1734 270 21 1 1 NUM cblr-1734 270 22 purchases purchase NOUN cblr-1734 270 23 and and CCONJ cblr-1734 270 24 one one NUM cblr-1734 270 25 each each DET cblr-1734 270 26 for for ADP cblr-1734 270 27 10b5 10b5 NUM cblr-1734 270 28 - - SYM cblr-1734 270 29 1 1 NUM cblr-1734 270 30 and and CCONJ cblr-1734 270 31 non-10b5 non-10b5 NOUN cblr-1734 270 32 - - PUNCT cblr-1734 270 33 1 1 NUM cblr-1734 270 34 sales sale NOUN cblr-1734 270 35 . . PUNCT cblr-1734 271 1 in in ADP cblr-1734 271 2 the the DET cblr-1734 271 3 remaining remain VERB cblr-1734 271 4 tables table NOUN cblr-1734 271 5 , , PUNCT cblr-1734 271 6 we we PRON cblr-1734 271 7 form form VERB cblr-1734 271 8 separate separate ADJ cblr-1734 271 9 portfolios portfolio NOUN cblr-1734 271 10 for for ADP cblr-1734 271 11 each each DET cblr-1734 271 12 insider insider NOUN cblr-1734 271 13 trade trade NOUN cblr-1734 271 14 pattern pattern NOUN cblr-1734 271 15 , , PUNCT cblr-1734 271 16 insider insider NOUN cblr-1734 271 17 position position NOUN cblr-1734 271 18 within within ADP cblr-1734 271 19 the the DET cblr-1734 271 20 firm firm NOUN cblr-1734 271 21 , , PUNCT cblr-1734 271 22 and and CCONJ cblr-1734 271 23 firm firm ADJ cblr-1734 271 24 characteristics characteristic NOUN cblr-1734 271 25 within within ADP cblr-1734 271 26 rule10b5 rule10b5 PROPN cblr-1734 271 27 - - PUNCT cblr-1734 271 28 1 1 NUM cblr-1734 271 29 and and CCONJ cblr-1734 271 30 non10b5 non10b5 PROPN cblr-1734 271 31 - - PUNCT cblr-1734 271 32 1 1 NUM cblr-1734 271 33 . . PUNCT cblr-1734 272 1 we we PRON cblr-1734 272 2 do do VERB cblr-1734 272 3 this this PRON cblr-1734 272 4 for for ADP cblr-1734 272 5 purchases purchase NOUN cblr-1734 272 6 and and CCONJ cblr-1734 272 7 sales sale NOUN cblr-1734 272 8 separately separately ADV cblr-1734 272 9 . . PUNCT cblr-1734 273 1 during during ADP cblr-1734 273 2 each each DET cblr-1734 273 3 holding hold VERB cblr-1734 273 4 period period NOUN cblr-1734 273 5 , , PUNCT cblr-1734 273 6 if if SCONJ cblr-1734 273 7 more more ADJ cblr-1734 273 8 than than ADP cblr-1734 273 9 one one NUM cblr-1734 273 10 insider insider NOUN cblr-1734 273 11 traded trade VERB cblr-1734 273 12 a a DET cblr-1734 273 13 particular particular ADJ cblr-1734 273 14 stock stock NOUN cblr-1734 273 15 , , PUNCT cblr-1734 273 16 or or CCONJ cblr-1734 273 17 if if SCONJ cblr-1734 273 18 the the DET cblr-1734 273 19 same same ADJ cblr-1734 273 20 insider insider NOUN cblr-1734 273 21 traded trade VERB cblr-1734 273 22 a a DET cblr-1734 273 23 stock stock NOUN cblr-1734 273 24 multiple multiple ADJ cblr-1734 273 25 times time NOUN cblr-1734 273 26 , , PUNCT cblr-1734 273 27 then then ADV cblr-1734 273 28 that that SCONJ cblr-1734 273 29 stock stock NOUN cblr-1734 273 30 will will AUX cblr-1734 273 31 appear appear VERB cblr-1734 273 32 multiple multiple ADJ cblr-1734 273 33 times time NOUN cblr-1734 273 34 in in ADP cblr-1734 273 35 the the DET cblr-1734 273 36 portfolio portfolio NOUN cblr-1734 273 37 . . PUNCT cblr-1734 274 1 the the DET cblr-1734 274 2 calendar calendar NOUN cblr-1734 274 3 - - PUNCT cblr-1734 274 4 time time NOUN cblr-1734 274 5 portfolio portfolio NOUN cblr-1734 274 6 return return NOUN cblr-1734 274 7 on on ADP cblr-1734 274 8 event event NOUN cblr-1734 274 9 date date NOUN cblr-1734 274 10 t t PROPN cblr-1734 274 11 is be AUX cblr-1734 274 12 given give VERB cblr-1734 274 13 by by ADP cblr-1734 274 14 equation equation NOUN cblr-1734 274 15 1 1 NUM cblr-1734 274 16 : : SYM cblr-1734 274 17 1 1 NUM cblr-1734 274 18 ∑ ∑ PUNCT cblr-1734 274 19 where where SCONJ cblr-1734 274 20 is be AUX cblr-1734 274 21 the the DET cblr-1734 274 22 gross gross ADJ cblr-1734 274 23 return return NOUN cblr-1734 274 24 ( ( PUNCT cblr-1734 274 25 with with ADP cblr-1734 274 26 dividends dividend NOUN cblr-1734 274 27 ) ) PUNCT cblr-1734 274 28 on on ADP cblr-1734 274 29 event event NOUN cblr-1734 274 30 date date NOUN cblr-1734 274 31 t t PROPN cblr-1734 274 32 for for ADP cblr-1734 274 33 trade trade NOUN cblr-1734 274 34 , , PUNCT cblr-1734 274 35 which which PRON cblr-1734 274 36 is be AUX cblr-1734 274 37 either either CCONJ cblr-1734 274 38 a a DET cblr-1734 274 39 purchase purchase NOUN cblr-1734 274 40 or or CCONJ cblr-1734 274 41 a a DET cblr-1734 274 42 sale sale NOUN cblr-1734 274 43 , , PUNCT cblr-1734 274 44 and and CCONJ cblr-1734 274 45 is be AUX cblr-1734 274 46 the the DET cblr-1734 274 47 number number NOUN cblr-1734 274 48 of of ADP cblr-1734 274 49 purchases purchase NOUN cblr-1734 274 50 or or CCONJ cblr-1734 274 51 sales sale NOUN cblr-1734 274 52 in in ADP cblr-1734 274 53 the the DET cblr-1734 274 54 portfolio portfolio NOUN cblr-1734 274 55 corresponding correspond VERB cblr-1734 274 56 to to ADP cblr-1734 274 57 holding hold VERB cblr-1734 274 58 periods period NOUN cblr-1734 274 59 of of ADP cblr-1734 274 60 one one NUM cblr-1734 274 61 , , PUNCT cblr-1734 274 62 three three NUM cblr-1734 274 63 , , PUNCT cblr-1734 274 64 six six NUM cblr-1734 274 65 , , PUNCT cblr-1734 274 66 and and CCONJ cblr-1734 274 67 twelve twelve NUM cblr-1734 274 68 months month NOUN cblr-1734 274 69 , , PUNCT cblr-1734 274 70 respectively respectively ADV cblr-1734 274 71 . . PUNCT cblr-1734 275 1 this this DET cblr-1734 275 2 calculation calculation NOUN cblr-1734 275 3 yields yield VERB cblr-1734 275 4 a a DET cblr-1734 275 5 time time NOUN cblr-1734 275 6 series series NOUN cblr-1734 275 7 of of ADP cblr-1734 275 8 daily daily ADJ cblr-1734 275 9 returns return NOUN cblr-1734 275 10 for for ADP cblr-1734 275 11 each each DET cblr-1734 275 12 portfolio portfolio NOUN cblr-1734 275 13 , , PUNCT cblr-1734 275 14 . . PUNCT cblr-1734 276 1 we we PRON cblr-1734 276 2 compute compute VERB cblr-1734 276 3 excess excess ADJ cblr-1734 276 4 returns return NOUN cblr-1734 276 5 by by ADP cblr-1734 276 6 subtracting subtract VERB cblr-1734 276 7 the the DET cblr-1734 276 8 risk risk NOUN cblr-1734 276 9 - - PUNCT cblr-1734 276 10 free free ADJ cblr-1734 276 11 rate rate NOUN cblr-1734 276 12 from from ADP cblr-1734 276 13 each each DET cblr-1734 276 14 portfolio portfolio NOUN cblr-1734 276 15 ’s ’s PART cblr-1734 276 16 gross gross ADJ cblr-1734 276 17 return return NOUN cblr-1734 276 18 . . PUNCT cblr-1734 277 1 we we PRON cblr-1734 277 2 then then ADV cblr-1734 277 3 estimate estimate VERB cblr-1734 277 4 abnormal abnormal ADJ cblr-1734 277 5 returns return NOUN cblr-1734 277 6 by by ADP cblr-1734 277 7 regressing regress VERB cblr-1734 277 8 these these DET cblr-1734 277 9 daily daily ADJ cblr-1734 277 10 portfolio portfolio NOUN cblr-1734 277 11 excess excess ADJ cblr-1734 277 12 returns return NOUN cblr-1734 277 13 on on ADP cblr-1734 277 14 the the DET cblr-1734 277 15 daily daily ADJ cblr-1734 277 16 excess excess ADJ cblr-1734 277 17 return return NOUN cblr-1734 277 18 to to ADP cblr-1734 277 19 the the DET cblr-1734 277 20 equally equally ADV cblr-1734 277 21 - - PUNCT cblr-1734 277 22 weighted weight VERB cblr-1734 277 23 index index NOUN cblr-1734 277 24 of of ADP cblr-1734 277 25 new new PROPN cblr-1734 277 26 york york PROPN cblr-1734 277 27 stock stock PROPN cblr-1734 277 28 exchange exchange PROPN cblr-1734 277 29 , , PUNCT cblr-1734 277 30 amex amex PROPN cblr-1734 277 31 , , PUNCT cblr-1734 277 32 and and CCONJ cblr-1734 277 33 nasdaq nasdaq PROPN cblr-1734 277 34 stocks stock NOUN cblr-1734 277 35 and and CCONJ cblr-1734 277 36 other other ADJ cblr-1734 277 37 risk risk NOUN cblr-1734 277 38 factors.41 factors.41 NOUN cblr-1734 277 39 we we PRON cblr-1734 277 40 follow follow VERB cblr-1734 277 41 the the DET cblr-1734 277 42 standard standard NOUN cblr-1734 277 43     SPACE cblr-1734 277 44 41 41 NUM cblr-1734 277 45 although although SCONJ cblr-1734 277 46 not not PART cblr-1734 277 47 reported report VERB cblr-1734 277 48 here here ADV cblr-1734 277 49 , , PUNCT cblr-1734 277 50 using use VERB cblr-1734 277 51 the the DET cblr-1734 277 52 total total ADJ cblr-1734 277 53 return return NOUN cblr-1734 277 54 as as ADP cblr-1734 277 55 the the DET cblr-1734 277 56 benchmark benchmark NOUN cblr-1734 277 57 for for ADP cblr-1734 277 58 the the DET cblr-1734 277 59 value value NOUN cblr-1734 277 60 - - PUNCT cblr-1734 277 61 weighted weight VERB cblr-1734 277 62 market market NOUN cblr-1734 277 63 portfolio portfolio NOUN cblr-1734 277 64 instead instead ADV cblr-1734 277 65 of of ADP cblr-1734 277 66 the the DET cblr-1734 277 67 total total ADJ cblr-1734 277 68 return return NOUN cblr-1734 277 69 to to ADP cblr-1734 277 70 the the DET cblr-1734 277 71 equally equally ADV cblr-1734 277 72 - - PUNCT cblr-1734 277 73 weighted weight VERB cblr-1734 277 74 market market NOUN cblr-1734 277 75 portfolio portfolio NOUN cblr-1734 277 76 gives give VERB cblr-1734 277 77 similar similar ADJ cblr-1734 277 78 results result NOUN cblr-1734 277 79 . . PUNCT cblr-1734 278 1 mavruk mavruk PROPN cblr-1734 278 2 & & CCONJ cblr-1734 278 3 seyhun seyhun PROPN cblr-1734 278 4 – – PUNCT cblr-1734 278 5 final final ADJ cblr-1734 278 6 no no NOUN cblr-1734 278 7 . . PUNCT cblr-1734 279 1 1:133 1:133 NUM cblr-1734 279 2 ] ] X cblr-1734 279 3 sec sec PROPN cblr-1734 279 4 ’s ’s PART cblr-1734 279 5 10b5 10b5 NUM cblr-1734 279 6 - - SYM cblr-1734 279 7 1 1 NUM cblr-1734 279 8 safe safe ADJ cblr-1734 279 9 harbor harbor NOUN cblr-1734 279 10 rules rule VERB cblr-1734 279 11 157 157 NUM cblr-1734 279 12 literature42 literature42 NOUN cblr-1734 279 13 and and CCONJ cblr-1734 279 14 use use VERB cblr-1734 279 15 fama fama NOUN cblr-1734 279 16 - - PUNCT cblr-1734 279 17 french french ADJ cblr-1734 279 18 and and CCONJ cblr-1734 279 19 carhart carhart NOUN cblr-1734 279 20 factors factor NOUN cblr-1734 279 21 to to PART cblr-1734 279 22 control control VERB cblr-1734 279 23 for for ADP cblr-1734 279 24 expected expect VERB cblr-1734 279 25 returns return NOUN cblr-1734 279 26 in in ADP cblr-1734 279 27 the the DET cblr-1734 279 28 regressions.43 regressions.43 NOUN cblr-1734 279 29 in in ADP cblr-1734 279 30 these these DET cblr-1734 279 31 regressions regression NOUN cblr-1734 279 32 , , PUNCT cblr-1734 279 33 abnormal abnormal ADJ cblr-1734 279 34 return return NOUN cblr-1734 279 35 is be AUX cblr-1734 279 36 calculated calculate VERB cblr-1734 279 37 as as ADP cblr-1734 279 38 the the DET cblr-1734 279 39 intercept intercept NOUN cblr-1734 279 40 , , PUNCT cblr-1734 279 41 from from ADP cblr-1734 279 42 the the DET cblr-1734 279 43 four four NUM cblr-1734 279 44 - - PUNCT cblr-1734 279 45 factor factor NOUN cblr-1734 279 46 model model NOUN cblr-1734 279 47 , , PUNCT cblr-1734 279 48 in in ADP cblr-1734 279 49 the the DET cblr-1734 279 50 following following ADJ cblr-1734 279 51 time time NOUN cblr-1734 279 52 series series PROPN cblr-1734 279 53 regression regression NOUN cblr-1734 279 54 for for ADP cblr-1734 279 55 each each DET cblr-1734 279 56 portfolio portfolio NOUN cblr-1734 279 57 . . PUNCT cblr-1734 280 1 all all DET cblr-1734 280 2 daily daily ADJ cblr-1734 280 3 returns return NOUN cblr-1734 280 4 are be AUX cblr-1734 280 5 expressed express VERB cblr-1734 280 6 in in ADP cblr-1734 280 7 basis basis NOUN cblr-1734 280 8 points point NOUN cblr-1734 280 9 . . PUNCT cblr-1734 281 1 2 2 NUM cblr-1734 281 2 is be AUX cblr-1734 281 3 the the DET cblr-1734 281 4 simple simple ADJ cblr-1734 281 5 daily daily ADJ cblr-1734 281 6 return return NOUN cblr-1734 281 7 on on ADP cblr-1734 281 8 the the DET cblr-1734 281 9 calendar calendar NOUN cblr-1734 281 10 - - PUNCT cblr-1734 281 11 time time NOUN cblr-1734 281 12 portfolio portfolio NOUN cblr-1734 281 13 formed form VERB cblr-1734 281 14 for for ADP cblr-1734 281 15 each each DET cblr-1734 281 16 trade trade NOUN cblr-1734 281 17 group group NOUN cblr-1734 281 18 , , PUNCT cblr-1734 281 19 is be AUX cblr-1734 281 20 the the DET cblr-1734 281 21 daily daily ADJ cblr-1734 281 22 return return NOUN cblr-1734 281 23 on on ADP cblr-1734 281 24 three three NUM cblr-1734 281 25 - - PUNCT cblr-1734 281 26 month month NOUN cblr-1734 281 27 u.s u.s PROPN cblr-1734 281 28 . . PROPN cblr-1734 281 29 treasury treasury PROPN cblr-1734 281 30 bills bill NOUN cblr-1734 281 31 , , PUNCT cblr-1734 281 32 is be AUX cblr-1734 281 33 the the DET cblr-1734 281 34 return return NOUN cblr-1734 281 35 on on ADP cblr-1734 281 36 an an DET cblr-1734 281 37 equally equally ADV cblr-1734 281 38 - - PUNCT cblr-1734 281 39 weighted weight VERB cblr-1734 281 40 market market NOUN cblr-1734 281 41 index index NOUN cblr-1734 281 42 , , PUNCT cblr-1734 281 43 is be AUX cblr-1734 281 44 the the DET cblr-1734 281 45 difference difference NOUN cblr-1734 281 46 in in ADP cblr-1734 281 47 the the DET cblr-1734 281 48 returns return NOUN cblr-1734 281 49 of of ADP cblr-1734 281 50 value value NOUN cblr-1734 281 51 - - PUNCT cblr-1734 281 52 weighted weight VERB cblr-1734 281 53 portfolios portfolio NOUN cblr-1734 281 54 of of ADP cblr-1734 281 55 small small ADJ cblr-1734 281 56 stocks stock NOUN cblr-1734 281 57 and and CCONJ cblr-1734 281 58 large large ADJ cblr-1734 281 59 stocks stock NOUN cblr-1734 281 60 , , PUNCT cblr-1734 281 61 is be AUX cblr-1734 281 62 the the DET cblr-1734 281 63 difference difference NOUN cblr-1734 281 64 in in ADP cblr-1734 281 65 the the DET cblr-1734 281 66 returns return NOUN cblr-1734 281 67 of of ADP cblr-1734 281 68 valueweighted valueweighted ADJ cblr-1734 281 69 portfolios portfolio NOUN cblr-1734 281 70 of of ADP cblr-1734 281 71 high high ADJ cblr-1734 281 72 book book NOUN cblr-1734 281 73 - - PUNCT cblr-1734 281 74 to to ADP cblr-1734 281 75 - - PUNCT cblr-1734 281 76 market market NOUN cblr-1734 281 77 stocks stock NOUN cblr-1734 281 78 and and CCONJ cblr-1734 281 79 low low ADJ cblr-1734 281 80     SPACE cblr-1734 281 81 42 42 NUM cblr-1734 281 82 it it PRON cblr-1734 281 83 has have AUX cblr-1734 281 84 been be AUX cblr-1734 281 85 noted note VERB cblr-1734 281 86 however however ADV cblr-1734 281 87 , , PUNCT cblr-1734 281 88 that that SCONJ cblr-1734 281 89 common common ADJ cblr-1734 281 90 estimation estimation NOUN cblr-1734 281 91 procedures procedure NOUN cblr-1734 281 92 such such ADJ cblr-1734 281 93 as as ADP cblr-1734 281 94 cumulative cumulative ADJ cblr-1734 281 95 abnormal abnormal ADJ cblr-1734 281 96 return return NOUN cblr-1734 281 97 and and CCONJ cblr-1734 281 98 buy buy VERB cblr-1734 281 99 - - PUNCT cblr-1734 281 100 and and CCONJ cblr-1734 281 101 - - PUNCT cblr-1734 281 102 hold hold VERB cblr-1734 281 103 returns return NOUN cblr-1734 281 104 produce produce VERB cblr-1734 281 105 biased biased ADJ cblr-1734 281 106 test test NOUN cblr-1734 281 107 statistics statistic NOUN cblr-1734 281 108 . . PUNCT cblr-1734 282 1 in in ADP cblr-1734 282 2 addition addition NOUN cblr-1734 282 3 , , PUNCT cblr-1734 282 4 these these DET cblr-1734 282 5 methodologies methodology NOUN cblr-1734 282 6 ignore ignore VERB cblr-1734 282 7 crosssectional crosssectional ADJ cblr-1734 282 8 dependence dependence NOUN cblr-1734 282 9 of of ADP cblr-1734 282 10 event event NOUN cblr-1734 282 11 - - PUNCT cblr-1734 282 12 firm firm ADJ cblr-1734 282 13 abnormal abnormal ADJ cblr-1734 282 14 returns return NOUN cblr-1734 282 15 that that PRON cblr-1734 282 16 are be AUX cblr-1734 282 17 overlapping overlap VERB cblr-1734 282 18 in in ADP cblr-1734 282 19 calendar calendar NOUN cblr-1734 282 20 time time NOUN cblr-1734 282 21 ( ( PUNCT cblr-1734 282 22 which which PRON cblr-1734 282 23 is be AUX cblr-1734 282 24 a a DET cblr-1734 282 25 very very ADV cblr-1734 282 26 common common ADJ cblr-1734 282 27 feature feature NOUN cblr-1734 282 28 of of ADP cblr-1734 282 29 our our PRON cblr-1734 282 30 data datum NOUN cblr-1734 282 31 , , PUNCT cblr-1734 282 32 as as SCONJ cblr-1734 282 33 multiple multiple ADJ cblr-1734 282 34 executives executive NOUN cblr-1734 282 35 across across ADP cblr-1734 282 36 different different ADJ cblr-1734 282 37 firms firm NOUN cblr-1734 282 38 trade trade VERB cblr-1734 282 39 during during ADP cblr-1734 282 40 similar similar ADJ cblr-1734 282 41 time time NOUN cblr-1734 282 42 windows window NOUN cblr-1734 282 43 ) ) PUNCT cblr-1734 282 44 and and CCONJ cblr-1734 282 45 are be AUX cblr-1734 282 46 likely likely ADJ cblr-1734 282 47 to to PART cblr-1734 282 48 produce produce VERB cblr-1734 282 49 biased biased ADJ cblr-1734 282 50 test test NOUN cblr-1734 282 51 statistics statistic NOUN cblr-1734 282 52 . . PUNCT cblr-1734 283 1 therefore therefore ADV cblr-1734 283 2 , , PUNCT cblr-1734 283 3 lyon lyon PROPN cblr-1734 283 4 , , PUNCT cblr-1734 283 5 barber barber PROPN cblr-1734 283 6 and and CCONJ cblr-1734 283 7 tsai tsai PROPN cblr-1734 283 8 , , PUNCT cblr-1734 283 9 fama fama PROPN cblr-1734 283 10 , , PUNCT cblr-1734 283 11 and and CCONJ cblr-1734 283 12 mitchell mitchell PROPN cblr-1734 283 13 and and CCONJ cblr-1734 283 14 stafford stafford PROPN cblr-1734 283 15 advocate advocate VERB cblr-1734 283 16 a a DET cblr-1734 283 17 calendar calendar NOUN cblr-1734 283 18 - - PUNCT cblr-1734 283 19 time time NOUN cblr-1734 283 20 portfolio portfolio NOUN cblr-1734 283 21 approach approach NOUN cblr-1734 283 22 for for ADP cblr-1734 283 23 measuring measure VERB cblr-1734 283 24 long long ADJ cblr-1734 283 25 - - PUNCT cblr-1734 283 26 term term NOUN cblr-1734 283 27 abnormal abnormal ADJ cblr-1734 283 28 performance performance NOUN cblr-1734 283 29 . . PUNCT cblr-1734 284 1 by by ADP cblr-1734 284 2 forming form VERB cblr-1734 284 3 daily daily ADJ cblr-1734 284 4 calendar calendar NOUN cblr-1734 284 5 - - PUNCT cblr-1734 284 6 time time NOUN cblr-1734 284 7 portfolios portfolio NOUN cblr-1734 284 8 , , PUNCT cblr-1734 284 9 all all DET cblr-1734 284 10 cross cross NOUN cblr-1734 284 11 - - NOUN cblr-1734 284 12 correlations correlation NOUN cblr-1734 284 13 of of ADP cblr-1734 284 14 event event NOUN cblr-1734 284 15 - - PUNCT cblr-1734 284 16 firm firm ADJ cblr-1734 284 17 abnormal abnormal ADJ cblr-1734 284 18 returns return NOUN cblr-1734 284 19 are be AUX cblr-1734 284 20 automatically automatically ADV cblr-1734 284 21 accounted account VERB cblr-1734 284 22 for for ADP cblr-1734 284 23 in in ADP cblr-1734 284 24 the the DET cblr-1734 284 25 portfolio portfolio NOUN cblr-1734 284 26 variance variance NOUN cblr-1734 284 27 . . PUNCT cblr-1734 285 1 the the DET cblr-1734 285 2 distribution distribution NOUN cblr-1734 285 3 of of ADP cblr-1734 285 4 this this DET cblr-1734 285 5 estimator estimator NOUN cblr-1734 285 6 is be AUX cblr-1734 285 7 better well ADV cblr-1734 285 8 approximated approximate VERB cblr-1734 285 9 by by ADP cblr-1734 285 10 the the DET cblr-1734 285 11 normal normal ADJ cblr-1734 285 12 distribution distribution NOUN cblr-1734 285 13 , , PUNCT cblr-1734 285 14 allowing allow VERB cblr-1734 285 15 for for ADP cblr-1734 285 16 classical classical ADJ cblr-1734 285 17 statistical statistical ADJ cblr-1734 285 18 inference inference NOUN cblr-1734 285 19 . . PUNCT cblr-1734 286 1 see see VERB cblr-1734 286 2 barber barber PROPN cblr-1734 286 3 & & CCONJ cblr-1734 286 4 lyon lyon PROPN cblr-1734 286 5 , , PUNCT cblr-1734 286 6 supra supra PROPN cblr-1734 286 7 note note PROPN cblr-1734 286 8 39 39 NUM cblr-1734 286 9 ; ; PUNCT cblr-1734 286 10 fama fama NOUN cblr-1734 286 11 , , PUNCT cblr-1734 286 12 supra supra PROPN cblr-1734 286 13 note note PROPN cblr-1734 286 14 38 38 NUM cblr-1734 286 15 ; ; PUNCT cblr-1734 286 16 kothari kothari PROPN cblr-1734 286 17 & & CCONJ cblr-1734 286 18 warner warner PROPN cblr-1734 286 19 , , PUNCT cblr-1734 286 20 supra supra PROPN cblr-1734 286 21 note note PROPN cblr-1734 286 22 39 39 NUM cblr-1734 286 23 ; ; PUNCT cblr-1734 287 1 lyon lyon PROPN cblr-1734 287 2 , , PUNCT cblr-1734 287 3 barber barber PROPN cblr-1734 287 4 & & CCONJ cblr-1734 287 5 tsai tsai PROPN cblr-1734 287 6 , , PUNCT cblr-1734 287 7 supra supra PROPN cblr-1734 287 8 note note PROPN cblr-1734 287 9 39 39 NUM cblr-1734 287 10 ; ; PUNCT cblr-1734 287 11 mitchell mitchell PROPN cblr-1734 287 12 & & CCONJ cblr-1734 287 13 stafford stafford PROPN cblr-1734 287 14 , , PUNCT cblr-1734 287 15 supra supra PROPN cblr-1734 287 16 note note NOUN cblr-1734 287 17 39 39 NUM cblr-1734 287 18 . . PUNCT cblr-1734 288 1 43 43 NUM cblr-1734 289 1 these these DET cblr-1734 289 2 factors factor NOUN cblr-1734 289 3 include include VERB cblr-1734 289 4 market market NOUN cblr-1734 289 5 factor factor NOUN cblr-1734 289 6 , , PUNCT cblr-1734 289 7 book book NOUN cblr-1734 289 8 - - PUNCT cblr-1734 289 9 to to ADP cblr-1734 289 10 - - PUNCT cblr-1734 289 11 market market NOUN cblr-1734 289 12 factor factor NOUN cblr-1734 289 13 , , PUNCT cblr-1734 289 14 size size NOUN cblr-1734 289 15 and and CCONJ cblr-1734 289 16 momentum momentum NOUN cblr-1734 289 17 . . PUNCT cblr-1734 290 1 kenneth kenneth PROPN cblr-1734 290 2 r. r. PROPN cblr-1734 290 3 french french PROPN cblr-1734 290 4 , , PUNCT cblr-1734 290 5 current current ADJ cblr-1734 290 6 research research NOUN cblr-1734 290 7 returns return NOUN cblr-1734 290 8 , , PUNCT cblr-1734 290 9 kenneth kenneth PROPN cblr-1734 290 10 r. r. PROPN cblr-1734 290 11 french french PROPN cblr-1734 290 12 , , PUNCT cblr-1734 290 13 http://mba.tuck.dartmouth.edu/pages/faculty/ken.french/data_lib http://mba.tuck.dartmouth.edu/pages/faculty/ken.french/data_lib X cblr-1734 291 1 rary.html rary.html PROPN cblr-1734 291 2 [ [ X cblr-1734 291 3 http://perma.cc/4lfm-64j5 http://perma.cc/4lfm-64j5 X cblr-1734 291 4 ] ] X cblr-1734 291 5 . . PUNCT cblr-1734 292 1 for for ADP cblr-1734 292 2 implementation implementation NOUN cblr-1734 292 3 , , PUNCT cblr-1734 292 4 see see VERB cblr-1734 292 5 , , PUNCT cblr-1734 292 6 e.g. e.g. ADV cblr-1734 292 7 , , PUNCT cblr-1734 292 8 barber barber PROPN cblr-1734 292 9 & & CCONJ cblr-1734 292 10 lyon lyon PROPN cblr-1734 292 11 , , PUNCT cblr-1734 292 12 supra supra PROPN cblr-1734 292 13 note note PROPN cblr-1734 292 14 39 39 NUM cblr-1734 292 15 ; ; PUNCT cblr-1734 292 16 fama fama NOUN cblr-1734 292 17 , , PUNCT cblr-1734 292 18 supra supra PROPN cblr-1734 292 19 note note PROPN cblr-1734 292 20 38 38 NUM cblr-1734 292 21 ; ; PUNCT cblr-1734 293 1 mark mark NOUN cblr-1734 293 2 carhart carhart NOUN cblr-1734 293 3 , , PUNCT cblr-1734 293 4 on on ADP cblr-1734 293 5 persistence persistence NOUN cblr-1734 293 6 in in ADP cblr-1734 293 7 mutual mutual ADJ cblr-1734 293 8 fund fund NOUN cblr-1734 293 9 performance performance NOUN cblr-1734 293 10 , , PUNCT cblr-1734 293 11 52 52 NUM cblr-1734 293 12 j. j. PROPN cblr-1734 293 13 fin fin PROPN cblr-1734 293 14 . . PUNCT cblr-1734 294 1 57 57 NUM cblr-1734 294 2 ( ( PUNCT cblr-1734 294 3 1997 1997 NUM cblr-1734 294 4 ) ) PUNCT cblr-1734 294 5 . . PUNCT cblr-1734 295 1 mavruk mavruk PROPN cblr-1734 295 2 & & CCONJ cblr-1734 295 3 seyhun seyhun PROPN cblr-1734 295 4 – – PUNCT cblr-1734 295 5 final final ADJ cblr-1734 295 6 158 158 NUM cblr-1734 295 7 columbia columbia PROPN cblr-1734 295 8 business business NOUN cblr-1734 295 9 law law PROPN cblr-1734 295 10 review review NOUN cblr-1734 295 11 [ [ X cblr-1734 295 12 vol vol NOUN cblr-1734 295 13 . . NOUN cblr-1734 295 14 2016 2016 NUM cblr-1734 295 15 book book NOUN cblr-1734 295 16 - - PUNCT cblr-1734 295 17 to to ADP cblr-1734 295 18 - - PUNCT cblr-1734 295 19 market market NOUN cblr-1734 295 20 stocks stock NOUN cblr-1734 295 21 , , PUNCT cblr-1734 295 22 and and CCONJ cblr-1734 295 23 is be AUX cblr-1734 295 24 the the DET cblr-1734 295 25 difference difference NOUN cblr-1734 295 26 in in ADP cblr-1734 295 27 returns return NOUN cblr-1734 295 28 of of ADP cblr-1734 295 29 a a DET cblr-1734 295 30 value value NOUN cblr-1734 295 31 - - PUNCT cblr-1734 295 32 weighted weight VERB cblr-1734 295 33 portfolio portfolio NOUN cblr-1734 295 34 of of ADP cblr-1734 295 35 stocks stock NOUN cblr-1734 295 36 with with ADP cblr-1734 295 37 high high ADJ cblr-1734 295 38 and and CCONJ cblr-1734 295 39 low low ADJ cblr-1734 295 40 recent recent ADJ cblr-1734 295 41 ( ( PUNCT cblr-1734 295 42 six six NUM cblr-1734 295 43 months month NOUN cblr-1734 295 44 ) ) PUNCT cblr-1734 295 45 returns return NOUN cblr-1734 295 46 . . PUNCT cblr-1734 296 1 is be AUX cblr-1734 296 2 an an DET cblr-1734 296 3 independent independent ADJ cblr-1734 296 4 and and CCONJ cblr-1734 296 5 identically identically ADV cblr-1734 296 6 distributed distribute VERB cblr-1734 296 7 error error NOUN cblr-1734 296 8 term term NOUN cblr-1734 296 9 . . PUNCT cblr-1734 297 1 the the DET cblr-1734 297 2 estimate estimate NOUN cblr-1734 297 3 of of ADP cblr-1734 297 4 the the DET cblr-1734 297 5 intercept intercept NOUN cblr-1734 297 6 provides provide VERB cblr-1734 297 7 a a DET cblr-1734 297 8 test test NOUN cblr-1734 297 9 of of ADP cblr-1734 297 10 the the DET cblr-1734 297 11 null null ADJ cblr-1734 297 12 hypothesis hypothesis NOUN cblr-1734 297 13 that that PRON cblr-1734 297 14 the the DET cblr-1734 297 15 mean mean ADJ cblr-1734 297 16 daily daily ADJ cblr-1734 297 17 abnormal abnormal ADJ cblr-1734 297 18 return return NOUN cblr-1734 297 19 on on ADP cblr-1734 297 20 the the DET cblr-1734 297 21 calendar calendar NOUN cblr-1734 297 22 - - PUNCT cblr-1734 297 23 time time NOUN cblr-1734 297 24 portfolio portfolio NOUN cblr-1734 297 25 is be AUX cblr-1734 297 26 zero zero NUM cblr-1734 297 27 . . PUNCT cblr-1734 298 1 we we PRON cblr-1734 298 2 also also ADV cblr-1734 298 3 estimate estimate VERB cblr-1734 298 4 stacked stack VERB cblr-1734 298 5 regressions regression NOUN cblr-1734 298 6 to to PART cblr-1734 298 7 provide provide VERB cblr-1734 298 8 coefficient coefficient NOUN cblr-1734 298 9 difference difference NOUN cblr-1734 298 10 test test NOUN cblr-1734 298 11 statistics statistic NOUN cblr-1734 298 12 across across ADP cblr-1734 298 13 the the DET cblr-1734 298 14 10b5 10b5 NUM cblr-1734 298 15 - - SYM cblr-1734 298 16 1 1 NUM cblr-1734 298 17 and and CCONJ cblr-1734 298 18 the the DET cblr-1734 298 19 non-10b5 non-10b5 NOUN cblr-1734 298 20 - - PUNCT cblr-1734 298 21 1 1 NUM cblr-1734 298 22 samples sample NOUN cblr-1734 298 23 . . PUNCT cblr-1734 299 1 one one NUM cblr-1734 299 2 advantage advantage NOUN cblr-1734 299 3 that that PRON cblr-1734 299 4 our our PRON cblr-1734 299 5 comparison comparison NOUN cblr-1734 299 6 provides provide VERB cblr-1734 299 7 is be AUX cblr-1734 299 8 that that SCONJ cblr-1734 299 9 analyzing analyze VERB cblr-1734 299 10 non non ADJ cblr-1734 299 11 - - ADJ cblr-1734 299 12 rule rule ADJ cblr-1734 299 13 10b5 10b5 NUM cblr-1734 299 14 - - SYM cblr-1734 299 15 1 1 NUM cblr-1734 299 16 participant participant NOUN cblr-1734 299 17 trade trade NOUN cblr-1734 299 18 returns return NOUN cblr-1734 299 19 during during ADP cblr-1734 299 20 the the DET cblr-1734 299 21 same same ADJ cblr-1734 299 22 holding holding NOUN cblr-1734 299 23 period period NOUN cblr-1734 299 24 works work VERB cblr-1734 299 25 as as ADP cblr-1734 299 26 a a DET cblr-1734 299 27 control control NOUN cblr-1734 299 28 group group NOUN cblr-1734 299 29 and and CCONJ cblr-1734 299 30 allows allow VERB cblr-1734 299 31 us we PRON cblr-1734 299 32 to to PART cblr-1734 299 33 control control VERB cblr-1734 299 34 for for ADP cblr-1734 299 35 firm- firm- NOUN cblr-1734 299 36 , , PUNCT cblr-1734 299 37 industry- industry- ADJ cblr-1734 299 38 , , PUNCT cblr-1734 299 39 and and CCONJ cblr-1734 299 40 macro macro ADJ cblr-1734 299 41 - - NOUN cblr-1734 299 42 level level NOUN cblr-1734 299 43 factors factor NOUN cblr-1734 299 44 that that PRON cblr-1734 299 45 may may AUX cblr-1734 299 46 otherwise otherwise ADV cblr-1734 299 47 affect affect VERB cblr-1734 299 48 insiders insider NOUN cblr-1734 299 49 ’ ’ PART cblr-1734 299 50 10b51 10b51 NUM cblr-1734 299 51 trade trade NOUN cblr-1734 299 52 returns return NOUN cblr-1734 299 53 . . PUNCT cblr-1734 300 1 iv iv X cblr-1734 300 2 . . PUNCT cblr-1734 301 1 empirical empirical ADJ cblr-1734 301 2 results result NOUN cblr-1734 301 3 a. a. NOUN cblr-1734 301 4 abnormal abnormal ADJ cblr-1734 301 5 returns return NOUN cblr-1734 301 6 and and CCONJ cblr-1734 301 7 rule rule VERB cblr-1734 301 8 10b5 10b5 NUM cblr-1734 301 9 - - SYM cblr-1734 301 10 1 1 NUM cblr-1734 301 11 table table NOUN cblr-1734 301 12 2 2 NUM cblr-1734 301 13 presents present VERB cblr-1734 301 14 the the DET cblr-1734 301 15 average average ADJ cblr-1734 301 16 daily daily ADJ cblr-1734 301 17 abnormal abnormal ADJ cblr-1734 301 18 returns return NOUN cblr-1734 301 19 to to ADP cblr-1734 301 20 the the DET cblr-1734 301 21 portfolios portfolio NOUN cblr-1734 301 22 of of ADP cblr-1734 301 23 10b5 10b5 NUM cblr-1734 301 24 - - SYM cblr-1734 301 25 1 1 NUM cblr-1734 301 26 and and CCONJ cblr-1734 301 27 non-10b5 non-10b5 NOUN cblr-1734 301 28 - - SYM cblr-1734 301 29 1 1 NUM cblr-1734 301 30 trades trade NOUN cblr-1734 301 31 separately separately ADV cblr-1734 301 32 for for ADP cblr-1734 301 33 the the DET cblr-1734 301 34 holding hold VERB cblr-1734 301 35 periods period NOUN cblr-1734 301 36 of of ADP cblr-1734 301 37 one one NUM cblr-1734 301 38 , , PUNCT cblr-1734 301 39 three three NUM cblr-1734 301 40 , , PUNCT cblr-1734 301 41 six six NUM cblr-1734 301 42 , , PUNCT cblr-1734 301 43 and and CCONJ cblr-1734 301 44 twelve twelve NUM cblr-1734 301 45 months month NOUN cblr-1734 301 46 . . PUNCT cblr-1734 302 1 to to PART cblr-1734 302 2 obtain obtain VERB cblr-1734 302 3 expected expect VERB cblr-1734 302 4 returns return NOUN cblr-1734 302 5 , , PUNCT cblr-1734 302 6 we we PRON cblr-1734 302 7 use use VERB cblr-1734 302 8 the the DET cblr-1734 302 9 simple simple ADJ cblr-1734 302 10 capm capm PROPN cblr-1734 302 11 . . PUNCT cblr-1734 302 12 table table NOUN cblr-1734 302 13 2 2 NUM cblr-1734 302 14 also also ADV cblr-1734 302 15 shows show VERB cblr-1734 302 16 the the DET cblr-1734 302 17 differences difference NOUN cblr-1734 302 18 between between ADP cblr-1734 302 19 10b5 10b5 NUM cblr-1734 302 20 - - SYM cblr-1734 302 21 1 1 NUM cblr-1734 302 22 planned plan VERB cblr-1734 302 23 and and CCONJ cblr-1734 302 24 nonplanned nonplanne VERB cblr-1734 302 25 trades trade NOUN cblr-1734 302 26 , , PUNCT cblr-1734 302 27 and and CCONJ cblr-1734 302 28 their their PRON cblr-1734 302 29 test test NOUN cblr-1734 302 30 statistics statistic NOUN cblr-1734 302 31 from from ADP cblr-1734 302 32 stacked stack VERB cblr-1734 302 33 regressions regression NOUN cblr-1734 302 34 . . PUNCT cblr-1734 302 35     SPACE cblr-1734 302 36 mavruk mavruk PROPN cblr-1734 302 37 & & CCONJ cblr-1734 302 38 seyhun seyhun PROPN cblr-1734 302 39 – – PUNCT cblr-1734 302 40 final final ADJ cblr-1734 302 41 no no NOUN cblr-1734 302 42 . . PUNCT cblr-1734 303 1 1:133 1:133 NUM cblr-1734 303 2 ] ] X cblr-1734 303 3 sec sec PROPN cblr-1734 303 4 ’s ’s PART cblr-1734 303 5 10b5 10b5 NUM cblr-1734 303 6 - - SYM cblr-1734 303 7 1 1 NUM cblr-1734 303 8 safe safe ADJ cblr-1734 303 9 harbor harbor NOUN cblr-1734 303 10 rules rule VERB cblr-1734 303 11 159 159 NUM cblr-1734 303 12 table table NOUN cblr-1734 303 13 2 2 NUM cblr-1734 303 14 . . PUNCT cblr-1734 303 15 results result NOUN cblr-1734 303 16 from from ADP cblr-1734 303 17 capm capm PROPN cblr-1734 303 18 returns return NOUN cblr-1734 303 19 on on ADP cblr-1734 303 20 10b5 10b5 NUM cblr-1734 303 21 - - SYM cblr-1734 303 22 1 1 NUM cblr-1734 303 23 and and CCONJ cblr-1734 303 24 non-10b5 non-10b5 NOUN cblr-1734 303 25 - - PUNCT cblr-1734 303 26 1 1 NUM cblr-1734 303 27 trades trade NOUN cblr-1734 303 28 , , PUNCT cblr-1734 303 29 , , PUNCT cblr-1734 303 30 , , PUNCT cblr-1734 303 31 , , PUNCT cblr-1734 303 32 , , PUNCT cblr-1734 303 33 where where SCONJ cblr-1734 303 34 , , PUNCT cblr-1734 303 35 is be AUX cblr-1734 303 36 calendar calendar NOUN cblr-1734 303 37 - - PUNCT cblr-1734 303 38 time time NOUN cblr-1734 303 39 portfolios portfolio NOUN cblr-1734 303 40 based base VERB cblr-1734 303 41 on on ADP cblr-1734 303 42 insider insider NOUN cblr-1734 303 43 trading trading NOUN cblr-1734 303 44 and and CCONJ cblr-1734 303 45 holding holding NOUN cblr-1734 303 46 period period NOUN cblr-1734 303 47 , , PUNCT cblr-1734 303 48 , , PUNCT cblr-1734 303 49 is be AUX cblr-1734 303 50 the the DET cblr-1734 303 51 return return NOUN cblr-1734 303 52 on on ADP cblr-1734 303 53 the the DET cblr-1734 303 54 crsp crsp NOUN cblr-1734 303 55 equally equally ADV cblr-1734 303 56 - - PUNCT cblr-1734 303 57 weighted weight VERB cblr-1734 303 58 index index NOUN cblr-1734 303 59 for for ADP cblr-1734 303 60 day day NOUN cblr-1734 303 61 . . PUNCT cblr-1734 304 1 , , PUNCT cblr-1734 304 2 is be AUX cblr-1734 304 3 the the DET cblr-1734 304 4 daily daily ADJ cblr-1734 304 5 risk risk NOUN cblr-1734 304 6 - - PUNCT cblr-1734 304 7 free free ADJ cblr-1734 304 8 interest interest NOUN cblr-1734 304 9 rate rate NOUN cblr-1734 304 10 ( ( PUNCT cblr-1734 304 11 one one NUM cblr-1734 304 12 - - PUNCT cblr-1734 304 13 day day NOUN cblr-1734 304 14 treasury treasury NOUN cblr-1734 304 15 bill bill NOUN cblr-1734 304 16 rate rate NOUN cblr-1734 304 17 ) ) PUNCT cblr-1734 304 18 . . PUNCT cblr-1734 305 1 the the DET cblr-1734 305 2 coefficients coefficient NOUN cblr-1734 305 3 are be AUX cblr-1734 305 4 obtained obtain VERB cblr-1734 305 5 from from ADP cblr-1734 305 6 an an DET cblr-1734 305 7 ols ol NOUN cblr-1734 305 8 regression regression NOUN cblr-1734 305 9 on on ADP cblr-1734 305 10 the the DET cblr-1734 305 11 estimation estimation NOUN cblr-1734 305 12 period period NOUN cblr-1734 305 13 returns return NOUN cblr-1734 305 14 . . PUNCT cblr-1734 306 1 stacked stack VERB cblr-1734 306 2 regressions regression NOUN cblr-1734 306 3 are be AUX cblr-1734 306 4 run run VERB cblr-1734 306 5 to to PART cblr-1734 306 6 provide provide VERB cblr-1734 306 7 coefficient coefficient NOUN cblr-1734 306 8 difference difference NOUN cblr-1734 306 9 test test NOUN cblr-1734 306 10 statistics statistic NOUN cblr-1734 306 11 across across ADP cblr-1734 306 12 10b5 10b5 NUM cblr-1734 306 13 - - SYM cblr-1734 306 14 1 1 NUM cblr-1734 306 15 participant participant ADJ cblr-1734 306 16 and and CCONJ cblr-1734 306 17 nonparticipant nonparticipant ADJ cblr-1734 306 18 samples sample NOUN cblr-1734 306 19 . . PUNCT cblr-1734 307 1 results result NOUN cblr-1734 307 2 are be AUX cblr-1734 307 3 shown show VERB cblr-1734 307 4 for for ADP cblr-1734 307 5 the the DET cblr-1734 307 6 horizon horizon NOUN cblr-1734 307 7 of of ADP cblr-1734 307 8 the the DET cblr-1734 307 9 following follow VERB cblr-1734 307 10 one one NUM cblr-1734 307 11 , , PUNCT cblr-1734 307 12 three three NUM cblr-1734 307 13 , , PUNCT cblr-1734 307 14 six six NUM cblr-1734 307 15 months month NOUN cblr-1734 307 16 , , PUNCT cblr-1734 307 17 and and CCONJ cblr-1734 307 18 one one NUM cblr-1734 307 19 year year NOUN cblr-1734 307 20 . . PUNCT cblr-1734 308 1 10b5 10b5 NUM cblr-1734 308 2 - - SYM cblr-1734 308 3 1 1 NUM cblr-1734 308 4 ( ( PUNCT cblr-1734 308 5 1 1 NUM cblr-1734 308 6 ) ) PUNCT cblr-1734 308 7 non-10b5 non-10b5 NOUN cblr-1734 308 8 - - SYM cblr-1734 308 9 1 1 NUM cblr-1734 308 10 ( ( PUNCT cblr-1734 308 11 2 2 NUM cblr-1734 308 12 ) ) PUNCT cblr-1734 308 13 diff diff NOUN cblr-1734 308 14 . . PUNCT cblr-1734 309 1 ( ( PUNCT cblr-1734 309 2 1)-(2 1)-(2 NUM cblr-1734 309 3 ) ) PUNCT cblr-1734 309 4 purchasesa purchasesa NOUN cblr-1734 309 5 horizon horizon NOUN cblr-1734 309 6 mean mean VERB cblr-1734 309 7 t t PROPN cblr-1734 309 8 - - PUNCT cblr-1734 309 9 stat stat NOUN cblr-1734 309 10 mean mean VERB cblr-1734 309 11 t t PROPN cblr-1734 309 12 - - PUNCT cblr-1734 309 13 stat stat NOUN cblr-1734 309 14 mean mean VERB cblr-1734 309 15 t t PROPN cblr-1734 309 16 - - PUNCT cblr-1734 309 17 stat stat NOUN cblr-1734 309 18 capm capm PROPN cblr-1734 309 19 1 1 NUM cblr-1734 309 20 month month NOUN cblr-1734 309 21 0.0012 0.0012 NUM cblr-1734 309 22 2.72 2.72 NUM cblr-1734 309 23 0.0013 0.0013 NUM cblr-1734 309 24 10.11 10.11 NUM cblr-1734 309 25 -0.0001 -0.0001 NOUN cblr-1734 309 26 -0.28 -0.28 NUM cblr-1734 309 27 capm capm NOUN cblr-1734 309 28 3 3 NUM cblr-1734 309 29 months month NOUN cblr-1734 309 30 0.0005 0.0005 NUM cblr-1734 309 31 1.33 1.33 NUM cblr-1734 309 32 0.0004 0.0004 NUM cblr-1734 309 33 4.73 4.73 NUM cblr-1734 309 34 0.0001 0.0001 NUM cblr-1734 309 35 0.24 0.24 NUM cblr-1734 309 36 capm capm NOUN cblr-1734 309 37 6 6 NUM cblr-1734 309 38 months month NOUN cblr-1734 309 39 0.0004 0.0004 NUM cblr-1734 309 40 1.16 1.16 NUM cblr-1734 309 41 0.0002 0.0002 NUM cblr-1734 309 42 2.58 2.58 NUM cblr-1734 309 43 0.0002 0.0002 NUM cblr-1734 309 44 0.60 0.60 NUM cblr-1734 309 45 capm capm NOUN cblr-1734 309 46 1 1 NUM cblr-1734 309 47 year year NOUN cblr-1734 309 48 0.0004 0.0004 NUM cblr-1734 309 49 1.30 1.30 NUM cblr-1734 309 50 0.0001 0.0001 NUM cblr-1734 309 51 0.98 0.98 NUM cblr-1734 309 52 0.00035 0.00035 NUM cblr-1734 309 53 1.02 1.02 NUM cblr-1734 309 54 salesb salesb NOUN cblr-1734 309 55 horizon horizon NOUN cblr-1734 309 56 mean mean VERB cblr-1734 309 57 t t PROPN cblr-1734 309 58 - - PUNCT cblr-1734 309 59 stat stat NOUN cblr-1734 309 60 mean mean VERB cblr-1734 310 1 t t PROPN cblr-1734 310 2 - - PUNCT cblr-1734 310 3 stat stat NOUN cblr-1734 310 4 mean mean VERB cblr-1734 310 5 t t PROPN cblr-1734 310 6 - - PUNCT cblr-1734 310 7 stat stat NOUN cblr-1734 310 8 capm capm PROPN cblr-1734 310 9 1 1 NUM cblr-1734 310 10 month month NOUN cblr-1734 310 11 -0.0006 -0.0006 NOUN cblr-1734 310 12 -3.12 -3.12 X cblr-1734 310 13 -0.0004 -0.0004 X cblr-1734 310 14 -3.65 -3.65 X cblr-1734 310 15 -0.0001 -0.0001 PROPN cblr-1734 310 16 -0.67 -0.67 PROPN cblr-1734 310 17 capm capm PROPN cblr-1734 310 18 3 3 NUM cblr-1734 310 19 months month NOUN cblr-1734 310 20 -0.0005 -0.0005 VERB cblr-1734 311 1 -2.81 -2.81 X cblr-1734 311 2 -0.0003 -0.0003 NOUN cblr-1734 311 3 -3.81 -3.81 NUM cblr-1734 311 4 -0.0002 -0.0002 NOUN cblr-1734 311 5 -0.90 -0.90 PROPN cblr-1734 311 6 capm capm NOUN cblr-1734 311 7 6 6 NUM cblr-1734 311 8 months month NOUN cblr-1734 311 9 -0.0004 -0.0004 PROPN cblr-1734 311 10 -2.37 -2.37 VERB cblr-1734 311 11 -0.0003 -0.0003 PROPN cblr-1734 311 12 -4.38 -4.38 DET cblr-1734 311 13 -0.0001 -0.0001 NOUN cblr-1734 311 14 -0.42 -0.42 NUM cblr-1734 311 15 capm capm PROPN cblr-1734 311 16 1 1 NUM cblr-1734 311 17 year year NOUN cblr-1734 311 18 -0.0003 -0.0003 NOUN cblr-1734 311 19 -2.03 -2.03 PROPN cblr-1734 311 20 -0.0003 -0.0003 ADJ cblr-1734 311 21 -4.35 -4.35 NUM cblr-1734 311 22 0.0000 0.0000 NUM cblr-1734 311 23 -0.19 -0.19 NOUN cblr-1734 311 24 a a PRON cblr-1734 311 25 and and CCONJ cblr-1734 311 26 b b NOUN cblr-1734 311 27 the the DET cblr-1734 311 28 number number NOUN cblr-1734 311 29 of of ADP cblr-1734 311 30 observations observation NOUN cblr-1734 311 31 used use VERB cblr-1734 311 32 in in ADP cblr-1734 311 33 both both DET cblr-1734 311 34 purchases purchase NOUN cblr-1734 311 35 and and CCONJ cblr-1734 311 36 sales sale NOUN cblr-1734 311 37 regressions regression NOUN cblr-1734 311 38 is be AUX cblr-1734 311 39 2769 2769 NUM cblr-1734 311 40 . . PUNCT cblr-1734 312 1 our our PRON cblr-1734 312 2 evidence evidence NOUN cblr-1734 312 3 in in ADP cblr-1734 312 4 table table NOUN cblr-1734 312 5 2 2 NUM cblr-1734 312 6 shows show VERB cblr-1734 312 7 that that SCONJ cblr-1734 312 8 on on ADP cblr-1734 312 9 average average ADJ cblr-1734 312 10 , , PUNCT cblr-1734 312 11 insider insider NOUN cblr-1734 312 12 purchases purchase NOUN cblr-1734 312 13 in in ADP cblr-1734 312 14 non-10b5 non-10b5 NOUN cblr-1734 312 15 - - SYM cblr-1734 312 16 1 1 NUM cblr-1734 312 17 plans plan NOUN cblr-1734 312 18 outperform outperform VERB cblr-1734 312 19 the the DET cblr-1734 312 20 market market NOUN cblr-1734 312 21 significantly significantly ADV cblr-1734 312 22 for for ADP cblr-1734 312 23 holding hold VERB cblr-1734 312 24 periods period NOUN cblr-1734 312 25 of of ADP cblr-1734 312 26 one one NUM cblr-1734 312 27 , , PUNCT cblr-1734 312 28 three three NUM cblr-1734 312 29 , , PUNCT cblr-1734 312 30 and and CCONJ cblr-1734 312 31 six six NUM cblr-1734 312 32 months month NOUN cblr-1734 312 33 . . PUNCT cblr-1734 313 1 the the DET cblr-1734 313 2 average average ADJ cblr-1734 313 3 daily daily ADJ cblr-1734 313 4 abnormal abnormal ADJ cblr-1734 313 5 returns return NOUN cblr-1734 313 6 are be AUX cblr-1734 313 7 0.13 0.13 NUM cblr-1734 313 8 % % NOUN cblr-1734 313 9 ( ( PUNCT cblr-1734 313 10 tstatistics tstatistic NOUN cblr-1734 313 11 : : PUNCT cblr-1734 313 12 10.11 10.11 NUM cblr-1734 313 13 ) ) PUNCT cblr-1734 313 14 , , PUNCT cblr-1734 313 15 0.04 0.04 NUM cblr-1734 313 16 % % NOUN cblr-1734 313 17 ( ( PUNCT cblr-1734 313 18 t t NOUN cblr-1734 313 19 - - PUNCT cblr-1734 313 20 statistics statistic NOUN cblr-1734 313 21 : : PUNCT cblr-1734 313 22 4.73 4.73 NUM cblr-1734 313 23 ) ) PUNCT cblr-1734 313 24 , , PUNCT cblr-1734 313 25 and and CCONJ cblr-1734 313 26 0.02 0.02 NUM cblr-1734 313 27 % % NOUN cblr-1734 313 28 ( ( PUNCT cblr-1734 313 29 tstatistics tstatistic NOUN cblr-1734 313 30 : : PUNCT cblr-1734 313 31 2.58 2.58 NUM cblr-1734 313 32 ) ) PUNCT cblr-1734 313 33 for for ADP cblr-1734 313 34 corresponding correspond VERB cblr-1734 313 35 holding hold VERB cblr-1734 313 36 periods period NOUN cblr-1734 313 37 . . PUNCT cblr-1734 314 1 these these DET cblr-1734 314 2 abnormal abnormal ADJ cblr-1734 314 3 returns return NOUN cblr-1734 314 4 are be AUX cblr-1734 314 5 also also ADV cblr-1734 314 6 economically economically ADV cblr-1734 314 7 significant significant ADJ cblr-1734 314 8 . . PUNCT cblr-1734 315 1 cumulative cumulative ADJ cblr-1734 315 2 abnormal abnormal ADJ cblr-1734 315 3 return return NOUN cblr-1734 315 4 ( ( PUNCT cblr-1734 315 5 “ " PUNCT cblr-1734 315 6 car car NOUN cblr-1734 315 7 ” " PUNCT cblr-1734 315 8 ) ) PUNCT cblr-1734 315 9 after after ADP cblr-1734 315 10 one one NUM cblr-1734 315 11 year year NOUN cblr-1734 315 12 following follow VERB cblr-1734 315 13 insider insider NOUN cblr-1734 315 14 trades trade NOUN cblr-1734 315 15 adds add VERB cblr-1734 315 16 up up ADP cblr-1734 315 17 to to PART cblr-1734 315 18 10 10 NUM cblr-1734 315 19 % % NOUN cblr-1734 315 20 ( ( PUNCT cblr-1734 315 21 obtained obtain VERB cblr-1734 315 22 as as ADP cblr-1734 315 23 the the DET cblr-1734 315 24 sum sum NOUN cblr-1734 315 25 of of ADP cblr-1734 315 26 the the DET cblr-1734 315 27 abnormal abnormal ADJ cblr-1734 315 28 returns return NOUN cblr-1734 315 29 from from ADP cblr-1734 315 30 one one NUM cblr-1734 315 31 day day NOUN cblr-1734 315 32 after after ADP cblr-1734 315 33 insider insider NOUN cblr-1734 315 34 trading trading NOUN cblr-1734 315 35 day day NOUN cblr-1734 315 36 to to ADP cblr-1734 315 37 corresponding correspond VERB cblr-1734 315 38 20 20 NUM cblr-1734 315 39 , , PUNCT cblr-1734 315 40 60 60 NUM cblr-1734 315 41 , , PUNCT cblr-1734 315 42 125 125 NUM cblr-1734 315 43 , , PUNCT cblr-1734 315 44 and and CCONJ cblr-1734 315 45 250 250 NUM cblr-1734 315 46 days day NOUN cblr-1734 315 47 after after ADP cblr-1734 315 48 the the DET cblr-1734 315 49 mavruk mavruk PROPN cblr-1734 315 50 & & CCONJ cblr-1734 315 51 seyhun seyhun PROPN cblr-1734 315 52 – – PUNCT cblr-1734 315 53 final final ADJ cblr-1734 315 54 160 160 NUM cblr-1734 315 55 columbia columbia PROPN cblr-1734 315 56 business business NOUN cblr-1734 315 57 law law PROPN cblr-1734 315 58 review review NOUN cblr-1734 315 59 [ [ X cblr-1734 315 60 vol vol NOUN cblr-1734 315 61 . . NOUN cblr-1734 315 62 2016 2016 NUM cblr-1734 315 63 insider insider NOUN cblr-1734 315 64 trading trading NOUN cblr-1734 315 65 day day NOUN cblr-1734 315 66 ) ) PUNCT cblr-1734 315 67 . . PUNCT cblr-1734 316 1 these these DET cblr-1734 316 2 findings finding NOUN cblr-1734 316 3 are be AUX cblr-1734 316 4 consistent consistent ADJ cblr-1734 316 5 with with ADP cblr-1734 316 6 the the DET cblr-1734 316 7 prior prior ADJ cblr-1734 316 8 literature literature NOUN cblr-1734 316 9 ’s ’s PART cblr-1734 316 10 assessment assessment NOUN cblr-1734 316 11 that that SCONJ cblr-1734 316 12 insiders insider NOUN cblr-1734 316 13 ’ ’ PART cblr-1734 316 14 purchases purchase NOUN cblr-1734 316 15 convey convey VERB cblr-1734 316 16 material material ADJ cblr-1734 316 17 non non ADJ cblr-1734 316 18 - - ADJ cblr-1734 316 19 public public ADJ cblr-1734 316 20 information.44 information.44 NOUN cblr-1734 316 21 table table NOUN cblr-1734 316 22 2 2 NUM cblr-1734 316 23 further far ADV cblr-1734 316 24 shows show VERB cblr-1734 316 25 that that SCONJ cblr-1734 316 26 insiders insider NOUN cblr-1734 316 27 ’ ' PUNCT cblr-1734 316 28 10b5 10b5 NUM cblr-1734 316 29 - - SYM cblr-1734 316 30 1 1 NUM cblr-1734 316 31 planned plan VERB cblr-1734 316 32 purchases purchase NOUN cblr-1734 316 33 also also ADV cblr-1734 316 34 out out ADV cblr-1734 316 35 - - PUNCT cblr-1734 316 36 perform perform VERB cblr-1734 316 37 the the DET cblr-1734 316 38 market market NOUN cblr-1734 316 39 for for ADP cblr-1734 316 40 a a DET cblr-1734 316 41 one one NUM cblr-1734 316 42 - - PUNCT cblr-1734 316 43 month month NOUN cblr-1734 316 44 holding holding NOUN cblr-1734 316 45 period period NOUN cblr-1734 316 46 , , PUNCT cblr-1734 316 47 with with ADP cblr-1734 316 48 an an DET cblr-1734 316 49 average average ADJ cblr-1734 316 50 daily daily ADJ cblr-1734 316 51 abnormal abnormal ADJ cblr-1734 316 52 return return NOUN cblr-1734 316 53 of of ADP cblr-1734 316 54 0.12 0.12 NUM cblr-1734 316 55 % % NOUN cblr-1734 316 56 ( ( PUNCT cblr-1734 316 57 t t NOUN cblr-1734 316 58 - - PUNCT cblr-1734 316 59 statistics statistic NOUN cblr-1734 316 60 : : PUNCT cblr-1734 316 61 2.72 2.72 NUM cblr-1734 316 62 ) ) PUNCT cblr-1734 316 63 . . PUNCT cblr-1734 317 1 for for ADP cblr-1734 317 2 other other ADJ cblr-1734 317 3 holding hold VERB cblr-1734 317 4 periods period NOUN cblr-1734 317 5 , , PUNCT cblr-1734 317 6 abnormal abnormal ADJ cblr-1734 317 7 returns return NOUN cblr-1734 317 8 following follow VERB cblr-1734 317 9 10b5 10b5 NUM cblr-1734 317 10 - - SYM cblr-1734 317 11 1 1 NUM cblr-1734 317 12 purchases purchase NOUN cblr-1734 317 13 are be AUX cblr-1734 317 14 insignificant insignificant ADJ cblr-1734 317 15 . . PUNCT cblr-1734 318 1 however however ADV cblr-1734 318 2 , , PUNCT cblr-1734 318 3 a a DET cblr-1734 318 4 statistical statistical ADJ cblr-1734 318 5 difference difference NOUN cblr-1734 318 6 between between ADP cblr-1734 318 7 the the DET cblr-1734 318 8 abnormal abnormal ADJ cblr-1734 318 9 returns return NOUN cblr-1734 318 10 of of ADP cblr-1734 318 11 10b5 10b5 NUM cblr-1734 318 12 - - SYM cblr-1734 318 13 1 1 NUM cblr-1734 318 14 and and CCONJ cblr-1734 318 15 non-10b5 non-10b5 NOUN cblr-1734 318 16 - - SYM cblr-1734 318 17 1 1 NUM cblr-1734 318 18 purchases purchase NOUN cblr-1734 318 19 does do AUX cblr-1734 318 20 not not PART cblr-1734 318 21 seem seem VERB cblr-1734 318 22 to to PART cblr-1734 318 23 exist exist VERB cblr-1734 318 24 . . PUNCT cblr-1734 319 1 hence hence ADV cblr-1734 319 2 , , PUNCT cblr-1734 319 3 insiders insider NOUN cblr-1734 319 4 ’ ’ PART cblr-1734 319 5 purchases purchase NOUN cblr-1734 319 6 within within ADP cblr-1734 319 7 10b5 10b5 NUM cblr-1734 319 8 - - SYM cblr-1734 319 9 1 1 NUM cblr-1734 319 10 plans plan NOUN cblr-1734 319 11 appear appear VERB cblr-1734 319 12 to to PART cblr-1734 319 13 be be AUX cblr-1734 319 14 just just ADV cblr-1734 319 15 as as ADV cblr-1734 319 16 profitable profitable ADJ cblr-1734 319 17 as as ADP cblr-1734 319 18 non non ADJ cblr-1734 319 19 - - ADJ cblr-1734 319 20 planned planned ADJ cblr-1734 319 21 purchases purchase NOUN cblr-1734 319 22 . . PUNCT cblr-1734 320 1 this this DET cblr-1734 320 2 evidence evidence NOUN cblr-1734 320 3 is be AUX cblr-1734 320 4 inconsistent inconsistent ADJ cblr-1734 320 5 with with ADP cblr-1734 320 6 the the DET cblr-1734 320 7 presumption presumption NOUN cblr-1734 320 8 of of ADP cblr-1734 320 9 safe safe ADJ cblr-1734 320 10 harbor harbor NOUN cblr-1734 320 11 for for ADP cblr-1734 320 12 insider insider NOUN cblr-1734 320 13 purchases purchase NOUN cblr-1734 320 14 . . PUNCT cblr-1734 321 1 caution caution NOUN cblr-1734 321 2 is be AUX cblr-1734 321 3 required require VERB cblr-1734 321 4 here here ADV cblr-1734 321 5 because because SCONJ cblr-1734 321 6 the the DET cblr-1734 321 7 sample sample NOUN cblr-1734 321 8 size size NOUN cblr-1734 321 9 for for ADP cblr-1734 321 10 10b5 10b5 NUM cblr-1734 321 11 - - SYM cblr-1734 321 12 1 1 NUM cblr-1734 321 13 planned plan VERB cblr-1734 321 14 purchases purchase NOUN cblr-1734 321 15 is be AUX cblr-1734 321 16 relatively relatively ADV cblr-1734 321 17 small small ADJ cblr-1734 321 18 . . PUNCT cblr-1734 322 1 consequently consequently ADV cblr-1734 322 2 , , PUNCT cblr-1734 322 3 any any DET cblr-1734 322 4 definitive definitive ADJ cblr-1734 322 5 statements statement NOUN cblr-1734 322 6 regarding regard VERB cblr-1734 322 7 the the DET cblr-1734 322 8 statistical statistical ADJ cblr-1734 322 9 significance significance NOUN cblr-1734 322 10 of of ADP cblr-1734 322 11 insiders insider NOUN cblr-1734 322 12 ’ ' PUNCT cblr-1734 322 13 10b5 10b5 NUM cblr-1734 322 14 - - SYM cblr-1734 322 15 1 1 NUM cblr-1734 322 16 planned plan VERB cblr-1734 322 17 purchases purchase NOUN cblr-1734 322 18 must must AUX cblr-1734 322 19 be be AUX cblr-1734 322 20 tempered temper VERB cblr-1734 322 21 in in ADP cblr-1734 322 22 light light NOUN cblr-1734 322 23 of of ADP cblr-1734 322 24 the the DET cblr-1734 322 25 small small ADJ cblr-1734 322 26 sample sample NOUN cblr-1734 322 27 size size NOUN cblr-1734 322 28 . . PUNCT cblr-1734 323 1 the the DET cblr-1734 323 2 results result NOUN cblr-1734 323 3 are be AUX cblr-1734 323 4 similar similar ADJ cblr-1734 323 5 for for ADP cblr-1734 323 6 insiders insider NOUN cblr-1734 323 7 ’ ’ PART cblr-1734 323 8 sales sale NOUN cblr-1734 323 9 . . PUNCT cblr-1734 324 1 our our PRON cblr-1734 324 2 evidence evidence NOUN cblr-1734 324 3 shows show VERB cblr-1734 324 4 that that SCONJ cblr-1734 324 5 both both DET cblr-1734 324 6 insiders insider NOUN cblr-1734 324 7 ’ ' PUNCT cblr-1734 324 8 10b5 10b5 NUM cblr-1734 324 9 - - SYM cblr-1734 324 10 1 1 NUM cblr-1734 324 11 and and CCONJ cblr-1734 324 12 non-10b5 non-10b5 NOUN cblr-1734 324 13 - - PUNCT cblr-1734 324 14 1 1 NUM cblr-1734 324 15 sales sale NOUN cblr-1734 324 16 underperform underperform NOUN cblr-1734 324 17 the the DET cblr-1734 324 18 market market NOUN cblr-1734 324 19 significantly significantly ADV cblr-1734 324 20 , , PUNCT cblr-1734 324 21 indicating indicate VERB cblr-1734 324 22 that that SCONJ cblr-1734 324 23 insiders insider NOUN cblr-1734 324 24 ’ ’ PART cblr-1734 324 25 sales sale NOUN cblr-1734 324 26 are be AUX cblr-1734 324 27 motivated motivate VERB cblr-1734 324 28 by by ADP cblr-1734 324 29 negative negative ADJ cblr-1734 324 30 material material ADJ cblr-1734 324 31 non non ADJ cblr-1734 324 32 - - ADJ cblr-1734 324 33 public public ADJ cblr-1734 324 34 information information NOUN cblr-1734 324 35 . . PUNCT cblr-1734 325 1 consistent consistent ADJ cblr-1734 325 2 with with ADP cblr-1734 325 3 prior prior ADJ cblr-1734 325 4 literature literature NOUN cblr-1734 325 5 , , PUNCT cblr-1734 325 6 profitability profitability NOUN cblr-1734 325 7 of of ADP cblr-1734 325 8 insiders insider NOUN cblr-1734 325 9 ’ ’ PART cblr-1734 325 10 sales sale NOUN cblr-1734 325 11 appears appear VERB cblr-1734 325 12 to to PART cblr-1734 325 13 be be AUX cblr-1734 325 14 lower low ADJ cblr-1734 325 15 than than ADP cblr-1734 325 16 insiders insider NOUN cblr-1734 325 17 ’ ’ PART cblr-1734 325 18 purchases purchase NOUN cblr-1734 325 19 . . PUNCT cblr-1734 326 1 after after ADP cblr-1734 326 2 one one NUM cblr-1734 326 3 year year NOUN cblr-1734 326 4 , , PUNCT cblr-1734 326 5 cars car NOUN cblr-1734 326 6 are be AUX cblr-1734 326 7 equal equal ADJ cblr-1734 326 8 to to ADP cblr-1734 326 9 -7.5 -7.5 NUM cblr-1734 326 10 % % NOUN cblr-1734 326 11 for for ADP cblr-1734 326 12 participant participant ADJ cblr-1734 326 13 and and CCONJ cblr-1734 326 14 nonparticipant nonparticipant ADJ cblr-1734 326 15 sales sale NOUN cblr-1734 326 16 . . PUNCT cblr-1734 327 1 interestingly interestingly ADV cblr-1734 327 2 , , PUNCT cblr-1734 327 3 once once ADV cblr-1734 327 4 again again ADV cblr-1734 327 5 , , PUNCT cblr-1734 327 6 there there PRON cblr-1734 327 7 is be VERB cblr-1734 327 8 no no DET cblr-1734 327 9 difference difference NOUN cblr-1734 327 10 in in ADP cblr-1734 327 11 profitability profitability NOUN cblr-1734 327 12 between between ADP cblr-1734 327 13 the the DET cblr-1734 327 14 participant participant NOUN cblr-1734 327 15 and and CCONJ cblr-1734 327 16 the the DET cblr-1734 327 17 nonparticipant nonparticipant ADJ cblr-1734 327 18 samples sample NOUN cblr-1734 327 19 . . PUNCT cblr-1734 328 1 insiders insider NOUN cblr-1734 328 2 ’ ’ PART cblr-1734 328 3 sales sale NOUN cblr-1734 328 4 under under ADP cblr-1734 328 5 10b5 10b5 NUM cblr-1734 328 6 - - SYM cblr-1734 328 7 1 1 NUM cblr-1734 328 8 planned plan VERB cblr-1734 328 9 trades trade NOUN cblr-1734 328 10 are be AUX cblr-1734 328 11 again again ADV cblr-1734 328 12 just just ADV cblr-1734 328 13 as as ADV cblr-1734 328 14 profitable profitable ADJ cblr-1734 328 15 as as ADP cblr-1734 328 16 the the DET cblr-1734 328 17 nonplanned nonplanned ADJ cblr-1734 328 18 sales sale NOUN cblr-1734 328 19 . . PUNCT cblr-1734 329 1 again again ADV cblr-1734 329 2 , , PUNCT cblr-1734 329 3 this this DET cblr-1734 329 4 evidence evidence NOUN cblr-1734 329 5 is be AUX cblr-1734 329 6 inconsistent inconsistent ADJ cblr-1734 329 7 with with ADP cblr-1734 329 8 the the DET cblr-1734 329 9 safe safe ADJ cblr-1734 329 10 harbor harbor NOUN cblr-1734 329 11 for for ADP cblr-1734 329 12 insiders insider NOUN cblr-1734 329 13 ’ ’ PART cblr-1734 329 14 sales sale NOUN cblr-1734 329 15 , , PUNCT cblr-1734 329 16 since since SCONJ cblr-1734 329 17 there there PRON cblr-1734 329 18 is be VERB cblr-1734 329 19 no no DET cblr-1734 329 20 evidence evidence NOUN cblr-1734 329 21 that that SCONJ cblr-1734 329 22 insiders insider NOUN cblr-1734 329 23 are be AUX cblr-1734 329 24 using use VERB cblr-1734 329 25 10b5 10b5 NUM cblr-1734 329 26 - - SYM cblr-1734 329 27 1 1 NUM cblr-1734 329 28 plans plan NOUN cblr-1734 329 29 to to PART cblr-1734 329 30 only only ADV cblr-1734 329 31 report report VERB cblr-1734 329 32 diversificationrelated diversificationrelate VERB cblr-1734 329 33 sales sale NOUN cblr-1734 329 34 transactions transaction NOUN cblr-1734 329 35 . . PUNCT cblr-1734 329 36     SPACE cblr-1734 330 1 44 44 NUM cblr-1734 330 2 see see VERB cblr-1734 330 3 , , PUNCT cblr-1734 330 4 e.g. e.g. ADV cblr-1734 330 5 , , PUNCT cblr-1734 330 6 jagolinzer jagolinzer NOUN cblr-1734 330 7 , , PUNCT cblr-1734 330 8 supra supra PROPN cblr-1734 330 9 note note PROPN cblr-1734 330 10 4 4 NUM cblr-1734 330 11 ; ; PUNCT cblr-1734 330 12 henderson henderson PROPN cblr-1734 330 13 et et PROPN cblr-1734 330 14 al al PROPN cblr-1734 330 15 . . PROPN cblr-1734 330 16 , , PUNCT cblr-1734 330 17 supra supra PROPN cblr-1734 330 18 note note NOUN cblr-1734 330 19 4 4 NUM cblr-1734 330 20 . . PUNCT cblr-1734 330 21 mavru mavru PROPN cblr-1734 331 1 no no INTJ cblr-1734 331 2 . . NOUN cblr-1734 331 3 1 1 NUM cblr-1734 331 4 : : PUNCT cblr-1734 331 5 figu figu ADJ cblr-1734 331 6 show show VERB cblr-1734 331 7 non non ADJ cblr-1734 331 8 p p PROPN cblr-1734 331 9 whic whic PROPN cblr-1734 331 10 perio perio NOUN cblr-1734 331 11 meas mea NOUN cblr-1734 331 12 both both DET cblr-1734 331 13 zero zero NUM cblr-1734 331 14 show show VERB cblr-1734 331 15 trans trans PROPN cblr-1734 331 16 uk uk PROPN cblr-1734 331 17 & & CCONJ cblr-1734 331 18 seyhun seyhun PROPN cblr-1734 331 19 – – PUNCT cblr-1734 331 20 fin fin NOUN cblr-1734 331 21 : : PUNCT cblr-1734 331 22 133 133 NUM cblr-1734 331 23 ] ] PUNCT cblr-1734 331 24 s s VERB cblr-1734 331 25 ure ure NOUN cblr-1734 331 26 7 7 NUM cblr-1734 331 27 . . X cblr-1734 332 1 cumu cumu ADV cblr-1734 332 2 wing wing NOUN cblr-1734 332 3 cumu cumu PRON cblr-1734 332 4 -10b5 -10b5 NOUN cblr-1734 332 5 - - PUNCT cblr-1734 332 6 1 1 NUM cblr-1734 332 7 pur pur NOUN cblr-1734 332 8 period period NOUN cblr-1734 332 9 shows show VERB cblr-1734 332 10 h h NOUN cblr-1734 332 11 is be AUX cblr-1734 332 12 denoted denote VERB cblr-1734 332 13 od od ADV cblr-1734 332 14 following follow VERB cblr-1734 332 15 sure sure ADJ cblr-1734 332 16 abnorm abnorm VERB cblr-1734 332 17 10b5 10b5 NUM cblr-1734 332 18 - - SYM cblr-1734 332 19 1 1 NUM cblr-1734 332 20 and and CCONJ cblr-1734 332 21 returns return NOUN cblr-1734 332 22 for for ADP cblr-1734 332 23 t t PROPN cblr-1734 332 24 ws ws PROPN cblr-1734 332 25 non-10b5sactions non-10b5sactions PROPN cblr-1734 332 26 . . PUNCT cblr-1734 333 1 nal nal PROPN cblr-1734 333 2 sec sec PROPN cblr-1734 333 3 ’s ’s PART cblr-1734 333 4 10b5 10b5 NUM cblr-1734 333 5 - - SYM cblr-1734 333 6 1 1 NUM cblr-1734 333 7 s s NOUN cblr-1734 333 8 ulative ulative ADJ cblr-1734 333 9 resi resi PROPN cblr-1734 333 10 lative lative PROPN cblr-1734 333 11 abno abno PROPN cblr-1734 333 12 rchases rchase VERB cblr-1734 333 13 one one NUM cblr-1734 333 14 the the DET cblr-1734 333 15 months month NOUN cblr-1734 334 1 d d NOUN cblr-1734 334 2 as as ADP cblr-1734 334 3 month month NOUN cblr-1734 334 4 the the DET cblr-1734 334 5 insidermal insidermal ADJ cblr-1734 334 6 returns return NOUN cblr-1734 334 7 r r NOUN cblr-1734 334 8 non-10b5 non-10b5 NOUN cblr-1734 334 9 - - SYM cblr-1734 334 10 1 1 NUM cblr-1734 334 11 the the DET cblr-1734 334 12 insider insider NOUN cblr-1734 334 13 - - PUNCT cblr-1734 334 14 tr tr VERB cblr-1734 334 15 1 1 NUM cblr-1734 334 16 transaction transaction NOUN cblr-1734 334 17 safe safe ADJ cblr-1734 334 18 harbor harbor NOUN cblr-1734 334 19 duals dual NOUN cblr-1734 334 20 from from ADP cblr-1734 334 21 ormal ormal ADJ cblr-1734 334 22 retur retur NOUN cblr-1734 334 23 e e NOUN cblr-1734 334 24 year year NOUN cblr-1734 334 25 after after ADP cblr-1734 334 26 relative relative ADJ cblr-1734 334 27 to to ADP cblr-1734 334 28 th th NUM cblr-1734 334 29 0 0 NUM cblr-1734 334 30 . . PUNCT cblr-1734 335 1 month month NOUN cblr-1734 335 2 6 6 NUM cblr-1734 335 3 trading trading NOUN cblr-1734 335 4 mon mon NOUN cblr-1734 335 5 relative relative ADJ cblr-1734 335 6 to to ADP cblr-1734 335 7 th th PROPN cblr-1734 335 8 purchases purchase NOUN cblr-1734 335 9 ar ar NOUN cblr-1734 335 10 rading rading NOUN cblr-1734 335 11 month month NOUN cblr-1734 335 12 ns ns NUM cblr-1734 335 13 and and CCONJ cblr-1734 335 14 the the DET cblr-1734 335 15 d d NOUN cblr-1734 335 16 r r NOUN cblr-1734 335 17 rules rule NOUN cblr-1734 335 18 regression regression VERB cblr-1734 335 19 rns rn NOUN cblr-1734 335 20 on on ADP cblr-1734 335 21 both both DET cblr-1734 335 22 r r NOUN cblr-1734 335 23 trade trade NOUN cblr-1734 335 24 dat dat NOUN cblr-1734 335 25 he he PRON cblr-1734 335 26 insider insider NOUN cblr-1734 335 27 - - PUNCT cblr-1734 335 28 tr tr VERB cblr-1734 335 29 6 6 NUM cblr-1734 335 30 refers refer VERB cblr-1734 335 31 to to ADP cblr-1734 335 32 th th NUM cblr-1734 335 33 nth nth NOUN cblr-1734 335 34 . . PUNCT cblr-1734 336 1 to to PART cblr-1734 336 2 make make VERB cblr-1734 336 3 he he PRON cblr-1734 336 4 insider insider NOUN cblr-1734 336 5 - - PUNCT cblr-1734 336 6 tra tra NOUN cblr-1734 336 7 re re PROPN cblr-1734 336 8 constructe constructe PROPN cblr-1734 336 9 h h PROPN cblr-1734 336 10 ( ( PUNCT cblr-1734 336 11 month month NOUN cblr-1734 336 12 0 0 NUM cblr-1734 336 13 ) ) PUNCT cblr-1734 336 14 . . PUNCT cblr-1734 337 1 t t PROPN cblr-1734 337 2 dashed dash VERB cblr-1734 337 3 line line NOUN cblr-1734 337 4 s s PART cblr-1734 337 5 16 16 NUM cblr-1734 337 6 ns ns ADJ cblr-1734 337 7 in in ADP cblr-1734 337 8 table table NOUN cblr-1734 337 9 2 2 NUM cblr-1734 337 10 h h NOUN cblr-1734 337 11 10b5 10b5 NUM cblr-1734 337 12 - - SYM cblr-1734 337 13 1 1 NUM cblr-1734 337 14 and and CCONJ cblr-1734 337 15 e e NOUN cblr-1734 337 16 ading ading NOUN cblr-1734 337 17 month month NOUN cblr-1734 337 18 he he PRON cblr-1734 337 19 six six NUM cblr-1734 337 20 - - PUNCT cblr-1734 337 21 month month NOUN cblr-1734 337 22 e e NOUN cblr-1734 337 23 it it PRON cblr-1734 337 24 easier easy ADJ cblr-1734 337 25 t t X cblr-1734 337 26 ading ading NOUN cblr-1734 337 27 month month NOUN cblr-1734 337 28 ed ed NOUN cblr-1734 337 29 to to PART cblr-1734 337 30 meet meet VERB cblr-1734 337 31 a a DET cblr-1734 337 32 the the DET cblr-1734 337 33 solid solid ADJ cblr-1734 337 34 lin lin PROPN cblr-1734 337 35 shows show VERB cblr-1734 337 36 10b5 10b5 NUM cblr-1734 337 37 61 61 NUM cblr-1734 337 38 2 2 NUM cblr-1734 337 39 d d NOUN cblr-1734 337 40 h h NOUN cblr-1734 337 41 , , PUNCT cblr-1734 337 42 h h NOUN cblr-1734 337 43 o o NOUN cblr-1734 337 44 h h NOUN cblr-1734 337 45 , , PUNCT cblr-1734 337 46 at at ADP cblr-1734 337 47 e e X cblr-1734 337 48 1 1 NUM cblr-1734 337 49 mavru mavru NOUN cblr-1734 337 50 162 162 NUM cblr-1734 338 1 figu figu NOUN cblr-1734 338 2 show show VERB cblr-1734 338 3 non non ADJ cblr-1734 338 4 p p PROPN cblr-1734 338 5 whic whic PROPN cblr-1734 338 6 perio perio NOUN cblr-1734 338 7 meas mea NOUN cblr-1734 338 8 both both PRON cblr-1734 338 9 retur retur VERB cblr-1734 338 10 show show VERB cblr-1734 338 11 10b5 10b5 NUM cblr-1734 338 12 t t NOUN cblr-1734 338 13 regr regr ADJ cblr-1734 338 14 and and CCONJ cblr-1734 338 15 mon mon VERB cblr-1734 338 16 the the DET cblr-1734 338 17 line line NOUN cblr-1734 338 18 stock stock NOUN cblr-1734 338 19 purc purc NOUN cblr-1734 338 20 abno abno PROPN cblr-1734 338 21 abno abno PROPN cblr-1734 338 22 uk uk PROPN cblr-1734 338 23 & & CCONJ cblr-1734 338 24 seyhun seyhun PROPN cblr-1734 338 25 – – PUNCT cblr-1734 338 26 fin fin NOUN cblr-1734 338 27 c c NOUN cblr-1734 338 28 ure ure PROPN cblr-1734 338 29 8 8 NUM cblr-1734 338 30 . . PUNCT cblr-1734 339 1 cumu cumu ADV cblr-1734 339 2 wing wing NOUN cblr-1734 339 3 cumu cumu PRON cblr-1734 339 4 -10b5 -10b5 NOUN cblr-1734 339 5 - - PUNCT cblr-1734 339 6 1 1 NUM cblr-1734 339 7 sal sal NOUN cblr-1734 339 8 period period NOUN cblr-1734 339 9 shows show VERB cblr-1734 339 10 h h NOUN cblr-1734 339 11 is be AUX cblr-1734 339 12 denoted denote VERB cblr-1734 339 13 od od ADV cblr-1734 339 14 following follow VERB cblr-1734 339 15 sure sure ADJ cblr-1734 339 16 abnorm abnorm VERB cblr-1734 339 17 10b5 10b5 NUM cblr-1734 339 18 - - SYM cblr-1734 339 19 1 1 NUM cblr-1734 339 20 and and CCONJ cblr-1734 339 21 rns rn NOUN cblr-1734 339 22 for for ADP cblr-1734 339 23 the the DET cblr-1734 339 24 i i PROPN cblr-1734 339 25 ws ws NOUN cblr-1734 339 26 the the DET cblr-1734 339 27 non-1 non-1 NUM cblr-1734 339 28 5 5 NUM cblr-1734 339 29 - - SYM cblr-1734 339 30 1 1 NUM cblr-1734 339 31 transactio transactio NOUN cblr-1734 339 32 the the DET cblr-1734 339 33 cumula cumula NOUN cblr-1734 339 34 essions ession VERB cblr-1734 339 35 in in ADP cblr-1734 339 36 t t PROPN cblr-1734 339 37 8 8 NUM cblr-1734 339 38 ( ( PUNCT cblr-1734 339 39 sales sale NOUN cblr-1734 339 40 ) ) PUNCT cblr-1734 339 41 for for ADP cblr-1734 339 42 nths nth NOUN cblr-1734 339 43 after after ADP cblr-1734 339 44 in in ADP cblr-1734 339 45 solid solid ADJ cblr-1734 339 46 line line NOUN cblr-1734 339 47 in in ADP cblr-1734 339 48 indicates indicate VERB cblr-1734 339 49 t t PROPN cblr-1734 339 50 k k PROPN cblr-1734 339 51 prices prices PROPN cblr-1734 339 52 r r NOUN cblr-1734 339 53 chases chase NOUN cblr-1734 339 54 . . PUNCT cblr-1734 340 1 by by ADP cblr-1734 340 2 t t PROPN cblr-1734 340 3 ormal ormal ADJ cblr-1734 340 4 retu retu ADJ cblr-1734 340 5 ormal ormal ADJ cblr-1734 340 6 return return VERB cblr-1734 340 7 nal nal PROPN cblr-1734 340 8 columbia columbia PROPN cblr-1734 340 9 bu bu PROPN cblr-1734 340 10 ulative ulative PROPN cblr-1734 340 11 resi resi PROPN cblr-1734 340 12 lative lative PROPN cblr-1734 340 13 abno abno PROPN cblr-1734 340 14 es es PROPN cblr-1734 340 15 one one NUM cblr-1734 340 16 year year NOUN cblr-1734 340 17 the the DET cblr-1734 340 18 months month NOUN cblr-1734 340 19 d d NOUN cblr-1734 340 20 as as ADP cblr-1734 340 21 month month NOUN cblr-1734 340 22 the the DET cblr-1734 340 23 insidermal insidermal ADJ cblr-1734 340 24 returns return NOUN cblr-1734 340 25 r r NOUN cblr-1734 340 26 non-10b5 non-10b5 NOUN cblr-1734 340 27 - - PUNCT cblr-1734 340 28 1 1 NUM cblr-1734 340 29 insider insider NOUN cblr-1734 340 30 - - PUNCT cblr-1734 340 31 tradi tradi NOUN cblr-1734 340 32 10b5 10b5 NUM cblr-1734 340 33 - - SYM cblr-1734 340 34 1 1 NUM cblr-1734 340 35 trans trans X cblr-1734 340 36 ons ons PROPN cblr-1734 340 37 . . PUNCT cblr-1734 341 1 ative ative ADJ cblr-1734 341 2 daily daily ADJ cblr-1734 341 3 table table NOUN cblr-1734 341 4 2 2 NUM cblr-1734 341 5 are be AUX cblr-1734 341 6 r r NOUN cblr-1734 341 7 holding hold VERB cblr-1734 341 8 pe pe PROPN cblr-1734 341 9 nsiders nsider NOUN cblr-1734 341 10 ’ ' PUNCT cblr-1734 341 11 10b 10b NOUN cblr-1734 341 12 ndicates ndicate VERB cblr-1734 341 13 non non VERB cblr-1734 341 14 he he PRON cblr-1734 341 15 10b5 10b5 NUM cblr-1734 341 16 - - SYM cblr-1734 341 17 1 1 NUM cblr-1734 341 18 t t NOUN cblr-1734 341 19 rose rise VERB cblr-1734 341 20 after after ADP cblr-1734 341 21 three three NUM cblr-1734 341 22 month month NOUN cblr-1734 341 23 urns urn NOUN cblr-1734 341 24 for for ADP cblr-1734 341 25 p p PROPN cblr-1734 341 26 ns ns PROPN cblr-1734 341 27 for for ADP cblr-1734 341 28 non non ADJ cblr-1734 341 29 - - ADJ cblr-1734 341 30 p p ADJ cblr-1734 341 31 usiness usiness NOUN cblr-1734 341 32 law law NOUN cblr-1734 341 33 duals dual NOUN cblr-1734 341 34 from from ADP cblr-1734 341 35 ormal ormal ADJ cblr-1734 341 36 retur retur NOUN cblr-1734 341 37 r r NOUN cblr-1734 341 38 after after ADP cblr-1734 341 39 trad trad NOUN cblr-1734 341 40 relative relative ADJ cblr-1734 341 41 to to ADP cblr-1734 341 42 th th NUM cblr-1734 341 43 0 0 NUM cblr-1734 341 44 . . PUNCT cblr-1734 342 1 month month NOUN cblr-1734 342 2 6 6 NUM cblr-1734 342 3 trading trading NOUN cblr-1734 342 4 mon mon NOUN cblr-1734 342 5 relative relative ADJ cblr-1734 342 6 to to ADP cblr-1734 342 7 th th PROPN cblr-1734 342 8 sales sale NOUN cblr-1734 342 9 are be AUX cblr-1734 342 10 con con NOUN cblr-1734 342 11 ing ing ADJ cblr-1734 342 12 month month NOUN cblr-1734 342 13 ( ( PUNCT cblr-1734 342 14 m m NOUN cblr-1734 342 15 sactions saction NOUN cblr-1734 342 16 and and CCONJ cblr-1734 342 17 average average ADJ cblr-1734 342 18 p p NOUN cblr-1734 342 19 displayed display VERB cblr-1734 342 20 in in ADP cblr-1734 342 21 eriods eriod NOUN cblr-1734 342 22 of of ADP cblr-1734 342 23 one one NUM cblr-1734 342 24 b5 b5 NOUN cblr-1734 342 25 - - PUNCT cblr-1734 342 26 1 1 NUM cblr-1734 342 27 and and CCONJ cblr-1734 342 28 no no DET cblr-1734 342 29 n-10b5 n-10b5 ADV cblr-1734 342 30 - - PUNCT cblr-1734 342 31 1 1 NUM cblr-1734 342 32 tr tr NOUN cblr-1734 342 33 transaction transaction NOUN cblr-1734 342 34 both both DET cblr-1734 342 35 10b 10b NOUN cblr-1734 342 36 hs hs PROPN cblr-1734 342 37 after after SCONJ cblr-1734 342 38 the the DET cblr-1734 342 39 planned plan VERB cblr-1734 342 40 p p NOUN cblr-1734 342 41 planned plan VERB cblr-1734 342 42 pur pur PROPN cblr-1734 342 43 w w PROPN cblr-1734 342 44 review review PROPN cblr-1734 342 45 regression regression NOUN cblr-1734 342 46 rns rn NOUN cblr-1734 342 47 on on ADP cblr-1734 342 48 both both DET cblr-1734 342 49 de de X cblr-1734 342 50 date date NOUN cblr-1734 342 51 he he PRON cblr-1734 342 52 insider insider NOUN cblr-1734 342 53 - - PUNCT cblr-1734 342 54 tr tr VERB cblr-1734 342 55 6 6 NUM cblr-1734 342 56 refers refer VERB cblr-1734 342 57 to to ADP cblr-1734 342 58 th th NUM cblr-1734 342 59 nth nth NOUN cblr-1734 342 60 . . PUNCT cblr-1734 343 1 to to PART cblr-1734 343 2 make make VERB cblr-1734 343 3 he he PRON cblr-1734 343 4 insider insider NOUN cblr-1734 343 5 - - PUNCT cblr-1734 343 6 tra tra NOUN cblr-1734 343 7 nstructed nstructe VERB cblr-1734 343 8 to to ADP cblr-1734 343 9 month month NOUN cblr-1734 343 10 0 0 NUM cblr-1734 343 11 ) ) PUNCT cblr-1734 343 12 . . PUNCT cblr-1734 344 1 t t PROPN cblr-1734 345 1 d d X cblr-1734 345 2 the the DET cblr-1734 345 3 dashed dash VERB cblr-1734 345 4 prediction prediction NOUN cblr-1734 345 5 e e NOUN cblr-1734 345 6 n n PRON cblr-1734 345 7 figures figure VERB cblr-1734 345 8 7 7 NUM cblr-1734 345 9 e e NOUN cblr-1734 345 10 , , PUNCT cblr-1734 345 11 three three NUM cblr-1734 345 12 , , PUNCT cblr-1734 345 13 six six NUM cblr-1734 345 14 n-10b5 n-10b5 ADV cblr-1734 345 15 - - PUNCT cblr-1734 345 16 1 1 NUM cblr-1734 345 17 tr tr NOUN cblr-1734 345 18 ransactions ransaction NOUN cblr-1734 345 19 , , PUNCT cblr-1734 345 20 s. s. PROPN cblr-1734 345 21 figure figure VERB cblr-1734 345 22 7 7 NUM cblr-1734 345 23 b5 b5 NOUN cblr-1734 345 24 - - PUNCT cblr-1734 345 25 1 1 NUM cblr-1734 345 26 and and CCONJ cblr-1734 345 27 e e NOUN cblr-1734 345 28 transactio transactio NOUN cblr-1734 345 29 purchases purchase NOUN cblr-1734 345 30 rchases rchase NOUN cblr-1734 345 31 . . PUNCT cblr-1734 346 1 [ [ X cblr-1734 346 2 vol vol NOUN cblr-1734 346 3 . . PUNCT cblr-1734 347 1 201 201 NUM cblr-1734 347 2 ns ns NOUN cblr-1734 347 3 in in ADP cblr-1734 347 4 table table NOUN cblr-1734 347 5 2 2 NUM cblr-1734 347 6 h h NOUN cblr-1734 347 7 10b5 10b5 NUM cblr-1734 347 8 - - SYM cblr-1734 347 9 1 1 NUM cblr-1734 347 10 and and CCONJ cblr-1734 347 11 ading ading ADJ cblr-1734 347 12 month month NOUN cblr-1734 347 13 he he PRON cblr-1734 347 14 six six NUM cblr-1734 347 15 - - PUNCT cblr-1734 347 16 month month NOUN cblr-1734 347 17 e e NOUN cblr-1734 348 1 it it PRON cblr-1734 348 2 easier easy ADJ cblr-1734 348 3 t t X cblr-1734 348 4 ading ading NOUN cblr-1734 348 5 month month NOUN cblr-1734 348 6 meet meet NOUN cblr-1734 348 7 at at ADP cblr-1734 348 8 zer zer PROPN cblr-1734 348 9 the the DET cblr-1734 348 10 solid solid ADJ cblr-1734 348 11 lin lin PROPN cblr-1734 348 12 d d PROPN cblr-1734 348 13 line line NOUN cblr-1734 348 14 show show VERB cblr-1734 348 15 errors error NOUN cblr-1734 348 16 from from ADP cblr-1734 348 17 ( ( PUNCT cblr-1734 348 18 purchases purchase NOUN cblr-1734 348 19 x x PRON cblr-1734 348 20 , , PUNCT cblr-1734 348 21 and and CCONJ cblr-1734 348 22 twelve twelve NUM cblr-1734 348 23 rades rade NOUN cblr-1734 348 24 . . PUNCT cblr-1734 349 1 while while SCONJ cblr-1734 349 2 the the DET cblr-1734 349 3 dashed dash VERB cblr-1734 349 4 shows show VERB cblr-1734 349 5 tha tha NOUN cblr-1734 349 6 non-10b5on non-10b5on NUM cblr-1734 349 7 date date NOUN cblr-1734 349 8 , , PUNCT cblr-1734 349 9 the the PRON cblr-1734 349 10 exceed exceed VERB cblr-1734 349 11 the the DET cblr-1734 349 12 6 6 NUM cblr-1734 349 13 2 2 NUM cblr-1734 349 14 d d NOUN cblr-1734 349 15 h h NOUN cblr-1734 349 16 , , PUNCT cblr-1734 349 17 h h NOUN cblr-1734 349 18 o o NOUN cblr-1734 349 19 h h NOUN cblr-1734 349 20 , , PUNCT cblr-1734 349 21 o o PROPN cblr-1734 349 22 e e PROPN cblr-1734 349 23 ws ws PROPN cblr-1734 349 24 m m PROPN cblr-1734 349 25 s s PART cblr-1734 349 26 ) ) PUNCT cblr-1734 349 27 e e NOUN cblr-1734 349 28 e e X cblr-1734 349 29 d d NOUN cblr-1734 349 30 at at ADP cblr-1734 349 31 1 1 NUM cblr-1734 349 32 e e NOUN cblr-1734 349 33 e e X cblr-1734 349 34 mavruk mavruk PROPN cblr-1734 349 35 & & CCONJ cblr-1734 349 36 seyhun seyhun PROPN cblr-1734 349 37 – – PUNCT cblr-1734 349 38 final final ADJ cblr-1734 349 39 no no NOUN cblr-1734 349 40 . . PUNCT cblr-1734 350 1 1:133 1:133 NUM cblr-1734 350 2 ] ] X cblr-1734 350 3 sec sec PROPN cblr-1734 350 4 ’s ’s PART cblr-1734 350 5 10b5 10b5 NUM cblr-1734 350 6 - - SYM cblr-1734 350 7 1 1 NUM cblr-1734 350 8 safe safe ADJ cblr-1734 350 9 harbor harbor NOUN cblr-1734 350 10 rules rule VERB cblr-1734 350 11 163 163 NUM cblr-1734 350 12 for for ADP cblr-1734 350 13 sales sale NOUN cblr-1734 350 14 , , PUNCT cblr-1734 350 15 the the DET cblr-1734 350 16 declines decline NOUN cblr-1734 350 17 in in ADP cblr-1734 350 18 prices price NOUN cblr-1734 350 19 for for ADP cblr-1734 350 20 the the DET cblr-1734 350 21 first first ADJ cblr-1734 350 22 month month NOUN cblr-1734 350 23 after after ADP cblr-1734 350 24 the the DET cblr-1734 350 25 trading trading NOUN cblr-1734 350 26 day day NOUN cblr-1734 350 27 for for ADP cblr-1734 350 28 10b5 10b5 NUM cblr-1734 350 29 - - SYM cblr-1734 350 30 1 1 NUM cblr-1734 350 31 planned plan VERB cblr-1734 350 32 sales sale NOUN cblr-1734 350 33 and and CCONJ cblr-1734 350 34 non non ADJ cblr-1734 350 35 - - ADJ cblr-1734 350 36 planned planned ADJ cblr-1734 350 37 sales sale NOUN cblr-1734 350 38 appear appear VERB cblr-1734 350 39 to to PART cblr-1734 350 40 be be AUX cblr-1734 350 41 very very ADV cblr-1734 350 42 similar similar ADJ cblr-1734 350 43 . . PUNCT cblr-1734 351 1 after after ADP cblr-1734 351 2 one one NUM cblr-1734 351 3 month month NOUN cblr-1734 351 4 , , PUNCT cblr-1734 351 5 the the DET cblr-1734 351 6 two two NUM cblr-1734 351 7 patterns pattern NOUN cblr-1734 351 8 diverge diverge VERB cblr-1734 351 9 and and CCONJ cblr-1734 351 10 10b5 10b5 NUM cblr-1734 351 11 - - SYM cblr-1734 351 12 1 1 NUM cblr-1734 351 13 planned plan VERB cblr-1734 351 14 sales sale NOUN cblr-1734 351 15 show show VERB cblr-1734 351 16 somewhat somewhat ADV cblr-1734 351 17 greater great ADJ cblr-1734 351 18 abnormal abnormal ADJ cblr-1734 351 19 profitability profitability NOUN cblr-1734 351 20 . . PUNCT cblr-1734 352 1 over over ADP cblr-1734 352 2 a a DET cblr-1734 352 3 full full ADJ cblr-1734 352 4 year year NOUN cblr-1734 352 5 , , PUNCT cblr-1734 352 6 stock stock NOUN cblr-1734 352 7 prices price NOUN cblr-1734 352 8 fall fall VERB cblr-1734 352 9 sharply sharply ADV cblr-1734 352 10 following follow VERB cblr-1734 352 11 both both DET cblr-1734 352 12 10b5 10b5 NUM cblr-1734 352 13 - - SYM cblr-1734 352 14 1 1 NUM cblr-1734 352 15 and and CCONJ cblr-1734 352 16 non-10b5 non-10b5 NOUN cblr-1734 352 17 - - PUNCT cblr-1734 352 18 1 1 NUM cblr-1734 352 19 sales sale NOUN cblr-1734 352 20 , , PUNCT cblr-1734 352 21 with with ADP cblr-1734 352 22 10b5 10b5 NUM cblr-1734 352 23 - - SYM cblr-1734 352 24 1 1 NUM cblr-1734 352 25 planned plan VERB cblr-1734 352 26 sales sale NOUN cblr-1734 352 27 showing show VERB cblr-1734 352 28 greater great ADJ cblr-1734 352 29 declines decline NOUN cblr-1734 352 30 . . PUNCT cblr-1734 353 1 nevertheless nevertheless ADV cblr-1734 353 2 , , PUNCT cblr-1734 353 3 the the DET cblr-1734 353 4 differences difference NOUN cblr-1734 353 5 in in ADP cblr-1734 353 6 cumulative cumulative ADJ cblr-1734 353 7 abnormal abnormal ADJ cblr-1734 353 8 returns return NOUN cblr-1734 353 9 between between ADP cblr-1734 353 10 10b5 10b5 NUM cblr-1734 353 11 - - SYM cblr-1734 353 12 1 1 NUM cblr-1734 353 13 planned planned ADJ cblr-1734 353 14 and and CCONJ cblr-1734 353 15 non non ADJ cblr-1734 353 16 - - ADJ cblr-1734 353 17 planned planned ADJ cblr-1734 353 18 sales sale NOUN cblr-1734 353 19 do do AUX cblr-1734 353 20 not not PART cblr-1734 353 21 attain attain VERB cblr-1734 353 22 statistical statistical ADJ cblr-1734 353 23 significance significance NOUN cblr-1734 353 24 . . PUNCT cblr-1734 354 1 the the DET cblr-1734 354 2 shapes shape NOUN cblr-1734 354 3 of of ADP cblr-1734 354 4 abnormal abnormal ADJ cblr-1734 354 5 returns return NOUN cblr-1734 354 6 for for ADP cblr-1734 354 7 both both DET cblr-1734 354 8 planned plan VERB cblr-1734 354 9 and and CCONJ cblr-1734 354 10 non non ADJ cblr-1734 354 11 - - ADJ cblr-1734 354 12 planned planned ADJ cblr-1734 354 13 purchases purchase NOUN cblr-1734 354 14 and and CCONJ cblr-1734 354 15 sales sale NOUN cblr-1734 354 16 indicate indicate VERB cblr-1734 354 17 that that SCONJ cblr-1734 354 18 insiders insider NOUN cblr-1734 354 19 exploit exploit VERB cblr-1734 354 20 short short ADV cblr-1734 354 21 - - PUNCT cblr-1734 354 22 lived live VERB cblr-1734 354 23 information information NOUN cblr-1734 354 24 . . PUNCT cblr-1734 355 1 cumulative cumulative ADJ cblr-1734 355 2 abnormal abnormal ADJ cblr-1734 355 3 returns return NOUN cblr-1734 355 4 for for ADP cblr-1734 355 5 purchases purchase NOUN cblr-1734 355 6 tend tend VERB cblr-1734 355 7 to to PART cblr-1734 355 8 increase increase VERB cblr-1734 355 9 at at ADP cblr-1734 355 10 a a DET cblr-1734 355 11 relatively relatively ADV cblr-1734 355 12 sharper sharp ADJ cblr-1734 355 13 rate rate NOUN cblr-1734 355 14 for for ADP cblr-1734 355 15 the the DET cblr-1734 355 16 first first ADJ cblr-1734 355 17 six six NUM cblr-1734 355 18 months month NOUN cblr-1734 355 19 and and CCONJ cblr-1734 355 20 then then ADV cblr-1734 355 21 tend tend VERB cblr-1734 355 22 to to PART cblr-1734 355 23 level level VERB cblr-1734 355 24 off off ADP cblr-1734 355 25 . . PUNCT cblr-1734 356 1 similarly similarly ADV cblr-1734 356 2 , , PUNCT cblr-1734 356 3 in in ADP cblr-1734 356 4 the the DET cblr-1734 356 5 case case NOUN cblr-1734 356 6 of of ADP cblr-1734 356 7 cumulative cumulative ADJ cblr-1734 356 8 abnormal abnormal ADJ cblr-1734 356 9 returns return NOUN cblr-1734 356 10 for for ADP cblr-1734 356 11 sales sale NOUN cblr-1734 356 12 , , PUNCT cblr-1734 356 13 stock stock NOUN cblr-1734 356 14 prices price NOUN cblr-1734 356 15 fall fall VERB cblr-1734 356 16 at at ADP cblr-1734 356 17 a a DET cblr-1734 356 18 relatively relatively ADV cblr-1734 356 19 sharper sharp ADJ cblr-1734 356 20 rate rate NOUN cblr-1734 356 21 for for ADP cblr-1734 356 22 about about ADV cblr-1734 356 23 six six NUM cblr-1734 356 24 months month NOUN cblr-1734 356 25 and and CCONJ cblr-1734 356 26 then then ADV cblr-1734 356 27 tend tend VERB cblr-1734 356 28 to to PART cblr-1734 356 29 level level VERB cblr-1734 356 30 off off ADP cblr-1734 356 31 . . PUNCT cblr-1734 357 1 table table NOUN cblr-1734 357 2 3 3 NUM cblr-1734 357 3 . . PUNCT cblr-1734 357 4 results result NOUN cblr-1734 357 5 from from ADP cblr-1734 357 6 fama fama NOUN cblr-1734 357 7 - - PUNCT cblr-1734 357 8 french french ADJ cblr-1734 357 9 carhart carhart NOUN cblr-1734 357 10 fourfactor fourfactor NOUN cblr-1734 357 11 model model NOUN cblr-1734 357 12 returns return NOUN cblr-1734 357 13 , , PUNCT cblr-1734 357 14 , , PUNCT cblr-1734 357 15 , , PUNCT cblr-1734 357 16 , , PUNCT cblr-1734 357 17 , , PUNCT cblr-1734 357 18 where where SCONJ cblr-1734 357 19 , , PUNCT cblr-1734 357 20 is be AUX cblr-1734 357 21 calendar calendar NOUN cblr-1734 357 22 - - PUNCT cblr-1734 357 23 time time NOUN cblr-1734 357 24 portfolios portfolio NOUN cblr-1734 357 25 based base VERB cblr-1734 357 26 on on ADP cblr-1734 357 27 insider insider NOUN cblr-1734 357 28 trading trading NOUN cblr-1734 357 29 and and CCONJ cblr-1734 357 30 holding holding NOUN cblr-1734 357 31 period period NOUN cblr-1734 357 32 , , PUNCT cblr-1734 357 33 , , PUNCT cblr-1734 357 34 is be AUX cblr-1734 357 35 the the DET cblr-1734 357 36 return return NOUN cblr-1734 357 37 on on ADP cblr-1734 357 38 the the DET cblr-1734 357 39 crsp crsp PROPN cblr-1734 357 40 equallyweighted equallyweighte VERB cblr-1734 357 41 index index NOUN cblr-1734 357 42 for for ADP cblr-1734 357 43 day day NOUN cblr-1734 357 44 . . PUNCT cblr-1734 358 1 , , PUNCT cblr-1734 358 2 is be AUX cblr-1734 358 3 the the DET cblr-1734 358 4 daily daily ADJ cblr-1734 358 5 risk risk NOUN cblr-1734 358 6 - - PUNCT cblr-1734 358 7 free free ADJ cblr-1734 358 8 interest interest NOUN cblr-1734 358 9 rate rate NOUN cblr-1734 358 10 ( ( PUNCT cblr-1734 358 11 one one NUM cblr-1734 358 12 - - PUNCT cblr-1734 358 13 day day NOUN cblr-1734 358 14 treasury treasury NOUN cblr-1734 358 15 bill bill NOUN cblr-1734 358 16 rate rate NOUN cblr-1734 358 17 ) ) PUNCT cblr-1734 358 18 . . PUNCT cblr-1734 359 1 ( ( PUNCT cblr-1734 359 2 small small ADJ cblr-1734 359 3 minus minus CCONJ cblr-1734 359 4 big big ADJ cblr-1734 359 5 ) ) PUNCT cblr-1734 359 6 is be AUX cblr-1734 359 7 a a DET cblr-1734 359 8 mimicking mimic VERB cblr-1734 359 9 portfolio portfolio NOUN cblr-1734 359 10 to to PART cblr-1734 359 11 capture capture VERB cblr-1734 359 12 risk risk NOUN cblr-1734 359 13 related relate VERB cblr-1734 359 14 to to ADP cblr-1734 359 15 size size NOUN cblr-1734 359 16 , , PUNCT cblr-1734 359 17 ( ( PUNCT cblr-1734 359 18 high high ADJ cblr-1734 359 19 minus minus CCONJ cblr-1734 359 20 low low ADJ cblr-1734 359 21 ) ) PUNCT cblr-1734 359 22 is be AUX cblr-1734 359 23 a a DET cblr-1734 359 24 mimicking mimic VERB cblr-1734 359 25 portfolio portfolio NOUN cblr-1734 359 26 to to PART cblr-1734 359 27 capture capture VERB cblr-1734 359 28 risk risk NOUN cblr-1734 359 29 associated associate VERB cblr-1734 359 30 with with ADP cblr-1734 359 31 book book NOUN cblr-1734 359 32 - - PUNCT cblr-1734 359 33 to to ADP cblr-1734 359 34 - - PUNCT cblr-1734 359 35 market market NOUN cblr-1734 359 36 characteristics characteristic NOUN cblr-1734 359 37 , , PUNCT cblr-1734 359 38 and and CCONJ cblr-1734 359 39 ( ( PUNCT cblr-1734 359 40 up up ADP cblr-1734 359 41 minus minus CCONJ cblr-1734 359 42 down down ADV cblr-1734 359 43 ) ) PUNCT cblr-1734 359 44 is be AUX cblr-1734 359 45 a a DET cblr-1734 359 46 mimicking mimic VERB cblr-1734 359 47 portfolio portfolio NOUN cblr-1734 359 48 designed design VERB cblr-1734 359 49 to to PART cblr-1734 359 50 address address VERB cblr-1734 359 51 risk risk NOUN cblr-1734 359 52 associated associate VERB cblr-1734 359 53 with with ADP cblr-1734 359 54 prior prior ADJ cblr-1734 359 55 returns return NOUN cblr-1734 359 56 by by ADP cblr-1734 359 57 subtracting subtract VERB cblr-1734 359 58 a a DET cblr-1734 359 59 portfolio portfolio NOUN cblr-1734 359 60 of of ADP cblr-1734 359 61 low low ADJ cblr-1734 359 62 prior prior ADJ cblr-1734 359 63 return return NOUN cblr-1734 359 64 firms firm NOUN cblr-1734 359 65 from from ADP cblr-1734 359 66 a a DET cblr-1734 359 67 portfolio portfolio NOUN cblr-1734 359 68 of of ADP cblr-1734 359 69 high high ADJ cblr-1734 359 70 prior prior ADJ cblr-1734 359 71 return return NOUN cblr-1734 359 72 firms firm NOUN cblr-1734 359 73 . . PUNCT cblr-1734 360 1 is be AUX cblr-1734 360 2 the the DET cblr-1734 360 3 abnormal abnormal ADJ cblr-1734 360 4 return return NOUN cblr-1734 360 5 . . PUNCT cblr-1734 361 1 the the DET cblr-1734 361 2 coefficients coefficient NOUN cblr-1734 361 3 are be AUX cblr-1734 361 4 obtained obtain VERB cblr-1734 361 5 from from ADP cblr-1734 361 6 an an DET cblr-1734 361 7 ols ol NOUN cblr-1734 361 8 regression regression NOUN cblr-1734 361 9 on on ADP cblr-1734 361 10 the the DET cblr-1734 361 11 estimation estimation NOUN cblr-1734 361 12 period period NOUN cblr-1734 361 13 returns return NOUN cblr-1734 361 14 . . PUNCT cblr-1734 362 1 stacked stack VERB cblr-1734 362 2 regressions regression NOUN cblr-1734 362 3 are be AUX cblr-1734 362 4 run run VERB cblr-1734 362 5 to to PART cblr-1734 362 6 provide provide VERB cblr-1734 362 7 coefficient coefficient NOUN cblr-1734 362 8 difference difference NOUN cblr-1734 362 9 test test NOUN cblr-1734 362 10 statistics statistic NOUN cblr-1734 362 11 across across ADP cblr-1734 362 12 10b5 10b5 NUM cblr-1734 362 13 - - SYM cblr-1734 362 14 1 1 NUM cblr-1734 362 15 participant participant ADJ cblr-1734 362 16 and and CCONJ cblr-1734 362 17 nonparticipant nonparticipant ADJ cblr-1734 362 18 samples sample NOUN cblr-1734 362 19 . . PUNCT cblr-1734 363 1 results result NOUN cblr-1734 363 2 are be AUX cblr-1734 363 3 shown show VERB cblr-1734 363 4 for for ADP cblr-1734 363 5 the the DET cblr-1734 363 6 horizon horizon NOUN cblr-1734 363 7 of of ADP cblr-1734 363 8 the the DET cblr-1734 363 9 following follow VERB cblr-1734 363 10 one one NUM cblr-1734 363 11 month month NOUN cblr-1734 363 12 , , PUNCT cblr-1734 363 13 three three NUM cblr-1734 363 14 months month NOUN cblr-1734 363 15 , , PUNCT cblr-1734 363 16 six six NUM cblr-1734 363 17 months month NOUN cblr-1734 363 18 , , PUNCT cblr-1734 363 19 and and CCONJ cblr-1734 363 20 one one NUM cblr-1734 363 21 year year NOUN cblr-1734 363 22 . . PUNCT cblr-1734 364 1 mavruk mavruk PROPN cblr-1734 364 2 & & CCONJ cblr-1734 364 3 seyhun seyhun PROPN cblr-1734 364 4 – – PUNCT cblr-1734 364 5 final final ADJ cblr-1734 364 6 164 164 NUM cblr-1734 364 7 columbia columbia PROPN cblr-1734 364 8 business business NOUN cblr-1734 364 9 law law PROPN cblr-1734 364 10 review review NOUN cblr-1734 364 11 [ [ X cblr-1734 364 12 vol vol NOUN cblr-1734 364 13 . . PUNCT cblr-1734 364 14 2016 2016 NUM cblr-1734 364 15 10b5 10b5 NUM cblr-1734 364 16 - - SYM cblr-1734 364 17 1 1 NUM cblr-1734 364 18 ( ( PUNCT cblr-1734 364 19 1 1 NUM cblr-1734 364 20 ) ) PUNCT cblr-1734 364 21 non-10b5 non-10b5 NOUN cblr-1734 364 22 - - SYM cblr-1734 364 23 1 1 NUM cblr-1734 364 24 ( ( PUNCT cblr-1734 364 25 2 2 NUM cblr-1734 364 26 ) ) PUNCT cblr-1734 364 27 diff diff NOUN cblr-1734 364 28 . . PUNCT cblr-1734 365 1 ( ( PUNCT cblr-1734 365 2 1)-(2 1)-(2 NUM cblr-1734 365 3 ) ) PUNCT cblr-1734 365 4 purchasesa purchasesa NOUN cblr-1734 365 5 horizon horizon NOUN cblr-1734 365 6 mean mean VERB cblr-1734 365 7 t t PROPN cblr-1734 365 8 - - PUNCT cblr-1734 365 9 stat stat NOUN cblr-1734 365 10 mean mean VERB cblr-1734 365 11 t t PROPN cblr-1734 365 12 - - PUNCT cblr-1734 365 13 stat stat NOUN cblr-1734 365 14 mean mean VERB cblr-1734 365 15 t t NOUN cblr-1734 365 16 - - PUNCT cblr-1734 365 17 stat stat NOUN cblr-1734 365 18 4 4 NUM cblr-1734 365 19 - - PUNCT cblr-1734 365 20 factor factor NOUN cblr-1734 365 21 ar ar NOUN cblr-1734 365 22 1 1 NUM cblr-1734 365 23 month month NOUN cblr-1734 365 24 0.0012 0.0012 NUM cblr-1734 365 25 2.36 2.36 NUM cblr-1734 365 26 0.0013 0.0013 NUM cblr-1734 365 27 10.25 10.25 NUM cblr-1734 365 28 -0.0002 -0.0002 NOUN cblr-1734 365 29 -0.36 -0.36 NUM cblr-1734 365 30 4 4 NUM cblr-1734 365 31 - - PUNCT cblr-1734 365 32 factor factor NOUN cblr-1734 365 33 ar ar NOUN cblr-1734 365 34 3 3 NUM cblr-1734 365 35 months month NOUN cblr-1734 365 36 0.0005 0.0005 NUM cblr-1734 365 37 0.90 0.90 NUM cblr-1734 365 38 0.0005 0.0005 NUM cblr-1734 365 39 5.31 5.31 NUM cblr-1734 365 40 0.0001 0.0001 NUM cblr-1734 365 41 0.15 0.15 NUM cblr-1734 365 42 4 4 NUM cblr-1734 365 43 - - PUNCT cblr-1734 365 44 factor factor NOUN cblr-1734 365 45 ar ar NOUN cblr-1734 365 46 6 6 NUM cblr-1734 365 47 months month NOUN cblr-1734 365 48 0.0004 0.0004 NUM cblr-1734 365 49 0.71 0.71 NUM cblr-1734 365 50 0.0002 0.0002 NUM cblr-1734 365 51 2.83 2.83 NUM cblr-1734 365 52 0.0002 0.0002 NUM cblr-1734 365 53 0.47 0.47 NUM cblr-1734 365 54 4 4 NUM cblr-1734 365 55 - - PUNCT cblr-1734 365 56 factor factor NOUN cblr-1734 365 57 ar ar NOUN cblr-1734 365 58 1 1 NUM cblr-1734 365 59 year year NOUN cblr-1734 365 60 0.0004 0.0004 NUM cblr-1734 365 61 1.04 1.04 NUM cblr-1734 365 62 0.0001 0.0001 NUM cblr-1734 365 63 0.96 0.96 NUM cblr-1734 365 64 0.0003 0.0003 NUM cblr-1734 365 65 0.94 0.94 NUM cblr-1734 365 66 salesb salesb ADJ cblr-1734 365 67 horizon horizon NOUN cblr-1734 365 68 mean mean VERB cblr-1734 365 69 t t PROPN cblr-1734 365 70 - - PUNCT cblr-1734 365 71 stat stat NOUN cblr-1734 365 72 mean mean VERB cblr-1734 365 73 t t PROPN cblr-1734 365 74 - - PUNCT cblr-1734 365 75 stat stat NOUN cblr-1734 365 76 mean mean VERB cblr-1734 365 77 t t NOUN cblr-1734 365 78 - - PUNCT cblr-1734 365 79 stat stat NOUN cblr-1734 365 80 4 4 NUM cblr-1734 365 81 - - PUNCT cblr-1734 365 82 factor factor NOUN cblr-1734 365 83 ar ar NOUN cblr-1734 365 84 1 1 NUM cblr-1734 365 85 month month NOUN cblr-1734 365 86 -0.0006 -0.0006 NOUN cblr-1734 366 1 -2.81 -2.81 NUM cblr-1734 366 2 -0.0005 -0.0005 X cblr-1734 366 3 -3.48 -3.48 NUM cblr-1734 366 4 -0.0001 -0.0001 NOUN cblr-1734 366 5 -0.70 -0.70 NOUN cblr-1734 366 6 4 4 NUM cblr-1734 366 7 - - PUNCT cblr-1734 366 8 factor factor NOUN cblr-1734 366 9 ar ar NOUN cblr-1734 366 10 3 3 NUM cblr-1734 366 11 months month NOUN cblr-1734 366 12 -0.0005 -0.0005 VERB cblr-1734 366 13 -3.25 -3.25 PRON cblr-1734 366 14 -0.0004 -0.0004 X cblr-1734 366 15 -3.49 -3.49 PROPN cblr-1734 366 16 -0.0002 -0.0002 NOUN cblr-1734 366 17 -0.95 -0.95 NOUN cblr-1734 366 18 4 4 NUM cblr-1734 366 19 - - PUNCT cblr-1734 366 20 factor factor NOUN cblr-1734 366 21 ar ar NOUN cblr-1734 366 22 6 6 NUM cblr-1734 366 23 months month NOUN cblr-1734 366 24 -0.0004 -0.0004 X cblr-1734 366 25 -2.79 -2.79 PROPN cblr-1734 366 26 -0.0003 -0.0003 ADJ cblr-1734 366 27 -4.03 -4.03 PROPN cblr-1734 366 28 -0.0001 -0.0001 NOUN cblr-1734 366 29 -0.49 -0.49 ADP cblr-1734 366 30 4 4 NUM cblr-1734 366 31 - - PUNCT cblr-1734 366 32 factor factor NOUN cblr-1734 366 33 ar ar NOUN cblr-1734 366 34 1 1 NUM cblr-1734 366 35 year year NOUN cblr-1734 366 36 -0.0003 -0.0003 NOUN cblr-1734 366 37 -2.34 -2.34 NUM cblr-1734 366 38 -0.0003 -0.0003 ADJ cblr-1734 366 39 -3.62 -3.62 VERB cblr-1734 366 40 0.0000 0.0000 NUM cblr-1734 366 41 -0.25 -0.25 NUM cblr-1734 366 42 a a PRON cblr-1734 366 43 and and CCONJ cblr-1734 366 44 b b NOUN cblr-1734 366 45 the the DET cblr-1734 366 46 number number NOUN cblr-1734 366 47 of of ADP cblr-1734 366 48 observations observation NOUN cblr-1734 366 49 used use VERB cblr-1734 366 50 in in ADP cblr-1734 366 51 both both DET cblr-1734 366 52 purchases purchase NOUN cblr-1734 366 53 and and CCONJ cblr-1734 366 54 sales sale NOUN cblr-1734 366 55 regressions regression NOUN cblr-1734 366 56 is be AUX cblr-1734 366 57 2769 2769 NUM cblr-1734 366 58 . . PUNCT cblr-1734 367 1 in in ADP cblr-1734 367 2 table table NOUN cblr-1734 367 3 3 3 NUM cblr-1734 367 4 , , PUNCT cblr-1734 367 5 we we PRON cblr-1734 367 6 repeat repeat VERB cblr-1734 367 7 our our PRON cblr-1734 367 8 analyses analysis NOUN cblr-1734 367 9 by by ADP cblr-1734 367 10 including include VERB cblr-1734 367 11 firm firm ADJ cblr-1734 367 12 size size NOUN cblr-1734 367 13 , , PUNCT cblr-1734 367 14 book book NOUN cblr-1734 367 15 - - PUNCT cblr-1734 367 16 to to ADP cblr-1734 367 17 - - PUNCT cblr-1734 367 18 market market NOUN cblr-1734 367 19 characteristics characteristic NOUN cblr-1734 367 20 , , PUNCT cblr-1734 367 21 and and CCONJ cblr-1734 367 22 momentum momentum NOUN cblr-1734 367 23 factor factor NOUN cblr-1734 367 24 returns.45 returns.45 ADJ cblr-1734 367 25 for for ADP cblr-1734 367 26 our our PRON cblr-1734 367 27 expected expect VERB cblr-1734 367 28 return return NOUN cblr-1734 367 29 model model NOUN cblr-1734 367 30 , , PUNCT cblr-1734 367 31 we we PRON cblr-1734 367 32 use use VERB cblr-1734 367 33 the the DET cblr-1734 367 34 fourfactor fourfactor NOUN cblr-1734 367 35 fama fama PROPN cblr-1734 367 36 - - PUNCT cblr-1734 367 37 french french ADJ cblr-1734 367 38 model model NOUN cblr-1734 367 39 , , PUNCT cblr-1734 367 40 with with ADP cblr-1734 367 41 a a DET cblr-1734 367 42 calendar calendar NOUN cblr-1734 367 43 - - PUNCT cblr-1734 367 44 time time NOUN cblr-1734 367 45 portfolio portfolio NOUN cblr-1734 367 46 approach approach NOUN cblr-1734 367 47 . . PUNCT cblr-1734 368 1 we we PRON cblr-1734 368 2 obtain obtain VERB cblr-1734 368 3 very very ADV cblr-1734 368 4 similar similar ADJ cblr-1734 368 5 results result NOUN cblr-1734 368 6 to to ADP cblr-1734 368 7 those those PRON cblr-1734 368 8 shown show VERB cblr-1734 368 9 in in ADP cblr-1734 368 10 table table NOUN cblr-1734 368 11 2 2 NUM cblr-1734 368 12 . . PUNCT cblr-1734 369 1 the the DET cblr-1734 369 2 magnitude magnitude NOUN cblr-1734 369 3 of of ADP cblr-1734 369 4 abnormal abnormal ADJ cblr-1734 369 5 returns return NOUN cblr-1734 369 6 differs differ VERB cblr-1734 369 7 only only ADV cblr-1734 369 8 slightly slightly ADV cblr-1734 369 9 from from ADP cblr-1734 369 10 the the DET cblr-1734 369 11 simple simple ADJ cblr-1734 369 12 capm capm PROPN cblr-1734 369 13 model model NOUN cblr-1734 369 14 . . PUNCT cblr-1734 370 1 these these DET cblr-1734 370 2 findings finding NOUN cblr-1734 370 3 indicate indicate VERB cblr-1734 370 4 that that SCONJ cblr-1734 370 5 our our PRON cblr-1734 370 6 results result NOUN cblr-1734 370 7 are be AUX cblr-1734 370 8 not not PART cblr-1734 370 9 sensitive sensitive ADJ cblr-1734 370 10 to to ADP cblr-1734 370 11 variations variation NOUN cblr-1734 370 12 in in ADP cblr-1734 370 13 measuring measure VERB cblr-1734 370 14 expected expect VERB cblr-1734 370 15 returns return NOUN cblr-1734 370 16 . . PUNCT cblr-1734 371 1 so so ADV cblr-1734 371 2 far far ADV cblr-1734 371 3 our our PRON cblr-1734 371 4 evidence evidence NOUN cblr-1734 371 5 suggests suggest VERB cblr-1734 371 6 that that SCONJ cblr-1734 371 7 insiders insider NOUN cblr-1734 371 8 exploit exploit VERB cblr-1734 371 9 their their PRON cblr-1734 371 10 material material ADJ cblr-1734 371 11 non non ADJ cblr-1734 371 12 - - ADJ cblr-1734 371 13 public public ADJ cblr-1734 371 14 information information NOUN cblr-1734 371 15 using use VERB cblr-1734 371 16 both both PRON cblr-1734 371 17 10b5 10b5 NUM cblr-1734 371 18 - - SYM cblr-1734 371 19 1 1 NUM cblr-1734 371 20 planned planned ADJ cblr-1734 371 21 and and CCONJ cblr-1734 371 22 non non ADJ cblr-1734 371 23 - - ADJ cblr-1734 371 24 planned planned ADJ cblr-1734 371 25 transactions transaction NOUN cblr-1734 371 26 since since SCONJ cblr-1734 371 27 positive positive ADJ cblr-1734 371 28 abnormal abnormal ADJ cblr-1734 371 29 returns return NOUN cblr-1734 371 30 follow follow VERB cblr-1734 371 31 their their PRON cblr-1734 371 32 purchases purchase NOUN cblr-1734 371 33 and and CCONJ cblr-1734 371 34 negative negative ADJ cblr-1734 371 35 abnormal abnormal ADJ cblr-1734 371 36 returns return NOUN cblr-1734 371 37 follow follow VERB cblr-1734 371 38 their their PRON cblr-1734 371 39 sales sale NOUN cblr-1734 371 40 . . PUNCT cblr-1734 372 1 overall overall ADV cblr-1734 372 2 , , PUNCT cblr-1734 372 3 there there PRON cblr-1734 372 4 is be VERB cblr-1734 372 5 no no DET cblr-1734 372 6 evidence evidence NOUN cblr-1734 372 7 that that SCONJ cblr-1734 372 8 10b5 10b5 NUM cblr-1734 372 9 - - SYM cblr-1734 372 10 1 1 NUM cblr-1734 372 11 plan plan NOUN cblr-1734 372 12 transactions transaction NOUN cblr-1734 372 13 deserve deserve VERB cblr-1734 372 14 any any DET cblr-1734 372 15 safe safe ADJ cblr-1734 372 16 harbor harbor NOUN cblr-1734 372 17 treatment treatment NOUN cblr-1734 372 18 . . PUNCT cblr-1734 372 19         SPACE cblr-1734 373 1 45 45 NUM cblr-1734 373 2 see see VERB cblr-1734 373 3 eugene eugene PROPN cblr-1734 373 4 f. f. PROPN cblr-1734 373 5 fama fama PROPN cblr-1734 373 6 & & CCONJ cblr-1734 373 7 kenneth kenneth PROPN cblr-1734 373 8 r. r. PROPN cblr-1734 373 9 french french PROPN cblr-1734 373 10 , , PUNCT cblr-1734 373 11 common common ADJ cblr-1734 373 12 risk risk NOUN cblr-1734 373 13 factors factor NOUN cblr-1734 373 14 in in ADP cblr-1734 373 15 the the DET cblr-1734 373 16 returns return NOUN cblr-1734 373 17 on on ADP cblr-1734 373 18 stocks stock NOUN cblr-1734 373 19 and and CCONJ cblr-1734 373 20 bonds bond NOUN cblr-1734 373 21 , , PUNCT cblr-1734 373 22 33 33 NUM cblr-1734 373 23 j. j. PROPN cblr-1734 373 24 fin fin PROPN cblr-1734 373 25 . . PUNCT cblr-1734 373 26 econ econ PROPN cblr-1734 373 27 . . PUNCT cblr-1734 373 28 3 3 NUM cblr-1734 373 29 ( ( PUNCT cblr-1734 373 30 1993 1993 NUM cblr-1734 373 31 ) ) PUNCT cblr-1734 373 32 ; ; PUNCT cblr-1734 373 33 carhart carhart NOUN cblr-1734 373 34 , , PUNCT cblr-1734 373 35 supra supra PROPN cblr-1734 373 36 note note NOUN cblr-1734 373 37 43 43 NUM cblr-1734 373 38 . . PUNCT cblr-1734 374 1 mavruk mavruk PROPN cblr-1734 374 2 & & CCONJ cblr-1734 374 3 seyhun seyhun PROPN cblr-1734 374 4 – – PUNCT cblr-1734 374 5 final final ADJ cblr-1734 374 6 no no NOUN cblr-1734 374 7 . . PUNCT cblr-1734 375 1 1:133 1:133 NUM cblr-1734 375 2 ] ] X cblr-1734 375 3 sec sec PROPN cblr-1734 375 4 ’s ’s PART cblr-1734 375 5 10b5 10b5 NUM cblr-1734 375 6 - - SYM cblr-1734 375 7 1 1 NUM cblr-1734 375 8 safe safe ADJ cblr-1734 375 9 harbor harbor NOUN cblr-1734 375 10 rules rule VERB cblr-1734 375 11 165 165 NUM cblr-1734 375 12 b. b. PROPN cblr-1734 375 13 abnormal abnormal ADJ cblr-1734 375 14 returns return NOUN cblr-1734 375 15 , , PUNCT cblr-1734 375 16 rule rule VERB cblr-1734 375 17 10b5 10b5 NUM cblr-1734 375 18 - - SYM cblr-1734 375 19 1 1 NUM cblr-1734 375 20 , , PUNCT cblr-1734 375 21 and and CCONJ cblr-1734 375 22 insider insider NOUN cblr-1734 375 23 trading trading NOUN cblr-1734 375 24 patterns pattern NOUN cblr-1734 375 25 in in ADP cblr-1734 375 26 our our PRON cblr-1734 375 27 next next ADJ cblr-1734 375 28 analyses analysis NOUN cblr-1734 375 29 we we PRON cblr-1734 375 30 seek seek VERB cblr-1734 375 31 to to PART cblr-1734 375 32 understand understand VERB cblr-1734 375 33 the the DET cblr-1734 375 34 reasons reason NOUN cblr-1734 375 35 behind behind ADP cblr-1734 375 36 the the DET cblr-1734 375 37 profitability profitability NOUN cblr-1734 375 38 of of ADP cblr-1734 375 39 10b5 10b5 NUM cblr-1734 375 40 - - SYM cblr-1734 375 41 1 1 NUM cblr-1734 375 42 planned plan VERB cblr-1734 375 43 trades trade NOUN cblr-1734 375 44 . . PUNCT cblr-1734 376 1 as as SCONJ cblr-1734 376 2 we we PRON cblr-1734 376 3 discussed discuss VERB cblr-1734 376 4 earlier early ADV cblr-1734 376 5 , , PUNCT cblr-1734 376 6 there there PRON cblr-1734 376 7 are be VERB cblr-1734 376 8 two two NUM cblr-1734 376 9 non non ADJ cblr-1734 376 10 - - ADJ cblr-1734 376 11 competing competing ADJ cblr-1734 376 12 explanations explanation NOUN cblr-1734 376 13 for for ADP cblr-1734 376 14 the the DET cblr-1734 376 15 profitability profitability NOUN cblr-1734 376 16 of of ADP cblr-1734 376 17 10b5 10b5 NUM cblr-1734 376 18 - - SYM cblr-1734 376 19 1 1 NUM cblr-1734 376 20 planned plan VERB cblr-1734 376 21 trades trade NOUN cblr-1734 376 22 . . PUNCT cblr-1734 377 1 first first ADV cblr-1734 377 2 , , PUNCT cblr-1734 377 3 insiders insider NOUN cblr-1734 377 4 may may AUX cblr-1734 377 5 set set VERB cblr-1734 377 6 up up ADP cblr-1734 377 7 these these DET cblr-1734 377 8 plans plan NOUN cblr-1734 377 9 while while SCONJ cblr-1734 377 10 in in ADP cblr-1734 377 11 possession possession NOUN cblr-1734 377 12 of of ADP cblr-1734 377 13 material material ADJ cblr-1734 377 14 nonpublic nonpublic ADJ cblr-1734 377 15 information information NOUN cblr-1734 377 16 . . PUNCT cblr-1734 378 1 we we PRON cblr-1734 378 2 test test VERB cblr-1734 378 3 this this DET cblr-1734 378 4 hypothesis hypothesis NOUN cblr-1734 378 5 by by ADP cblr-1734 378 6 comparing compare VERB cblr-1734 378 7 the the DET cblr-1734 378 8 profitability profitability NOUN cblr-1734 378 9 of of ADP cblr-1734 378 10 the the DET cblr-1734 378 11 first first ADJ cblr-1734 378 12 trade trade NOUN cblr-1734 378 13 from from ADP cblr-1734 378 14 the the DET cblr-1734 378 15 plan plan NOUN cblr-1734 378 16 with with ADP cblr-1734 378 17 subsequent subsequent ADJ cblr-1734 378 18 trades trade NOUN cblr-1734 378 19 . . PUNCT cblr-1734 379 1 if if SCONJ cblr-1734 379 2 the the DET cblr-1734 379 3 first first ADJ cblr-1734 379 4 trade trade NOUN cblr-1734 379 5 is be AUX cblr-1734 379 6 profitable profitable ADJ cblr-1734 379 7 , , PUNCT cblr-1734 379 8 this this DET cblr-1734 379 9 finding finding NOUN cblr-1734 379 10 would would AUX cblr-1734 379 11 corroborate corroborate VERB cblr-1734 379 12 the the DET cblr-1734 379 13 hypothesis hypothesis NOUN cblr-1734 379 14 that that PRON cblr-1734 379 15 insiders insider NOUN cblr-1734 379 16 set set VERB cblr-1734 379 17 up up ADP cblr-1734 379 18 these these DET cblr-1734 379 19 plans plan NOUN cblr-1734 379 20 in in ADP cblr-1734 379 21 possession possession NOUN cblr-1734 379 22 of of ADP cblr-1734 379 23 material material ADJ cblr-1734 379 24 non non ADJ cblr-1734 379 25 - - ADJ cblr-1734 379 26 public public ADJ cblr-1734 379 27 information information NOUN cblr-1734 379 28 , , PUNCT cblr-1734 379 29 thus thus ADV cblr-1734 379 30 in in ADP cblr-1734 379 31 violation violation NOUN cblr-1734 379 32 of of ADP cblr-1734 379 33 the the DET cblr-1734 379 34 requirements requirement NOUN cblr-1734 379 35 of of ADP cblr-1734 379 36 the the DET cblr-1734 379 37 10b5 10b5 NUM cblr-1734 379 38 - - SYM cblr-1734 379 39 1 1 NUM cblr-1734 379 40 plans plan NOUN cblr-1734 379 41 . . PUNCT cblr-1734 380 1 second second ADJ cblr-1734 380 2 , , PUNCT cblr-1734 380 3 10b5 10b5 NUM cblr-1734 380 4 - - SYM cblr-1734 380 5 1 1 NUM cblr-1734 380 6 plans plan NOUN cblr-1734 380 7 typically typically ADV cblr-1734 380 8 call call VERB cblr-1734 380 9 for for ADP cblr-1734 380 10 regular regular ADJ cblr-1734 380 11 trading trading NOUN cblr-1734 380 12 schedules schedule NOUN cblr-1734 380 13 at at ADP cblr-1734 380 14 regular regular ADJ cblr-1734 380 15 intervals.46 intervals.46 NOUN cblr-1734 380 16 in in ADP cblr-1734 380 17 many many ADJ cblr-1734 380 18 examples example NOUN cblr-1734 380 19 , , PUNCT cblr-1734 380 20 insiders insider NOUN cblr-1734 380 21 sell sell VERB cblr-1734 380 22 exactly exactly ADV cblr-1734 380 23 the the DET cblr-1734 380 24 same same ADJ cblr-1734 380 25 number number NOUN cblr-1734 380 26 of of ADP cblr-1734 380 27 shares share NOUN cblr-1734 380 28 at at ADP cblr-1734 380 29 about about ADV cblr-1734 380 30 the the DET cblr-1734 380 31 same same ADJ cblr-1734 380 32 time time NOUN cblr-1734 380 33 every every DET cblr-1734 380 34 month.47 month.47 NOUN cblr-1734 380 35 we we PRON cblr-1734 380 36 hypothesize hypothesize VERB cblr-1734 380 37 that that SCONJ cblr-1734 380 38 if if SCONJ cblr-1734 380 39 insiders insider NOUN cblr-1734 380 40 receive receive VERB cblr-1734 380 41 subsequent subsequent ADJ cblr-1734 380 42 information information NOUN cblr-1734 380 43 that that PRON cblr-1734 380 44 is be AUX cblr-1734 380 45 at at ADP cblr-1734 380 46 odds odd NOUN cblr-1734 380 47 with with ADP cblr-1734 380 48 their their PRON cblr-1734 380 49 planned plan VERB cblr-1734 380 50 trades trade NOUN cblr-1734 380 51 , , PUNCT cblr-1734 380 52 they they PRON cblr-1734 380 53 may may AUX cblr-1734 380 54 respond respond VERB cblr-1734 380 55 by by ADP cblr-1734 380 56 cancelling cancel VERB cblr-1734 380 57 or or CCONJ cblr-1734 380 58 modifying modify VERB cblr-1734 380 59 the the DET cblr-1734 380 60 terms term NOUN cblr-1734 380 61 of of ADP cblr-1734 380 62 the the DET cblr-1734 380 63 existing exist VERB cblr-1734 380 64 plans plan NOUN cblr-1734 380 65 . . PUNCT cblr-1734 381 1 these these DET cblr-1734 381 2 actions action NOUN cblr-1734 381 3 will will AUX cblr-1734 381 4 then then ADV cblr-1734 381 5 tend tend VERB cblr-1734 381 6 to to PART cblr-1734 381 7 introduce introduce VERB cblr-1734 381 8 breaks break NOUN cblr-1734 381 9 in in ADP cblr-1734 381 10 insider insider NOUN cblr-1734 381 11 trading trading NOUN cblr-1734 381 12 patterns pattern NOUN cblr-1734 381 13 and and CCONJ cblr-1734 381 14 result result VERB cblr-1734 381 15 in in ADP cblr-1734 381 16 irregular irregular ADJ cblr-1734 381 17 trading trading NOUN cblr-1734 381 18 patterns pattern NOUN cblr-1734 381 19 . . PUNCT cblr-1734 382 1 we we PRON cblr-1734 382 2 test test VERB cblr-1734 382 3 this this DET cblr-1734 382 4 hypothesis hypothesis NOUN cblr-1734 382 5 by by ADP cblr-1734 382 6 examining examine VERB cblr-1734 382 7 the the DET cblr-1734 382 8 relationship relationship NOUN cblr-1734 382 9 between between ADP cblr-1734 382 10 the the DET cblr-1734 382 11 profitability profitability NOUN cblr-1734 382 12 and and CCONJ cblr-1734 382 13 regularity regularity NOUN cblr-1734 382 14 of of ADP cblr-1734 382 15 the the DET cblr-1734 382 16 planned plan VERB cblr-1734 382 17 trades trade NOUN cblr-1734 382 18 . . PUNCT cblr-1734 383 1 if if SCONJ cblr-1734 383 2 there there PRON cblr-1734 383 3 is be VERB cblr-1734 383 4 no no DET cblr-1734 383 5 difference difference NOUN cblr-1734 383 6 in in ADP cblr-1734 383 7 profitability profitability NOUN cblr-1734 383 8 of of ADP cblr-1734 383 9 regular regular ADJ cblr-1734 383 10 and and CCONJ cblr-1734 383 11 irregular irregular ADJ cblr-1734 383 12 trades trade NOUN cblr-1734 383 13 , , PUNCT cblr-1734 383 14 then then ADV cblr-1734 383 15 this this DET cblr-1734 383 16 finding finding NOUN cblr-1734 383 17 would would AUX cblr-1734 383 18 suggest suggest VERB cblr-1734 383 19 that that SCONJ cblr-1734 383 20 profitability profitability NOUN cblr-1734 383 21 comes come VERB cblr-1734 383 22 from from ADP cblr-1734 383 23 the the DET cblr-1734 383 24 information information NOUN cblr-1734 383 25 possessed possess VERB cblr-1734 383 26 at at ADP cblr-1734 383 27 the the DET cblr-1734 383 28 time time NOUN cblr-1734 383 29 the the DET cblr-1734 383 30 plan plan NOUN cblr-1734 383 31 is be AUX cblr-1734 383 32 set set VERB cblr-1734 383 33 up up ADP cblr-1734 383 34 . . PUNCT cblr-1734 384 1 however however ADV cblr-1734 384 2 , , PUNCT cblr-1734 384 3 if if SCONJ cblr-1734 384 4 irregular irregular ADJ cblr-1734 384 5 trades trade NOUN cblr-1734 384 6 are be AUX cblr-1734 384 7 more more ADV cblr-1734 384 8 profitable profitable ADJ cblr-1734 384 9 than than ADP cblr-1734 384 10 regular regular ADJ cblr-1734 384 11 trades trade NOUN cblr-1734 384 12 , , PUNCT cblr-1734 384 13 this this DET cblr-1734 384 14 finding finding NOUN cblr-1734 384 15 would would AUX cblr-1734 384 16 suggest suggest VERB cblr-1734 384 17 that that SCONJ cblr-1734 384 18 insiders insider NOUN cblr-1734 384 19 intervene intervene VERB cblr-1734 384 20 in in ADP cblr-1734 384 21 the the DET cblr-1734 384 22 scheduled schedule VERB cblr-1734 384 23 trades trade NOUN cblr-1734 384 24 to to PART cblr-1734 384 25 take take VERB cblr-1734 384 26 advantage advantage NOUN cblr-1734 384 27 of of ADP cblr-1734 384 28 any any DET cblr-1734 384 29 subsequent subsequent ADJ cblr-1734 384 30 nonpublic nonpublic ADJ cblr-1734 384 31 information information NOUN cblr-1734 384 32 they they PRON cblr-1734 384 33 come come VERB cblr-1734 384 34 to to PART cblr-1734 384 35 possess possess VERB cblr-1734 384 36 by by ADP cblr-1734 384 37 changing change VERB cblr-1734 384 38 the the DET cblr-1734 384 39 magnitude magnitude NOUN cblr-1734 384 40 or or CCONJ cblr-1734 384 41 timing timing NOUN cblr-1734 384 42 of of ADP cblr-1734 384 43 their their PRON cblr-1734 384 44 planned plan VERB cblr-1734 384 45 trades trade NOUN cblr-1734 384 46 , , PUNCT cblr-1734 384 47 by by ADP cblr-1734 384 48 cancelling cancel VERB cblr-1734 384 49 their their PRON cblr-1734 384 50 plans plan NOUN cblr-1734 384 51 altogether altogether ADV cblr-1734 384 52 , , PUNCT cblr-1734 384 53 or or CCONJ cblr-1734 384 54 by by ADP cblr-1734 384 55 otherwise otherwise ADV cblr-1734 384 56 modifying modify VERB cblr-1734 384 57 their their PRON cblr-1734 384 58 plans plan NOUN cblr-1734 384 59 . . PUNCT cblr-1734 384 60     SPACE cblr-1734 385 1 46 46 NUM cblr-1734 385 2 see see VERB cblr-1734 385 3 eaglesham eaglesham PROPN cblr-1734 385 4 & & CCONJ cblr-1734 385 5 barry barry PROPN cblr-1734 385 6 , , PUNCT cblr-1734 385 7 supra supra PROPN cblr-1734 385 8 note note PROPN cblr-1734 385 9 5 5 NUM cblr-1734 385 10 ; ; PUNCT cblr-1734 385 11 sasseen sasseen VERB cblr-1734 385 12 , , PUNCT cblr-1734 385 13 supra supra PROPN cblr-1734 385 14 note note NOUN cblr-1734 385 15 7 7 NUM cblr-1734 385 16 . . X cblr-1734 385 17 47 47 NUM cblr-1734 385 18 see see VERB cblr-1734 385 19 eaglesham eaglesham PROPN cblr-1734 385 20 & & CCONJ cblr-1734 385 21 barry barry PROPN cblr-1734 385 22 , , PUNCT cblr-1734 385 23 supra supra PROPN cblr-1734 385 24 note note NOUN cblr-1734 385 25 5 5 NUM cblr-1734 385 26 . . X cblr-1734 386 1 mavruk mavruk PROPN cblr-1734 386 2 & & CCONJ cblr-1734 386 3 seyhun seyhun PROPN cblr-1734 386 4 – – PUNCT cblr-1734 386 5 final final ADJ cblr-1734 386 6 166 166 NUM cblr-1734 386 7 columbia columbia PROPN cblr-1734 386 8 business business NOUN cblr-1734 386 9 law law PROPN cblr-1734 386 10 review review NOUN cblr-1734 386 11 [ [ X cblr-1734 386 12 vol vol NOUN cblr-1734 386 13 . . NOUN cblr-1734 386 14 2016 2016 NUM cblr-1734 386 15 table table NOUN cblr-1734 386 16 4 4 NUM cblr-1734 386 17 . . PUNCT cblr-1734 386 18 results result NOUN cblr-1734 386 19 from from ADP cblr-1734 386 20 fama fama NOUN cblr-1734 386 21 - - PUNCT cblr-1734 386 22 french french ADJ cblr-1734 386 23 carhart carhart NOUN cblr-1734 386 24 fourfactor fourfactor NOUN cblr-1734 386 25 model model NOUN cblr-1734 386 26 returns return NOUN cblr-1734 386 27 by by ADP cblr-1734 386 28 trade trade NOUN cblr-1734 386 29 patterns pattern NOUN cblr-1734 386 30 , , PUNCT cblr-1734 386 31 , , PUNCT cblr-1734 386 32 , , PUNCT cblr-1734 386 33 , , PUNCT cblr-1734 386 34 , , PUNCT cblr-1734 386 35 where where SCONJ cblr-1734 386 36 , , PUNCT cblr-1734 386 37 is be AUX cblr-1734 386 38 calendar calendar NOUN cblr-1734 386 39 - - PUNCT cblr-1734 386 40 time time NOUN cblr-1734 386 41 portfolios portfolio NOUN cblr-1734 386 42 based base VERB cblr-1734 386 43 on on ADP cblr-1734 386 44 insider insider NOUN cblr-1734 386 45 trading trading NOUN cblr-1734 386 46 and and CCONJ cblr-1734 386 47 holding holding NOUN cblr-1734 386 48 period period NOUN cblr-1734 386 49 , , PUNCT cblr-1734 386 50 , , PUNCT cblr-1734 386 51 is be AUX cblr-1734 386 52 the the DET cblr-1734 386 53 return return NOUN cblr-1734 386 54 on on ADP cblr-1734 386 55 the the DET cblr-1734 386 56 crsp crsp NOUN cblr-1734 386 57 equally equally ADV cblr-1734 386 58 - - PUNCT cblr-1734 386 59 weighted weight VERB cblr-1734 386 60 index index NOUN cblr-1734 386 61 for for ADP cblr-1734 386 62 day day NOUN cblr-1734 386 63 . . PUNCT cblr-1734 387 1 , , PUNCT cblr-1734 387 2 is be AUX cblr-1734 387 3 the the DET cblr-1734 387 4 daily daily ADJ cblr-1734 387 5 risk risk NOUN cblr-1734 387 6 - - PUNCT cblr-1734 387 7 free free ADJ cblr-1734 387 8 interest interest NOUN cblr-1734 387 9 rate rate NOUN cblr-1734 387 10 ( ( PUNCT cblr-1734 387 11 one one NUM cblr-1734 387 12 - - PUNCT cblr-1734 387 13 day day NOUN cblr-1734 387 14 treasury treasury NOUN cblr-1734 387 15 bill bill NOUN cblr-1734 387 16 rate rate NOUN cblr-1734 387 17 ) ) PUNCT cblr-1734 387 18 . . PUNCT cblr-1734 388 1 ( ( PUNCT cblr-1734 388 2 small small ADJ cblr-1734 388 3 minus minus CCONJ cblr-1734 388 4 big big ADJ cblr-1734 388 5 ) ) PUNCT cblr-1734 388 6 is be AUX cblr-1734 388 7 a a DET cblr-1734 388 8 mimicking mimic VERB cblr-1734 388 9 portfolio portfolio NOUN cblr-1734 388 10 to to PART cblr-1734 388 11 capture capture VERB cblr-1734 388 12 risk risk NOUN cblr-1734 388 13 related relate VERB cblr-1734 388 14 to to ADP cblr-1734 388 15 size size NOUN cblr-1734 388 16 , , PUNCT cblr-1734 388 17 ( ( PUNCT cblr-1734 388 18 high high ADJ cblr-1734 388 19 minus minus CCONJ cblr-1734 388 20 low low ADJ cblr-1734 388 21 ) ) PUNCT cblr-1734 388 22 is be AUX cblr-1734 388 23 a a DET cblr-1734 388 24 mimicking mimic VERB cblr-1734 388 25 portfolio portfolio NOUN cblr-1734 388 26 to to PART cblr-1734 388 27 capture capture VERB cblr-1734 388 28 risk risk NOUN cblr-1734 388 29 associated associate VERB cblr-1734 388 30 with with ADP cblr-1734 388 31 book book NOUN cblr-1734 388 32 - - PUNCT cblr-1734 388 33 to to ADP cblr-1734 388 34 - - PUNCT cblr-1734 388 35 market market NOUN cblr-1734 388 36 characteristics characteristic NOUN cblr-1734 388 37 , , PUNCT cblr-1734 388 38 and and CCONJ cblr-1734 388 39 ( ( PUNCT cblr-1734 388 40 up up ADP cblr-1734 388 41 minus minus CCONJ cblr-1734 388 42 down down ADV cblr-1734 388 43 ) ) PUNCT cblr-1734 388 44 is be AUX cblr-1734 388 45 a a DET cblr-1734 388 46 mimicking mimic VERB cblr-1734 388 47 portfolio portfolio NOUN cblr-1734 388 48 designed design VERB cblr-1734 388 49 to to PART cblr-1734 388 50 address address VERB cblr-1734 388 51 risk risk NOUN cblr-1734 388 52 associated associate VERB cblr-1734 388 53 with with ADP cblr-1734 388 54 prior prior ADJ cblr-1734 388 55 returns return NOUN cblr-1734 388 56 by by ADP cblr-1734 388 57 subtracting subtract VERB cblr-1734 388 58 a a DET cblr-1734 388 59 portfolio portfolio NOUN cblr-1734 388 60 of of ADP cblr-1734 388 61 low low ADJ cblr-1734 388 62 prior prior ADJ cblr-1734 388 63 return return NOUN cblr-1734 388 64 firms firm NOUN cblr-1734 388 65 from from ADP cblr-1734 388 66 a a DET cblr-1734 388 67 portfolio portfolio NOUN cblr-1734 388 68 of of ADP cblr-1734 388 69 high high ADJ cblr-1734 388 70 prior prior ADJ cblr-1734 388 71 return return NOUN cblr-1734 388 72 firms firm NOUN cblr-1734 388 73 . . PUNCT cblr-1734 389 1 is be AUX cblr-1734 389 2 the the DET cblr-1734 389 3 abnormal abnormal ADJ cblr-1734 389 4 return return NOUN cblr-1734 389 5 . . PUNCT cblr-1734 390 1 the the DET cblr-1734 390 2 coefficients coefficient NOUN cblr-1734 390 3 are be AUX cblr-1734 390 4 obtained obtain VERB cblr-1734 390 5 from from ADP cblr-1734 390 6 an an DET cblr-1734 390 7 ols ol NOUN cblr-1734 390 8 regression regression NOUN cblr-1734 390 9 on on ADP cblr-1734 390 10 the the DET cblr-1734 390 11 estimation estimation NOUN cblr-1734 390 12 period period NOUN cblr-1734 390 13 returns return NOUN cblr-1734 390 14 . . PUNCT cblr-1734 391 1 stacked stack VERB cblr-1734 391 2 regressions regression NOUN cblr-1734 391 3 are be AUX cblr-1734 391 4 run run VERB cblr-1734 391 5 to to PART cblr-1734 391 6 provide provide VERB cblr-1734 391 7 coefficient coefficient NOUN cblr-1734 391 8 difference difference NOUN cblr-1734 391 9 test test NOUN cblr-1734 391 10 statistics statistic NOUN cblr-1734 391 11 across across ADP cblr-1734 391 12 10b5 10b5 NUM cblr-1734 391 13 - - SYM cblr-1734 391 14 1 1 NUM cblr-1734 391 15 participant participant ADJ cblr-1734 391 16 and and CCONJ cblr-1734 391 17 nonparticipant nonparticipant ADJ cblr-1734 391 18 samples sample NOUN cblr-1734 391 19 . . PUNCT cblr-1734 392 1 results result NOUN cblr-1734 392 2 are be AUX cblr-1734 392 3 shown show VERB cblr-1734 392 4 for for ADP cblr-1734 392 5 the the DET cblr-1734 392 6 horizon horizon NOUN cblr-1734 392 7 of of ADP cblr-1734 392 8 the the DET cblr-1734 392 9 following following NOUN cblr-1734 392 10 : : PUNCT cblr-1734 392 11 one one NUM cblr-1734 392 12 month month NOUN cblr-1734 392 13 , , PUNCT cblr-1734 392 14 three three NUM cblr-1734 392 15 months month NOUN cblr-1734 392 16 , , PUNCT cblr-1734 392 17 six six NUM cblr-1734 392 18 months month NOUN cblr-1734 392 19 , , PUNCT cblr-1734 392 20 and and CCONJ cblr-1734 392 21 one one NUM cblr-1734 392 22 year year NOUN cblr-1734 392 23 . . PUNCT cblr-1734 393 1 in in ADP cblr-1734 393 2 panel panel NOUN cblr-1734 393 3 a a PRON cblr-1734 393 4 , , PUNCT cblr-1734 393 5 initial initial ADJ cblr-1734 393 6 insider insider NOUN cblr-1734 393 7 trade trade NOUN cblr-1734 393 8 is be AUX cblr-1734 393 9 determined determine VERB cblr-1734 393 10 as as SCONJ cblr-1734 393 11 if if SCONJ cblr-1734 393 12 the the DET cblr-1734 393 13 insider insider NOUN cblr-1734 393 14 is be AUX cblr-1734 393 15 making make VERB cblr-1734 393 16 a a DET cblr-1734 393 17 transaction transaction NOUN cblr-1734 393 18 for for ADP cblr-1734 393 19 the the DET cblr-1734 393 20 first first ADJ cblr-1734 393 21 time time NOUN cblr-1734 393 22 in in ADP cblr-1734 393 23 the the DET cblr-1734 393 24 sample sample NOUN cblr-1734 393 25 . . PUNCT cblr-1734 394 1 subsequent subsequent ADJ cblr-1734 394 2 insider insider NOUN cblr-1734 394 3 trades trade NOUN cblr-1734 394 4 are be AUX cblr-1734 394 5 the the DET cblr-1734 394 6 trades trade NOUN cblr-1734 394 7 following follow VERB cblr-1734 394 8 the the DET cblr-1734 394 9 initial initial ADJ cblr-1734 394 10 trade trade NOUN cblr-1734 394 11 . . PUNCT cblr-1734 395 1 calendar calendar NOUN cblr-1734 395 2 - - PUNCT cblr-1734 395 3 time time NOUN cblr-1734 395 4 portfolios portfolio NOUN cblr-1734 395 5 are be AUX cblr-1734 395 6 formed form VERB cblr-1734 395 7 for for ADP cblr-1734 395 8 the the DET cblr-1734 395 9 initial initial ADJ cblr-1734 395 10 insider insider NOUN cblr-1734 395 11 trade trade NOUN cblr-1734 395 12 and and CCONJ cblr-1734 395 13 subsequent subsequent ADJ cblr-1734 395 14 insider insider NOUN cblr-1734 395 15 trades trade NOUN cblr-1734 395 16 separately separately ADV cblr-1734 395 17 . . PUNCT cblr-1734 395 18     SPACE cblr-1734 396 1 mavruk mavruk PROPN cblr-1734 396 2 & & CCONJ cblr-1734 396 3 seyhun seyhun PROPN cblr-1734 396 4 – – PUNCT cblr-1734 396 5 final final ADJ cblr-1734 396 6 no no NOUN cblr-1734 396 7 . . PUNCT cblr-1734 397 1 1:133 1:133 NUM cblr-1734 397 2 ] ] X cblr-1734 397 3 sec sec PROPN cblr-1734 397 4 ’s ’s PART cblr-1734 397 5 10b5 10b5 NUM cblr-1734 397 6 - - SYM cblr-1734 397 7 1 1 NUM cblr-1734 397 8 safe safe ADJ cblr-1734 397 9 harbor harbor NOUN cblr-1734 397 10 rules rule VERB cblr-1734 397 11 167 167 NUM cblr-1734 397 12 panel panel NOUN cblr-1734 397 13 a. a. NOUN cblr-1734 397 14 initial initial NOUN cblr-1734 397 15 and and CCONJ cblr-1734 397 16 subsequent subsequent ADJ cblr-1734 397 17 insider insider NOUN cblr-1734 397 18 trade trade NOUN cblr-1734 397 19 10b5 10b5 NUM cblr-1734 397 20 - - SYM cblr-1734 397 21 1 1 NUM cblr-1734 397 22 ( ( PUNCT cblr-1734 397 23 1 1 NUM cblr-1734 397 24 ) ) PUNCT cblr-1734 397 25 non-10b5 non-10b5 NOUN cblr-1734 397 26 - - SYM cblr-1734 397 27 1 1 NUM cblr-1734 397 28 ( ( PUNCT cblr-1734 397 29 2 2 NUM cblr-1734 397 30 ) ) PUNCT cblr-1734 397 31 diff diff NOUN cblr-1734 397 32 . . PUNCT cblr-1734 398 1 ( ( PUNCT cblr-1734 398 2 1)-(2 1)-(2 NUM cblr-1734 398 3 ) ) PUNCT cblr-1734 398 4 purchasesa purchasesa NOUN cblr-1734 398 5 horizon horizon NOUN cblr-1734 398 6 mean mean VERB cblr-1734 398 7 t t PROPN cblr-1734 398 8 - - PUNCT cblr-1734 398 9 stat stat NOUN cblr-1734 398 10 mean mean VERB cblr-1734 398 11 t t PROPN cblr-1734 398 12 - - PUNCT cblr-1734 398 13 stat stat NOUN cblr-1734 398 14 mean mean VERB cblr-1734 398 15 t t PROPN cblr-1734 398 16 - - PUNCT cblr-1734 398 17 stat stat NOUN cblr-1734 398 18 initial initial ADJ cblr-1734 398 19 insider insider NOUN cblr-1734 398 20 trade trade NOUN cblr-1734 398 21 1 1 NUM cblr-1734 398 22 month month NOUN cblr-1734 398 23 0.0011 0.0011 NUM cblr-1734 398 24 1.89 1.89 NUM cblr-1734 398 25 0.0015 0.0015 NUM cblr-1734 398 26 14.78 14.78 NUM cblr-1734 398 27 -0.0004 -0.0004 NOUN cblr-1734 398 28 -0.64 -0.64 NUM cblr-1734 398 29 initial initial ADJ cblr-1734 398 30 insider insider NOUN cblr-1734 398 31 trade trade NOUN cblr-1734 398 32 3 3 NUM cblr-1734 398 33 months month NOUN cblr-1734 398 34 0.0004 0.0004 NUM cblr-1734 398 35 0.95 0.95 NUM cblr-1734 398 36 0.0006 0.0006 NUM cblr-1734 398 37 8.85 8.85 NUM cblr-1734 398 38 -0.0001 -0.0001 NOUN cblr-1734 398 39 -0.32 -0.32 VERB cblr-1734 398 40 initial initial ADJ cblr-1734 398 41 insider insider NOUN cblr-1734 398 42 trade trade NOUN cblr-1734 398 43 6 6 NUM cblr-1734 398 44 months month NOUN cblr-1734 398 45 0.0003 0.0003 NUM cblr-1734 398 46 0.85 0.85 NUM cblr-1734 398 47 0.0003 0.0003 NUM cblr-1734 398 48 5.93 5.93 NUM cblr-1734 398 49 0.0000 0.0000 NUM cblr-1734 398 50 -0.05 -0.05 NUM cblr-1734 398 51 initial initial ADJ cblr-1734 398 52 insider insider NOUN cblr-1734 398 53 trade trade NOUN cblr-1734 398 54 1 1 NUM cblr-1734 398 55 year year NOUN cblr-1734 398 56 0.0004 0.0004 NUM cblr-1734 398 57 1.26 1.26 NUM cblr-1734 398 58 0.0002 0.0002 NUM cblr-1734 398 59 3.79 3.79 NUM cblr-1734 398 60 0.0002 0.0002 NUM cblr-1734 398 61 0.66 0.66 NUM cblr-1734 398 62 subsequent subsequent ADJ cblr-1734 398 63 insider insider NOUN cblr-1734 398 64 trades trade NOUN cblr-1734 398 65 1 1 NUM cblr-1734 398 66 month month NOUN cblr-1734 398 67 0.0010 0.0010 NUM cblr-1734 398 68 2.53 2.53 NUM cblr-1734 398 69 0.0013 0.0013 NUM cblr-1734 398 70 9.30 9.30 NUM cblr-1734 398 71 -0.0003 -0.0003 NOUN cblr-1734 398 72 -0.79 -0.79 NOUN cblr-1734 398 73 subsequent subsequent ADJ cblr-1734 398 74 insider insider NOUN cblr-1734 398 75 trades trade NOUN cblr-1734 398 76 3 3 NUM cblr-1734 398 77 months month NOUN cblr-1734 398 78 0.0003 0.0003 NUM cblr-1734 398 79 0.96 0.96 NUM cblr-1734 398 80 0.0005 0.0005 NUM cblr-1734 398 81 4.53 4.53 NUM cblr-1734 398 82 -0.0001 -0.0001 NOUN cblr-1734 398 83 -0.32 -0.32 VERB cblr-1734 398 84 subsequent subsequent ADJ cblr-1734 398 85 insider insider NOUN cblr-1734 398 86 trades trade NOUN cblr-1734 398 87 6 6 NUM cblr-1734 398 88 months month NOUN cblr-1734 398 89 0.0002 0.0002 NUM cblr-1734 398 90 0.62 0.62 NUM cblr-1734 398 91 0.0002 0.0002 NUM cblr-1734 398 92 2.61 2.61 NUM cblr-1734 398 93 0.0000 0.0000 NUM cblr-1734 398 94 -0.08 -0.08 PRON cblr-1734 398 95 subsequent subsequent ADJ cblr-1734 398 96 insider insider NOUN cblr-1734 398 97 trades trade NOUN cblr-1734 398 98 1 1 NUM cblr-1734 398 99 year year NOUN cblr-1734 398 100 0.0002 0.0002 NUM cblr-1734 398 101 0.81 0.81 NUM cblr-1734 398 102 0.0001 0.0001 NUM cblr-1734 398 103 1.22 1.22 NUM cblr-1734 398 104 0.0001 0.0001 NUM cblr-1734 398 105 0.37 0.37 NUM cblr-1734 398 106 salesb salesb ADJ cblr-1734 398 107 horizon horizon NOUN cblr-1734 398 108 mean mean VERB cblr-1734 398 109 t t PROPN cblr-1734 398 110 - - PUNCT cblr-1734 398 111 stat stat NOUN cblr-1734 398 112 mean mean VERB cblr-1734 399 1 t t PROPN cblr-1734 399 2 - - PUNCT cblr-1734 399 3 stat stat NOUN cblr-1734 399 4 mean mean VERB cblr-1734 399 5 t t PROPN cblr-1734 399 6 - - PUNCT cblr-1734 399 7 stat stat NOUN cblr-1734 399 8 initial initial ADJ cblr-1734 399 9 insider insider NOUN cblr-1734 399 10 trade trade NOUN cblr-1734 399 11 1 1 NUM cblr-1734 399 12 month month NOUN cblr-1734 399 13 -0.0005 -0.0005 NOUN cblr-1734 399 14 -2.99 -2.99 X cblr-1734 399 15 -0.0005 -0.0005 X cblr-1734 400 1 -6.41 -6.41 NOUN cblr-1734 400 2 0.0001 0.0001 NUM cblr-1734 400 3 0.42 0.42 NUM cblr-1734 400 4 initial initial ADJ cblr-1734 400 5 insider insider NOUN cblr-1734 400 6 trade trade NOUN cblr-1734 400 7 3 3 NUM cblr-1734 400 8 months month NOUN cblr-1734 400 9 -0.0005 -0.0005 VERB cblr-1734 400 10 -3.32 -3.32 X cblr-1734 400 11 -0.0004 -0.0004 X cblr-1734 400 12 -5.98 -5.98 NUM cblr-1734 400 13 -0.0001 -0.0001 NOUN cblr-1734 400 14 -0.74 -0.74 ADJ cblr-1734 400 15 initial initial ADJ cblr-1734 400 16 insider insider NOUN cblr-1734 400 17 trade trade NOUN cblr-1734 400 18 6 6 NUM cblr-1734 400 19 months month NOUN cblr-1734 400 20 -0.0004 -0.0004 X cblr-1734 400 21 -3.28 -3.28 NUM cblr-1734 400 22 -0.0004 -0.0004 NOUN cblr-1734 400 23 -6.87 -6.87 NUM cblr-1734 400 24 -0.0001 -0.0001 NOUN cblr-1734 400 25 -0.53 -0.53 NOUN cblr-1734 400 26 initial initial ADJ cblr-1734 400 27 insider insider NOUN cblr-1734 400 28 trade trade NOUN cblr-1734 400 29 1 1 NUM cblr-1734 400 30 year year NOUN cblr-1734 400 31 -0.0004 -0.0004 NOUN cblr-1734 400 32 -2.97 -2.97 PROPN cblr-1734 400 33 -0.0003 -0.0003 NOUN cblr-1734 400 34 -5.86 -5.86 NUM cblr-1734 400 35 -0.0001 -0.0001 NOUN cblr-1734 400 36 -0.75 -0.75 NUM cblr-1734 400 37 subsequent subsequent ADJ cblr-1734 400 38 insider insider NOUN cblr-1734 400 39 trades trade NOUN cblr-1734 400 40 1 1 NUM cblr-1734 400 41 month month NOUN cblr-1734 400 42 -0.0005 -0.0005 NOUN cblr-1734 400 43 -3.05 -3.05 NOUN cblr-1734 400 44 -0.0005 -0.0005 NOUN cblr-1734 400 45 -3.72 -3.72 NUM cblr-1734 400 46 -0.0001 -0.0001 NOUN cblr-1734 400 47 -0.26 -0.26 X cblr-1734 400 48 subsequent subsequent ADJ cblr-1734 400 49 insider insider NOUN cblr-1734 400 50 trades trade NOUN cblr-1734 400 51 3 3 NUM cblr-1734 400 52 months month NOUN cblr-1734 400 53 -0.0005 -0.0005 X cblr-1734 400 54 -3.45 -3.45 X cblr-1734 400 55 -0.0004 -0.0004 PROPN cblr-1734 400 56 -4.01 -4.01 NUM cblr-1734 400 57 -0.0001 -0.0001 NOUN cblr-1734 401 1 -0.73 -0.73 VERB cblr-1734 401 2 subsequent subsequent ADJ cblr-1734 401 3 insider insider NOUN cblr-1734 401 4 trades trade NOUN cblr-1734 401 5 6 6 NUM cblr-1734 401 6 months month NOUN cblr-1734 401 7 -0.0004 -0.0004 X cblr-1734 401 8 -3.03 -3.03 PROPN cblr-1734 401 9 -0.0003 -0.0003 PROPN cblr-1734 401 10 -4.40 -4.40 PROPN cblr-1734 401 11 0.0000 0.0000 NUM cblr-1734 401 12 -0.17 -0.17 NUM cblr-1734 401 13 subsequent subsequent ADJ cblr-1734 401 14 insider insider NOUN cblr-1734 401 15 trades trade NOUN cblr-1734 401 16 1 1 NUM cblr-1734 401 17 year year NOUN cblr-1734 401 18 -0.0003 -0.0003 NOUN cblr-1734 401 19 -2.57 -2.57 PROPN cblr-1734 402 1 -0.0003 -0.0003 PROPN cblr-1734 402 2 -4.13 -4.13 NUM cblr-1734 402 3 0.0000 0.0000 NUM cblr-1734 402 4 0.15 0.15 NUM cblr-1734 402 5 a a PRON cblr-1734 402 6 and and CCONJ cblr-1734 402 7 b b NOUN cblr-1734 402 8 the the DET cblr-1734 402 9 number number NOUN cblr-1734 402 10 of of ADP cblr-1734 402 11 observations observation NOUN cblr-1734 402 12 used use VERB cblr-1734 402 13 in in ADP cblr-1734 402 14 both both DET cblr-1734 402 15 purchases purchase NOUN cblr-1734 402 16 and and CCONJ cblr-1734 402 17 sales sale NOUN cblr-1734 402 18 regressions regression NOUN cblr-1734 402 19 is be AUX cblr-1734 402 20 2769 2769 NUM cblr-1734 402 21 . . PUNCT cblr-1734 403 1 mavruk mavruk PROPN cblr-1734 403 2 & & CCONJ cblr-1734 403 3 seyhun seyhun PROPN cblr-1734 403 4 – – PUNCT cblr-1734 403 5 final final ADJ cblr-1734 403 6 168 168 NUM cblr-1734 403 7 columbia columbia PROPN cblr-1734 403 8 business business NOUN cblr-1734 403 9 law law PROPN cblr-1734 403 10 review review NOUN cblr-1734 403 11 [ [ X cblr-1734 403 12 vol vol NOUN cblr-1734 403 13 . . NOUN cblr-1734 403 14 2016 2016 NUM cblr-1734 404 1 the the DET cblr-1734 404 2 results result NOUN cblr-1734 404 3 are be AUX cblr-1734 404 4 shown show VERB cblr-1734 404 5 in in ADP cblr-1734 404 6 table table NOUN cblr-1734 404 7 4 4 NUM cblr-1734 404 8 , , PUNCT cblr-1734 404 9 panels panel VERB cblr-1734 404 10 a a PRON cblr-1734 404 11 and and CCONJ cblr-1734 404 12 b. b. PROPN cblr-1734 404 13 in in ADP cblr-1734 404 14 panel panel NOUN cblr-1734 404 15 a a X cblr-1734 404 16 , , PUNCT cblr-1734 404 17 for for ADP cblr-1734 404 18 initial initial ADJ cblr-1734 404 19 10b5 10b5 NUM cblr-1734 404 20 - - SYM cblr-1734 404 21 1 1 NUM cblr-1734 404 22 insider insider NOUN cblr-1734 404 23 purchases purchase NOUN cblr-1734 404 24 , , PUNCT cblr-1734 404 25 the the DET cblr-1734 404 26 abnormal abnormal ADJ cblr-1734 404 27 return return NOUN cblr-1734 404 28 is be AUX cblr-1734 404 29 eleven eleven NUM cblr-1734 404 30 basis basis NOUN cblr-1734 404 31 points point NOUN cblr-1734 404 32 per per ADP cblr-1734 404 33 day day NOUN cblr-1734 404 34 ( ( PUNCT cblr-1734 404 35 about about ADP cblr-1734 404 36 2.2 2.2 NUM cblr-1734 404 37 % % NOUN cblr-1734 404 38 per per ADP cblr-1734 404 39 month month NOUN cblr-1734 404 40 ) ) PUNCT cblr-1734 404 41 . . PUNCT cblr-1734 405 1 this this DET cblr-1734 405 2 abnormal abnormal ADJ cblr-1734 405 3 return return NOUN cblr-1734 405 4 does do AUX cblr-1734 405 5 not not PART cblr-1734 405 6 attain attain VERB cblr-1734 405 7 statistical statistical ADJ cblr-1734 405 8 significance significance NOUN cblr-1734 405 9 given give VERB cblr-1734 405 10 the the DET cblr-1734 405 11 small small ADJ cblr-1734 405 12 sample sample NOUN cblr-1734 405 13 size size NOUN cblr-1734 405 14 . . PUNCT cblr-1734 406 1 for for ADP cblr-1734 406 2 non non ADJ cblr-1734 406 3 - - ADJ cblr-1734 406 4 planned planned ADJ cblr-1734 406 5 purchases purchase NOUN cblr-1734 406 6 , , PUNCT cblr-1734 406 7 the the DET cblr-1734 406 8 abnormal abnormal ADJ cblr-1734 406 9 returns return NOUN cblr-1734 406 10 are be AUX cblr-1734 406 11 fifteen fifteen NUM cblr-1734 406 12 basis basis NOUN cblr-1734 406 13 points point NOUN cblr-1734 406 14 per per ADP cblr-1734 406 15 day day NOUN cblr-1734 406 16 ( ( PUNCT cblr-1734 406 17 about about ADV cblr-1734 406 18 3 3 NUM cblr-1734 406 19 % % NOUN cblr-1734 406 20 per per ADP cblr-1734 406 21 month month NOUN cblr-1734 406 22 ) ) PUNCT cblr-1734 406 23 . . PUNCT cblr-1734 407 1 this this DET cblr-1734 407 2 value value NOUN cblr-1734 407 3 is be AUX cblr-1734 407 4 highly highly ADV cblr-1734 407 5 significant significant ADJ cblr-1734 407 6 . . PUNCT cblr-1734 408 1 the the DET cblr-1734 408 2 differences difference NOUN cblr-1734 408 3 between between ADP cblr-1734 408 4 planned planned ADJ cblr-1734 408 5 and and CCONJ cblr-1734 408 6 non non ADJ cblr-1734 408 7 - - ADJ cblr-1734 408 8 planned planned ADJ cblr-1734 408 9 purchases purchase NOUN cblr-1734 408 10 are be AUX cblr-1734 408 11 insignificant insignificant ADJ cblr-1734 408 12 . . PUNCT cblr-1734 409 1 for for ADP cblr-1734 409 2 subsequent subsequent ADJ cblr-1734 409 3 purchases purchase NOUN cblr-1734 409 4 , , PUNCT cblr-1734 409 5 both both PRON cblr-1734 409 6 planned plan VERB cblr-1734 409 7 and and CCONJ cblr-1734 409 8 non non ADJ cblr-1734 409 9 - - ADJ cblr-1734 409 10 planned planned ADJ cblr-1734 409 11 purchases purchase NOUN cblr-1734 409 12 ( ( PUNCT cblr-1734 409 13 after after ADP cblr-1734 409 14 one one NUM cblr-1734 409 15 month month NOUN cblr-1734 409 16 ) ) PUNCT cblr-1734 409 17 exhibit exhibit VERB cblr-1734 409 18 statistically statistically ADV cblr-1734 409 19 significant significant ADJ cblr-1734 409 20 profitability profitability NOUN cblr-1734 409 21 , , PUNCT cblr-1734 409 22 and and CCONJ cblr-1734 409 23 once once ADV cblr-1734 409 24 again again ADV cblr-1734 409 25 , , PUNCT cblr-1734 409 26 the the DET cblr-1734 409 27 differences difference NOUN cblr-1734 409 28 do do AUX cblr-1734 409 29 not not PART cblr-1734 409 30 attain attain VERB cblr-1734 409 31 statistical statistical ADJ cblr-1734 409 32 significance significance NOUN cblr-1734 409 33 . . PUNCT cblr-1734 410 1 similar similar ADJ cblr-1734 410 2 patterns pattern NOUN cblr-1734 410 3 can can AUX cblr-1734 410 4 be be AUX cblr-1734 410 5 seen see VERB cblr-1734 410 6 in in ADP cblr-1734 410 7 the the DET cblr-1734 410 8 case case NOUN cblr-1734 410 9 of of ADP cblr-1734 410 10 insiders insider NOUN cblr-1734 410 11 ’ ’ PART cblr-1734 410 12 sales sale NOUN cblr-1734 410 13 . . PUNCT cblr-1734 411 1 both both DET cblr-1734 411 2 initial initial ADJ cblr-1734 411 3 sales sale NOUN cblr-1734 411 4 and and CCONJ cblr-1734 411 5 subsequent subsequent ADJ cblr-1734 411 6 sales sale NOUN cblr-1734 411 7 show show VERB cblr-1734 411 8 abnormal abnormal ADJ cblr-1734 411 9 profitability profitability NOUN cblr-1734 411 10 for for ADP cblr-1734 411 11 both both CCONJ cblr-1734 411 12 planned plan VERB cblr-1734 411 13 and and CCONJ cblr-1734 411 14 non non ADJ cblr-1734 411 15 - - ADJ cblr-1734 411 16 planned planned ADJ cblr-1734 411 17 sales sale NOUN cblr-1734 411 18 , , PUNCT cblr-1734 411 19 while while SCONJ cblr-1734 411 20 the the DET cblr-1734 411 21 differences difference NOUN cblr-1734 411 22 again again ADV cblr-1734 411 23 do do AUX cblr-1734 411 24 not not PART cblr-1734 411 25 attain attain VERB cblr-1734 411 26 statistical statistical ADJ cblr-1734 411 27 significance significance NOUN cblr-1734 411 28 . . PUNCT cblr-1734 412 1 initial initial ADJ cblr-1734 412 2 insider insider NOUN cblr-1734 412 3 sales sale NOUN cblr-1734 412 4 under under ADP cblr-1734 412 5 10b5 10b5 NUM cblr-1734 412 6 - - SYM cblr-1734 412 7 1 1 NUM cblr-1734 412 8 plans plan NOUN cblr-1734 412 9 show show VERB cblr-1734 412 10 an an DET cblr-1734 412 11 abnormal abnormal ADJ cblr-1734 412 12 profit profit NOUN cblr-1734 412 13 of of ADP cblr-1734 412 14 about about ADV cblr-1734 412 15 five five NUM cblr-1734 412 16 basis basis NOUN cblr-1734 412 17 points point NOUN cblr-1734 412 18 per per ADP cblr-1734 412 19 day day NOUN cblr-1734 412 20 during during ADP cblr-1734 412 21 the the DET cblr-1734 412 22 first first ADJ cblr-1734 412 23 month month NOUN cblr-1734 412 24 ( ( PUNCT cblr-1734 412 25 about about ADP cblr-1734 412 26 -1 -1 INTJ cblr-1734 412 27 % % NOUN cblr-1734 412 28 per per ADP cblr-1734 412 29 month month NOUN cblr-1734 412 30 ) ) PUNCT cblr-1734 412 31 . . PUNCT cblr-1734 413 1 this this DET cblr-1734 413 2 value value NOUN cblr-1734 413 3 is be AUX cblr-1734 413 4 highly highly ADV cblr-1734 413 5 significant significant ADJ cblr-1734 413 6 . . PUNCT cblr-1734 414 1 for for ADP cblr-1734 414 2 the the DET cblr-1734 414 3 initial initial ADJ cblr-1734 414 4 non non ADJ cblr-1734 414 5 - - ADJ cblr-1734 414 6 planned planned ADJ cblr-1734 414 7 insider insider NOUN cblr-1734 414 8 sales sale NOUN cblr-1734 414 9 , , PUNCT cblr-1734 414 10 abnormal abnormal ADJ cblr-1734 414 11 profitability profitability NOUN cblr-1734 414 12 also also ADV cblr-1734 414 13 attains attain VERB cblr-1734 414 14 five five NUM cblr-1734 414 15 basis basis NOUN cblr-1734 414 16 points point NOUN cblr-1734 414 17 per per ADP cblr-1734 414 18 day day NOUN cblr-1734 414 19 during during ADP cblr-1734 414 20 the the DET cblr-1734 414 21 first first ADJ cblr-1734 414 22 month month NOUN cblr-1734 414 23 ( ( PUNCT cblr-1734 414 24 -1 -1 INTJ cblr-1734 414 25 % % NOUN cblr-1734 414 26 per per ADP cblr-1734 414 27 month month NOUN cblr-1734 414 28 ) ) PUNCT cblr-1734 414 29 . . PUNCT cblr-1734 415 1 this this DET cblr-1734 415 2 value value NOUN cblr-1734 415 3 is be AUX cblr-1734 415 4 also also ADV cblr-1734 415 5 highly highly ADV cblr-1734 415 6 significant significant ADJ cblr-1734 415 7 . . PUNCT cblr-1734 416 1 again again ADV cblr-1734 416 2 , , PUNCT cblr-1734 416 3 the the DET cblr-1734 416 4 differences difference NOUN cblr-1734 416 5 between between ADP cblr-1734 416 6 these these DET cblr-1734 416 7 values value NOUN cblr-1734 416 8 are be AUX cblr-1734 416 9 not not PART cblr-1734 416 10 statistically statistically ADV cblr-1734 416 11 significant significant ADJ cblr-1734 416 12 . . PUNCT cblr-1734 417 1 the the DET cblr-1734 417 2 subsequent subsequent ADJ cblr-1734 417 3 sale sale NOUN cblr-1734 417 4 trades trade NOUN cblr-1734 417 5 are be AUX cblr-1734 417 6 profitable profitable ADJ cblr-1734 417 7 for for ADP cblr-1734 417 8 both both CCONJ cblr-1734 417 9 planned plan VERB cblr-1734 417 10 and and CCONJ cblr-1734 417 11 non non ADJ cblr-1734 417 12 - - ADJ cblr-1734 417 13 planned planned ADJ cblr-1734 417 14 sales sale NOUN cblr-1734 417 15 . . PUNCT cblr-1734 418 1 once once ADV cblr-1734 418 2 again again ADV cblr-1734 418 3 , , PUNCT cblr-1734 418 4 the the DET cblr-1734 418 5 differences difference NOUN cblr-1734 418 6 are be AUX cblr-1734 418 7 not not PART cblr-1734 418 8 statistically statistically ADV cblr-1734 418 9 significant significant ADJ cblr-1734 418 10 . . PUNCT cblr-1734 419 1 our our PRON cblr-1734 419 2 key key ADJ cblr-1734 419 3 finding finding NOUN cblr-1734 419 4 so so ADV cblr-1734 419 5 far far ADV cblr-1734 419 6 is be AUX cblr-1734 419 7 that that SCONJ cblr-1734 419 8 the the DET cblr-1734 419 9 very very ADV cblr-1734 419 10 first first ADJ cblr-1734 419 11 trade trade NOUN cblr-1734 419 12 from from ADP cblr-1734 419 13 a a DET cblr-1734 419 14 10b5 10b5 NUM cblr-1734 419 15 - - SYM cblr-1734 419 16 1 1 NUM cblr-1734 419 17 plan plan NOUN cblr-1734 419 18 shows show VERB cblr-1734 419 19 abnormal abnormal ADJ cblr-1734 419 20 profitability profitability NOUN cblr-1734 419 21 . . PUNCT cblr-1734 420 1 this this DET cblr-1734 420 2 finding finding NOUN cblr-1734 420 3 corroborates corroborate VERB cblr-1734 420 4 our our PRON cblr-1734 420 5 conclusion conclusion NOUN cblr-1734 420 6 that that SCONJ cblr-1734 420 7 10b5 10b5 NUM cblr-1734 420 8 - - SYM cblr-1734 420 9 1 1 NUM cblr-1734 420 10 plans plan NOUN cblr-1734 420 11 are be AUX cblr-1734 420 12 actually actually ADV cblr-1734 420 13 set set VERB cblr-1734 420 14 up up ADP cblr-1734 420 15 when when SCONJ cblr-1734 420 16 insiders insider NOUN cblr-1734 420 17 possess possess VERB cblr-1734 420 18 material material ADJ cblr-1734 420 19 non non ADJ cblr-1734 420 20 - - ADJ cblr-1734 420 21 public public ADJ cblr-1734 420 22 information information NOUN cblr-1734 420 23 . . PUNCT cblr-1734 421 1 such such ADJ cblr-1734 421 2 behavior behavior NOUN cblr-1734 421 3 would would AUX cblr-1734 421 4 violate violate VERB cblr-1734 421 5 the the DET cblr-1734 421 6 safe safe ADJ cblr-1734 421 7 harbor harbor NOUN cblr-1734 421 8 requirements requirement NOUN cblr-1734 421 9 of of ADP cblr-1734 421 10 rule rule NOUN cblr-1734 421 11 10b5 10b5 NUM cblr-1734 421 12 - - SYM cblr-1734 421 13 1 1 NUM cblr-1734 421 14 . . PUNCT cblr-1734 422 1 in in ADP cblr-1734 422 2 panel panel PROPN cblr-1734 422 3 b b PROPN cblr-1734 422 4 of of ADP cblr-1734 422 5 table table NOUN cblr-1734 422 6 4 4 NUM cblr-1734 422 7 we we PRON cblr-1734 422 8 examine examine VERB cblr-1734 422 9 whether whether SCONJ cblr-1734 422 10 regularity regularity NOUN cblr-1734 422 11 of of ADP cblr-1734 422 12 trades trade NOUN cblr-1734 422 13 under under ADP cblr-1734 422 14 rule rule NOUN cblr-1734 422 15 10b5 10b5 NUM cblr-1734 422 16 - - SYM cblr-1734 422 17 1 1 NUM cblr-1734 422 18 is be AUX cblr-1734 422 19 related relate VERB cblr-1734 422 20 to to ADP cblr-1734 422 21 the the DET cblr-1734 422 22 trade trade NOUN cblr-1734 422 23 ’s ’s PART cblr-1734 422 24 profitability profitability NOUN cblr-1734 422 25 . . PUNCT cblr-1734 423 1 we we PRON cblr-1734 423 2 classify classify VERB cblr-1734 423 3 insider insider NOUN cblr-1734 423 4 trades trade NOUN cblr-1734 423 5 into into ADP cblr-1734 423 6 four four NUM cblr-1734 423 7 categories category NOUN cblr-1734 423 8 : : PUNCT cblr-1734 423 9 ( ( PUNCT cblr-1734 423 10 i i NOUN cblr-1734 423 11 ) ) PUNCT cblr-1734 423 12 a a DET cblr-1734 423 13 “ " PUNCT cblr-1734 423 14 regular regular ADJ cblr-1734 423 15 trade trade NOUN cblr-1734 423 16 ” " PUNCT cblr-1734 423 17 is be AUX cblr-1734 423 18 defined define VERB cblr-1734 423 19 as as ADP cblr-1734 423 20 another another DET cblr-1734 423 21 10b5 10b5 NUM cblr-1734 423 22 - - SYM cblr-1734 423 23 1 1 NUM cblr-1734 423 24 transaction transaction NOUN cblr-1734 423 25 coming come VERB cblr-1734 423 26 from from ADP cblr-1734 423 27 the the DET cblr-1734 423 28 same same ADJ cblr-1734 423 29 insider insider NOUN cblr-1734 423 30 made make VERB cblr-1734 423 31 in in ADP cblr-1734 423 32 the the DET cblr-1734 423 33 past past ADJ cblr-1734 423 34 twenty twenty NUM cblr-1734 423 35 to to PART cblr-1734 423 36 twenty twenty NUM cblr-1734 423 37 - - PUNCT cblr-1734 423 38 five five NUM cblr-1734 423 39 trading trading NOUN cblr-1734 423 40 days day NOUN cblr-1734 423 41 with with ADP cblr-1734 423 42 the the DET cblr-1734 423 43 same same ADJ cblr-1734 423 44 number number NOUN cblr-1734 423 45 of of ADP cblr-1734 423 46 shares share NOUN cblr-1734 423 47 ; ; PUNCT cblr-1734 423 48 ( ( PUNCT cblr-1734 423 49 ii ii NOUN cblr-1734 423 50 ) ) PUNCT cblr-1734 423 51 a a DET cblr-1734 423 52 “ " PUNCT cblr-1734 423 53 regular regular ADJ cblr-1734 423 54 interval interval NOUN cblr-1734 423 55 - - PUNCT cblr-1734 423 56 irregular irregular ADJ cblr-1734 423 57 amount amount NOUN cblr-1734 423 58 ” " PUNCT cblr-1734 423 59 trade trade NOUN cblr-1734 423 60 is be AUX cblr-1734 423 61 defined define VERB cblr-1734 423 62 as as ADP cblr-1734 423 63 mavruk mavruk NOUN cblr-1734 423 64 & & CCONJ cblr-1734 423 65 seyhun seyhun PROPN cblr-1734 423 66 – – PUNCT cblr-1734 423 67 final final ADJ cblr-1734 423 68 no no NOUN cblr-1734 423 69 . . PUNCT cblr-1734 424 1 1:133 1:133 NUM cblr-1734 424 2 ] ] X cblr-1734 424 3 sec sec PROPN cblr-1734 424 4 ’s ’s PART cblr-1734 424 5 10b5 10b5 NUM cblr-1734 424 6 - - SYM cblr-1734 424 7 1 1 NUM cblr-1734 424 8 safe safe ADJ cblr-1734 424 9 harbor harbor NOUN cblr-1734 424 10 rules rule VERB cblr-1734 424 11 169 169 NUM cblr-1734 424 12 another another DET cblr-1734 424 13 10b5 10b5 NUM cblr-1734 424 14 - - SYM cblr-1734 424 15 1 1 NUM cblr-1734 424 16 transaction transaction NOUN cblr-1734 424 17 coming come VERB cblr-1734 424 18 from from ADP cblr-1734 424 19 the the DET cblr-1734 424 20 same same ADJ cblr-1734 424 21 insider insider NOUN cblr-1734 424 22 made make VERB cblr-1734 424 23 in in ADP cblr-1734 424 24 the the DET cblr-1734 424 25 past past ADJ cblr-1734 424 26 twenty twenty NUM cblr-1734 424 27 to to PART cblr-1734 424 28 twenty twenty NUM cblr-1734 424 29 - - PUNCT cblr-1734 424 30 five five NUM cblr-1734 424 31 trading trading NOUN cblr-1734 424 32 days day NOUN cblr-1734 424 33 , , PUNCT cblr-1734 424 34 but but CCONJ cblr-1734 424 35 the the DET cblr-1734 424 36 number number NOUN cblr-1734 424 37 of of ADP cblr-1734 424 38 shares share NOUN cblr-1734 424 39 traded trade VERB cblr-1734 424 40 is be AUX cblr-1734 424 41 different different ADJ cblr-1734 424 42 ; ; PUNCT cblr-1734 424 43 ( ( PUNCT cblr-1734 424 44 iii iii X cblr-1734 424 45 ) ) PUNCT cblr-1734 424 46 an an DET cblr-1734 424 47 “ " PUNCT cblr-1734 424 48 irregular irregular ADJ cblr-1734 424 49 interval interval NOUN cblr-1734 424 50 - - PUNCT cblr-1734 424 51 regular regular ADJ cblr-1734 424 52 amount amount NOUN cblr-1734 424 53 trade trade NOUN cblr-1734 424 54 ” " PUNCT cblr-1734 424 55 is be AUX cblr-1734 424 56 defined define VERB cblr-1734 424 57 as as ADP cblr-1734 424 58 another another DET cblr-1734 424 59 10b5 10b5 NUM cblr-1734 424 60 - - SYM cblr-1734 424 61 1 1 NUM cblr-1734 424 62 transaction transaction NOUN cblr-1734 424 63 coming come VERB cblr-1734 424 64 from from ADP cblr-1734 424 65 the the DET cblr-1734 424 66 same same ADJ cblr-1734 424 67 insider insider NOUN cblr-1734 424 68 with with ADP cblr-1734 424 69 the the DET cblr-1734 424 70 same same ADJ cblr-1734 424 71 number number NOUN cblr-1734 424 72 of of ADP cblr-1734 424 73 shares share NOUN cblr-1734 424 74 made make VERB cblr-1734 424 75 anytime anytime ADV cblr-1734 424 76 in in ADP cblr-1734 424 77 the the DET cblr-1734 424 78 past past ADJ cblr-1734 424 79 three three NUM cblr-1734 424 80 months month NOUN cblr-1734 424 81 ; ; PUNCT cblr-1734 424 82 and and CCONJ cblr-1734 424 83 finally finally ADV cblr-1734 424 84 , , PUNCT cblr-1734 424 85 ( ( PUNCT cblr-1734 424 86 iv iv X cblr-1734 424 87 ) ) PUNCT cblr-1734 424 88 an an DET cblr-1734 424 89 “ " PUNCT cblr-1734 424 90 irregular irregular ADJ cblr-1734 424 91 trade trade NOUN cblr-1734 424 92 ” " PUNCT cblr-1734 424 93 is be AUX cblr-1734 424 94 defined define VERB cblr-1734 424 95 as as ADP cblr-1734 424 96 a a DET cblr-1734 424 97 10b5 10b5 NUM cblr-1734 424 98 - - SYM cblr-1734 424 99 1 1 NUM cblr-1734 424 100 transaction transaction NOUN cblr-1734 424 101 in in ADP cblr-1734 424 102 none none NOUN cblr-1734 424 103 of of ADP cblr-1734 424 104 the the DET cblr-1734 424 105 above above ADJ cblr-1734 424 106 mentioned mention VERB cblr-1734 424 107 three three NUM cblr-1734 424 108 groups group NOUN cblr-1734 424 109 . . PUNCT cblr-1734 425 1 we we PRON cblr-1734 425 2 present present VERB cblr-1734 425 3 our our PRON cblr-1734 425 4 result result NOUN cblr-1734 425 5 only only ADV cblr-1734 425 6 for for ADP cblr-1734 425 7 trades trade NOUN cblr-1734 425 8 within within ADP cblr-1734 425 9 rule rule NOUN cblr-1734 425 10 10b5 10b5 NUM cblr-1734 425 11 - - SYM cblr-1734 425 12 1 1 NUM cblr-1734 425 13 . . PUNCT cblr-1734 426 1 as as ADP cblr-1734 426 2 a a DET cblr-1734 426 3 caveat caveat NOUN cblr-1734 426 4 , , PUNCT cblr-1734 426 5 it it PRON cblr-1734 426 6 is be AUX cblr-1734 426 7 important important ADJ cblr-1734 426 8 to to PART cblr-1734 426 9 repeat repeat VERB cblr-1734 426 10 that that SCONJ cblr-1734 426 11 our our PRON cblr-1734 426 12 sample sample NOUN cblr-1734 426 13 size size NOUN cblr-1734 426 14 for for ADP cblr-1734 426 15 purchases purchase NOUN cblr-1734 426 16 is be AUX cblr-1734 426 17 small small ADJ cblr-1734 426 18 . . PUNCT cblr-1734 427 1 panel panel PROPN cblr-1734 427 2 b. b. PROPN cblr-1734 427 3 trade trade PROPN cblr-1734 427 4 interval interval NOUN cblr-1734 427 5 within within ADP cblr-1734 427 6 rule rule NOUN cblr-1734 427 7 10b5 10b5 NUM cblr-1734 427 8 - - SYM cblr-1734 427 9 1 1 NUM cblr-1734 427 10 an an DET cblr-1734 427 11 irregular irregular ADJ cblr-1734 427 12 trade trade NOUN cblr-1734 427 13 is be AUX cblr-1734 427 14 a a DET cblr-1734 427 15 10b5 10b5 NUM cblr-1734 427 16 - - SYM cblr-1734 427 17 1 1 NUM cblr-1734 427 18 transaction transaction NOUN cblr-1734 427 19 not not PART cblr-1734 427 20 in in ADP cblr-1734 427 21 one one NUM cblr-1734 427 22 of of ADP cblr-1734 427 23 the the DET cblr-1734 427 24 following follow VERB cblr-1734 427 25 three three NUM cblr-1734 427 26 groups group NOUN cblr-1734 427 27 . . PUNCT cblr-1734 428 1 a a DET cblr-1734 428 2 regular regular ADJ cblr-1734 428 3 interval interval NOUN cblr-1734 428 4 - - PUNCT cblr-1734 428 5 irregular irregular ADJ cblr-1734 428 6 amount amount NOUN cblr-1734 428 7 trade trade NOUN cblr-1734 428 8 is be AUX cblr-1734 428 9 defined define VERB cblr-1734 428 10 as as ADP cblr-1734 428 11 another another DET cblr-1734 428 12 10b5 10b5 NUM cblr-1734 428 13 - - SYM cblr-1734 428 14 1 1 NUM cblr-1734 428 15 transaction transaction NOUN cblr-1734 428 16 coming come VERB cblr-1734 428 17 from from ADP cblr-1734 428 18 the the DET cblr-1734 428 19 same same ADJ cblr-1734 428 20 insider insider NOUN cblr-1734 428 21 made make VERB cblr-1734 428 22 in in ADP cblr-1734 428 23 the the DET cblr-1734 428 24 past past ADJ cblr-1734 428 25 20–25 20–25 NUM cblr-1734 428 26 trading trading NOUN cblr-1734 428 27 days day NOUN cblr-1734 428 28 , , PUNCT cblr-1734 428 29 but but CCONJ cblr-1734 428 30 with with ADP cblr-1734 428 31 a a DET cblr-1734 428 32 different different ADJ cblr-1734 428 33 number number NOUN cblr-1734 428 34 of of ADP cblr-1734 428 35 shares share NOUN cblr-1734 428 36 traded trade VERB cblr-1734 428 37 . . PUNCT cblr-1734 429 1 an an DET cblr-1734 429 2 irregular irregular ADJ cblr-1734 429 3 interval interval NOUN cblr-1734 429 4 - - PUNCT cblr-1734 429 5 regular regular ADJ cblr-1734 429 6 amount amount NOUN cblr-1734 429 7 trade trade NOUN cblr-1734 429 8 is be AUX cblr-1734 429 9 another another DET cblr-1734 429 10 10b5 10b5 NUM cblr-1734 429 11 - - SYM cblr-1734 429 12 1 1 NUM cblr-1734 429 13 transaction transaction NOUN cblr-1734 429 14 coming come VERB cblr-1734 429 15 from from ADP cblr-1734 429 16 the the DET cblr-1734 429 17 same same ADJ cblr-1734 429 18 insider insider NOUN cblr-1734 429 19 with with ADP cblr-1734 429 20 the the DET cblr-1734 429 21 same same ADJ cblr-1734 429 22 number number NOUN cblr-1734 429 23 of of ADP cblr-1734 429 24 shares share NOUN cblr-1734 429 25 made make VERB cblr-1734 429 26 anytime anytime ADV cblr-1734 429 27 in in ADP cblr-1734 429 28 the the DET cblr-1734 429 29 past past ADJ cblr-1734 429 30 three three NUM cblr-1734 429 31 months month NOUN cblr-1734 429 32 . . PUNCT cblr-1734 430 1 a a DET cblr-1734 430 2 regular regular ADJ cblr-1734 430 3 trade trade NOUN cblr-1734 430 4 is be AUX cblr-1734 430 5 another another DET cblr-1734 430 6 10b5 10b5 NUM cblr-1734 430 7 - - SYM cblr-1734 430 8 1 1 NUM cblr-1734 430 9 transaction transaction NOUN cblr-1734 430 10 coming come VERB cblr-1734 430 11 from from ADP cblr-1734 430 12 the the DET cblr-1734 430 13 same same ADJ cblr-1734 430 14 insider insider NOUN cblr-1734 430 15 made make VERB cblr-1734 430 16 in in ADP cblr-1734 430 17 the the DET cblr-1734 430 18 past past ADJ cblr-1734 430 19 20–25 20–25 NUM cblr-1734 430 20 trading trading NOUN cblr-1734 430 21 days day NOUN cblr-1734 430 22 with with ADP cblr-1734 430 23 the the DET cblr-1734 430 24 same same ADJ cblr-1734 430 25 number number NOUN cblr-1734 430 26 of of ADP cblr-1734 430 27 shares share NOUN cblr-1734 430 28 . . PUNCT cblr-1734 431 1 results result NOUN cblr-1734 431 2 are be AUX cblr-1734 431 3 shown show VERB cblr-1734 431 4 for for ADP cblr-1734 431 5 the the DET cblr-1734 431 6 horizon horizon NOUN cblr-1734 431 7 of of ADP cblr-1734 431 8 the the DET cblr-1734 431 9 following follow VERB cblr-1734 431 10 one one NUM cblr-1734 431 11 month month NOUN cblr-1734 431 12 , , PUNCT cblr-1734 431 13 three three NUM cblr-1734 431 14 months month NOUN cblr-1734 431 15 , , PUNCT cblr-1734 431 16 six six NUM cblr-1734 431 17 months month NOUN cblr-1734 431 18 , , PUNCT cblr-1734 431 19 and and CCONJ cblr-1734 431 20 one one NUM cblr-1734 431 21 year year NOUN cblr-1734 431 22 . . PUNCT cblr-1734 431 23         SPACE cblr-1734 432 1 mavruk mavruk PROPN cblr-1734 432 2 & & CCONJ cblr-1734 432 3 seyhun seyhun PROPN cblr-1734 432 4 – – PUNCT cblr-1734 432 5 final final ADJ cblr-1734 432 6 170 170 NUM cblr-1734 432 7 columbia columbia PROPN cblr-1734 432 8 business business NOUN cblr-1734 432 9 law law PROPN cblr-1734 432 10 review review NOUN cblr-1734 432 11 [ [ X cblr-1734 432 12 vol vol NOUN cblr-1734 432 13 . . PUNCT cblr-1734 432 14 2016 2016 NUM cblr-1734 432 15 10b5 10b5 NUM cblr-1734 432 16 - - SYM cblr-1734 432 17 1 1 NUM cblr-1734 432 18 . . PUNCT cblr-1734 433 1 purchasesa purchasesa NOUN cblr-1734 433 2 salesb salesb PROPN cblr-1734 433 3 transaction transaction NOUN cblr-1734 433 4 interval interval NOUN cblr-1734 433 5 horizon horizon NOUN cblr-1734 433 6 mean mean VERB cblr-1734 433 7 t t PROPN cblr-1734 433 8 - - PUNCT cblr-1734 433 9 stat stat NOUN cblr-1734 433 10 mean mean VERB cblr-1734 433 11 t t NOUN cblr-1734 433 12 - - PUNCT cblr-1734 433 13 stat stat NOUN cblr-1734 433 14 irregular irregular ADJ cblr-1734 433 15 trade trade NOUN cblr-1734 433 16 1 1 NUM cblr-1734 433 17 month month NOUN cblr-1734 433 18 0.0015 0.0015 NUM cblr-1734 433 19 3.46 3.46 NUM cblr-1734 433 20 -0.0006 -0.0006 NOUN cblr-1734 433 21 -3.46 -3.46 NUM cblr-1734 433 22 irregular irregular ADJ cblr-1734 433 23 trade trade NOUN cblr-1734 433 24 3 3 NUM cblr-1734 433 25 months month NOUN cblr-1734 433 26 0.0008 0.0008 NUM cblr-1734 433 27 2.21 2.21 NUM cblr-1734 433 28 -0.0005 -0.0005 NOUN cblr-1734 434 1 -3.21 -3.21 VERB cblr-1734 434 2 irregular irregular ADJ cblr-1734 434 3 trade trade NOUN cblr-1734 434 4 6 6 NUM cblr-1734 434 5 months month NOUN cblr-1734 434 6 0.0006 0.0006 NUM cblr-1734 434 7 1.62 1.62 NUM cblr-1734 434 8 -0.0004 -0.0004 NOUN cblr-1734 434 9 -2.60 -2.60 NUM cblr-1734 434 10 irregular irregular ADJ cblr-1734 434 11 trade trade NOUN cblr-1734 434 12 1 1 NUM cblr-1734 434 13 year year NOUN cblr-1734 434 14 0.0004 0.0004 NUM cblr-1734 434 15 1.42 1.42 NUM cblr-1734 434 16 -0.0003 -0.0003 NOUN cblr-1734 434 17 -2.31 -2.31 PRON cblr-1734 434 18 regular regular ADJ cblr-1734 434 19 interval interval NOUN cblr-1734 434 20 , , PUNCT cblr-1734 434 21 irregular irregular ADJ cblr-1734 434 22 amount amount NOUN cblr-1734 434 23 1 1 NUM cblr-1734 434 24 month month NOUN cblr-1734 434 25 0.0002 0.0002 NUM cblr-1734 434 26 0.39 0.39 NUM cblr-1734 434 27 -0.0010 -0.0010 NOUN cblr-1734 434 28 -3.01 -3.01 VERB cblr-1734 434 29 regular regular ADJ cblr-1734 434 30 interval interval NOUN cblr-1734 434 31 , , PUNCT cblr-1734 434 32 irregular irregular ADJ cblr-1734 434 33 amount amount NOUN cblr-1734 434 34 3 3 NUM cblr-1734 434 35 months month NOUN cblr-1734 434 36 -0.0004 -0.0004 X cblr-1734 435 1 -0.76 -0.76 PROPN cblr-1734 435 2 -0.0006 -0.0006 NOUN cblr-1734 435 3 -2.41 -2.41 NUM cblr-1734 435 4 regular regular ADJ cblr-1734 435 5 interval interval NOUN cblr-1734 435 6 , , PUNCT cblr-1734 435 7 irregular irregular ADJ cblr-1734 435 8 amount amount NOUN cblr-1734 435 9 6 6 NUM cblr-1734 435 10 months month NOUN cblr-1734 435 11 -0.0003 -0.0003 NOUN cblr-1734 435 12 -0.59 -0.59 NUM cblr-1734 435 13 -0.0005 -0.0005 X cblr-1734 435 14 -2.43 -2.43 NUM cblr-1734 435 15 regular regular ADJ cblr-1734 435 16 interval interval NOUN cblr-1734 435 17 , , PUNCT cblr-1734 435 18 irregular irregular ADJ cblr-1734 435 19 amount amount NOUN cblr-1734 435 20 1 1 NUM cblr-1734 435 21 year year NOUN cblr-1734 435 22 -0.0002 -0.0002 NOUN cblr-1734 435 23 -0.56 -0.56 NUM cblr-1734 435 24 -0.0004 -0.0004 X cblr-1734 435 25 -2.06 -2.06 ADP cblr-1734 435 26 irregular irregular ADJ cblr-1734 435 27 interval interval NOUN cblr-1734 435 28 , , PUNCT cblr-1734 435 29 regular regular ADJ cblr-1734 435 30 amount amount NOUN cblr-1734 435 31 1 1 NUM cblr-1734 435 32 month month NOUN cblr-1734 435 33 0.0005 0.0005 NUM cblr-1734 435 34 0.97 0.97 NUM cblr-1734 435 35 -0.0005 -0.0005 NOUN cblr-1734 435 36 -2.16 -2.16 PRON cblr-1734 435 37 irregular irregular ADJ cblr-1734 435 38 interval interval NOUN cblr-1734 435 39 , , PUNCT cblr-1734 435 40 regular regular ADJ cblr-1734 435 41 amount amount NOUN cblr-1734 435 42 3 3 NUM cblr-1734 435 43 months month NOUN cblr-1734 435 44 0.0006 0.0006 NUM cblr-1734 435 45 1.22 1.22 NUM cblr-1734 435 46 -0.0003 -0.0003 NOUN cblr-1734 435 47 -1.63 -1.63 DET cblr-1734 435 48 irregular irregular ADJ cblr-1734 435 49 interval interval NOUN cblr-1734 435 50 , , PUNCT cblr-1734 435 51 regular regular ADJ cblr-1734 435 52 amount amount NOUN cblr-1734 435 53 6 6 NUM cblr-1734 435 54 months month NOUN cblr-1734 435 55 0.0002 0.0002 NUM cblr-1734 435 56 0.51 0.51 NUM cblr-1734 435 57 -0.0002 -0.0002 NOUN cblr-1734 435 58 -1.44 -1.44 ADV cblr-1734 435 59 irregular irregular ADJ cblr-1734 435 60 interval interval NOUN cblr-1734 435 61 , , PUNCT cblr-1734 435 62 regular regular ADJ cblr-1734 435 63 amount amount NOUN cblr-1734 435 64 1 1 NUM cblr-1734 435 65 year year NOUN cblr-1734 435 66 0.0005 0.0005 NUM cblr-1734 435 67 1.39 1.39 NUM cblr-1734 435 68 -0.0002 -0.0002 NOUN cblr-1734 435 69 -1.35 -1.35 ADJ cblr-1734 435 70 regular regular ADJ cblr-1734 435 71 trade trade NOUN cblr-1734 435 72 1 1 NUM cblr-1734 435 73 month month NOUN cblr-1734 435 74 0.0002 0.0002 NUM cblr-1734 435 75 0.51 0.51 NUM cblr-1734 435 76 -0.0006 -0.0006 NOUN cblr-1734 435 77 -2.03 -2.03 VERB cblr-1734 435 78 regular regular ADJ cblr-1734 435 79 trade trade NOUN cblr-1734 435 80 3 3 NUM cblr-1734 435 81 months month NOUN cblr-1734 435 82 -0.0001 -0.0001 NOUN cblr-1734 435 83 -0.26 -0.26 X cblr-1734 435 84 -0.0001 -0.0001 NOUN cblr-1734 435 85 -0.13 -0.13 PUNCT cblr-1734 435 86 regular regular ADJ cblr-1734 435 87 trade trade NOUN cblr-1734 435 88 6 6 NUM cblr-1734 435 89 months month NOUN cblr-1734 435 90 -0.0002 -0.0002 NOUN cblr-1734 435 91 -0.35 -0.35 CCONJ cblr-1734 435 92 -0.0004 -0.0004 NOUN cblr-1734 435 93 -1.44 -1.44 ADV cblr-1734 435 94 regular regular ADJ cblr-1734 435 95 trade trade NOUN cblr-1734 435 96 1 1 NUM cblr-1734 435 97 year year NOUN cblr-1734 435 98 -0.00001 -0.00001 NOUN cblr-1734 435 99 -0.03 -0.03 X cblr-1734 435 100 -0.0003 -0.0003 NOUN cblr-1734 435 101 -1.43 -1.43 NUM cblr-1734 435 102 a a PRON cblr-1734 435 103 and and CCONJ cblr-1734 435 104 b b NOUN cblr-1734 435 105 the the DET cblr-1734 435 106 number number NOUN cblr-1734 435 107 of of ADP cblr-1734 435 108 observations observation NOUN cblr-1734 435 109 used use VERB cblr-1734 435 110 in in ADP cblr-1734 435 111 both both DET cblr-1734 435 112 purchases purchase NOUN cblr-1734 435 113 and and CCONJ cblr-1734 435 114 sales sale NOUN cblr-1734 435 115 regressions regression NOUN cblr-1734 435 116 is be AUX cblr-1734 435 117 2769 2769 NUM cblr-1734 435 118 . . PUNCT cblr-1734 436 1 our our PRON cblr-1734 436 2 overall overall ADJ cblr-1734 436 3 conclusion conclusion NOUN cblr-1734 436 4 from from ADP cblr-1734 436 5 panel panel NOUN cblr-1734 436 6 b b PROPN cblr-1734 436 7 is be AUX cblr-1734 436 8 that that SCONJ cblr-1734 436 9 irregular irregular ADJ cblr-1734 436 10 trades trade NOUN cblr-1734 436 11 tend tend VERB cblr-1734 436 12 to to PART cblr-1734 436 13 be be AUX cblr-1734 436 14 more more ADV cblr-1734 436 15 profitable profitable ADJ cblr-1734 436 16 . . PUNCT cblr-1734 437 1 when when SCONJ cblr-1734 437 2 insider insider NOUN cblr-1734 437 3 trades trade NOUN cblr-1734 437 4 are be AUX cblr-1734 437 5 regular regular ADJ cblr-1734 437 6 , , PUNCT cblr-1734 437 7 the the DET cblr-1734 437 8 only only ADJ cblr-1734 437 9 group group NOUN cblr-1734 437 10 with with ADP cblr-1734 437 11 abnormal abnormal ADJ cblr-1734 437 12 profitability profitability NOUN cblr-1734 437 13 is be AUX cblr-1734 437 14 sales sale NOUN cblr-1734 437 15 after after ADP cblr-1734 437 16 one one NUM cblr-1734 437 17 month month NOUN cblr-1734 437 18 . . PUNCT cblr-1734 438 1 however however ADV cblr-1734 438 2 , , PUNCT cblr-1734 438 3 irregular irregular ADJ cblr-1734 438 4 sales sale NOUN cblr-1734 438 5 groups group NOUN cblr-1734 438 6 show show VERB cblr-1734 438 7 profitability profitability NOUN cblr-1734 438 8 after after ADP cblr-1734 438 9 all all DET cblr-1734 438 10 the the DET cblr-1734 438 11 analyzed analyze VERB cblr-1734 438 12 periods period NOUN cblr-1734 438 13 . . PUNCT cblr-1734 439 1 furthermore furthermore ADV cblr-1734 439 2 , , PUNCT cblr-1734 439 3 additional additional ADJ cblr-1734 439 4 irregularities irregularity NOUN cblr-1734 439 5 increase increase VERB cblr-1734 439 6 profitability profitability NOUN cblr-1734 439 7 . . PUNCT cblr-1734 440 1 when when SCONJ cblr-1734 440 2 both both DET cblr-1734 440 3 trade trade NOUN cblr-1734 440 4 amount amount NOUN cblr-1734 440 5 and and CCONJ cblr-1734 440 6 trade trade NOUN cblr-1734 440 7 interval interval NOUN cblr-1734 440 8 are be AUX cblr-1734 440 9 irregular irregular ADJ cblr-1734 440 10 , , PUNCT cblr-1734 440 11 both both DET cblr-1734 440 12 purchases purchase NOUN cblr-1734 440 13 and and CCONJ cblr-1734 440 14 sales sale NOUN cblr-1734 440 15 show show VERB cblr-1734 440 16 statistically statistically ADV cblr-1734 440 17 significant significant ADJ cblr-1734 440 18 abnormal abnormal ADJ cblr-1734 440 19 profitability profitability NOUN cblr-1734 440 20 . . PUNCT cblr-1734 441 1 these these DET cblr-1734 441 2 results result NOUN cblr-1734 441 3 indicate indicate VERB cblr-1734 441 4 that that SCONJ cblr-1734 441 5 rule rule NOUN cblr-1734 441 6 10b5 10b5 NUM cblr-1734 441 7 - - SYM cblr-1734 441 8 1 1 NUM cblr-1734 441 9 purchases purchase NOUN cblr-1734 441 10 are be AUX cblr-1734 441 11 followed follow VERB cblr-1734 441 12 by by ADP cblr-1734 441 13 significantly significantly ADV cblr-1734 441 14 positive positive ADJ cblr-1734 441 15 abnormal abnormal ADJ cblr-1734 441 16 mavruk mavruk NOUN cblr-1734 441 17 & & CCONJ cblr-1734 441 18 seyhun seyhun PROPN cblr-1734 441 19 – – PUNCT cblr-1734 441 20 final final ADJ cblr-1734 441 21 no no NOUN cblr-1734 441 22 . . PUNCT cblr-1734 442 1 1:133 1:133 NUM cblr-1734 442 2 ] ] X cblr-1734 442 3 sec sec PROPN cblr-1734 442 4 ’s ’s PART cblr-1734 442 5 10b5 10b5 NUM cblr-1734 442 6 - - SYM cblr-1734 442 7 1 1 NUM cblr-1734 442 8 safe safe ADJ cblr-1734 442 9 harbor harbor NOUN cblr-1734 442 10 rules rule VERB cblr-1734 442 11 171 171 NUM cblr-1734 442 12 returns return NOUN cblr-1734 442 13 for for ADP cblr-1734 442 14 holding hold VERB cblr-1734 442 15 periods period NOUN cblr-1734 442 16 of of ADP cblr-1734 442 17 one one NUM cblr-1734 442 18 and and CCONJ cblr-1734 442 19 three three NUM cblr-1734 442 20 months month NOUN cblr-1734 442 21 only only ADV cblr-1734 442 22 in in ADP cblr-1734 442 23 the the DET cblr-1734 442 24 irregular irregular ADJ cblr-1734 442 25 trade trade NOUN cblr-1734 442 26 sample sample NOUN cblr-1734 442 27 . . PUNCT cblr-1734 443 1 average average ADJ cblr-1734 443 2 daily daily ADJ cblr-1734 443 3 abnormal abnormal ADJ cblr-1734 443 4 returns return NOUN cblr-1734 443 5 are be AUX cblr-1734 443 6 0.15 0.15 NUM cblr-1734 443 7 % % NOUN cblr-1734 443 8 ( ( PUNCT cblr-1734 443 9 t t NOUN cblr-1734 443 10 - - PUNCT cblr-1734 443 11 statistics statistic NOUN cblr-1734 443 12 : : PUNCT cblr-1734 443 13 3.46 3.46 NUM cblr-1734 443 14 ) ) PUNCT cblr-1734 443 15 and and CCONJ cblr-1734 443 16 0.08 0.08 NUM cblr-1734 443 17 % % NOUN cblr-1734 443 18 ( ( PUNCT cblr-1734 443 19 t t NOUN cblr-1734 443 20 - - PUNCT cblr-1734 443 21 statistics statistic NOUN cblr-1734 443 22 : : PUNCT cblr-1734 443 23 2.21 2.21 NUM cblr-1734 443 24 ) ) PUNCT cblr-1734 443 25 , , PUNCT cblr-1734 443 26 respectively respectively ADV cblr-1734 443 27 . . PUNCT cblr-1734 444 1 thus thus ADV cblr-1734 444 2 insiders insider NOUN cblr-1734 444 3 ’ ' PUNCT cblr-1734 444 4 irregular irregular ADJ cblr-1734 444 5 10b5 10b5 NUM cblr-1734 444 6 - - SYM cblr-1734 444 7 1 1 NUM cblr-1734 444 8 purchases purchase NOUN cblr-1734 444 9 show show VERB cblr-1734 444 10 enhanced enhance VERB cblr-1734 444 11 profitability profitability NOUN cblr-1734 444 12 . . PUNCT cblr-1734 445 1 irregular irregular ADJ cblr-1734 445 2 sales sale NOUN cblr-1734 445 3 within within ADP cblr-1734 445 4 rule rule NOUN cblr-1734 445 5 10b5 10b5 NUM cblr-1734 445 6 - - SYM cblr-1734 445 7 1 1 NUM cblr-1734 445 8 convey convey VERB cblr-1734 445 9 the the DET cblr-1734 445 10 most most ADV cblr-1734 445 11 meaningful meaningful ADJ cblr-1734 445 12 signal signal NOUN cblr-1734 445 13 to to ADP cblr-1734 445 14 outsiders outsider NOUN cblr-1734 445 15 . . PUNCT cblr-1734 446 1 abnormal abnormal ADJ cblr-1734 446 2 returns return NOUN cblr-1734 446 3 in in ADP cblr-1734 446 4 this this DET cblr-1734 446 5 sample sample NOUN cblr-1734 446 6 are be AUX cblr-1734 446 7 significantly significantly ADV cblr-1734 446 8 negative negative ADJ cblr-1734 446 9 for for ADP cblr-1734 446 10 all all DET cblr-1734 446 11 holding hold VERB cblr-1734 446 12 periods period NOUN cblr-1734 446 13 , , PUNCT cblr-1734 446 14 accumulating accumulate VERB cblr-1734 446 15 car car NOUN cblr-1734 446 16 of of ADP cblr-1734 446 17 about about ADP cblr-1734 446 18 -7.5 -7.5 NUM cblr-1734 446 19 % % NOUN cblr-1734 446 20 one one NUM cblr-1734 446 21 year year NOUN cblr-1734 446 22 after after ADP cblr-1734 446 23 insider insider NOUN cblr-1734 446 24 sales sale NOUN cblr-1734 446 25 . . PUNCT cblr-1734 447 1 additional additional ADJ cblr-1734 447 2 evidence evidence NOUN cblr-1734 447 3 shown show VERB cblr-1734 447 4 in in ADP cblr-1734 447 5 table table NOUN cblr-1734 447 6 4 4 NUM cblr-1734 447 7 panel panel NOUN cblr-1734 447 8 b b NOUN cblr-1734 447 9 indicates indicate VERB cblr-1734 447 10 that that SCONJ cblr-1734 447 11 adding add VERB cblr-1734 447 12 regularity regularity NOUN cblr-1734 447 13 to to ADP cblr-1734 447 14 either either PRON cblr-1734 447 15 trading trading NOUN cblr-1734 447 16 volume volume NOUN cblr-1734 447 17 or or CCONJ cblr-1734 447 18 trading trading NOUN cblr-1734 447 19 interval interval NOUN cblr-1734 447 20 reduces reduce VERB cblr-1734 447 21 the the DET cblr-1734 447 22 profitability profitability NOUN cblr-1734 447 23 of of ADP cblr-1734 447 24 insider insider NOUN cblr-1734 447 25 trades trade NOUN cblr-1734 447 26 under under ADP cblr-1734 447 27 10b5 10b5 NUM cblr-1734 447 28 - - SYM cblr-1734 447 29 1 1 NUM cblr-1734 447 30 plans plan NOUN cblr-1734 447 31 . . PUNCT cblr-1734 448 1 overall overall ADV cblr-1734 448 2 , , PUNCT cblr-1734 448 3 our our PRON cblr-1734 448 4 finding finding NOUN cblr-1734 448 5 is be AUX cblr-1734 448 6 consistent consistent ADJ cblr-1734 448 7 with with ADP cblr-1734 448 8 the the DET cblr-1734 448 9 hypothesis hypothesis NOUN cblr-1734 448 10 that that PRON cblr-1734 448 11 insiders insider NOUN cblr-1734 448 12 intervene intervene VERB cblr-1734 448 13 in in ADP cblr-1734 448 14 their their PRON cblr-1734 448 15 planned plan VERB cblr-1734 448 16 transactions transaction NOUN cblr-1734 448 17 to to PART cblr-1734 448 18 increase increase VERB cblr-1734 448 19 profitability profitability NOUN cblr-1734 448 20 . . PUNCT cblr-1734 449 1 furthermore furthermore ADV cblr-1734 449 2 , , PUNCT cblr-1734 449 3 the the PRON cblr-1734 449 4 greater great ADJ cblr-1734 449 5 the the DET cblr-1734 449 6 intervention intervention NOUN cblr-1734 449 7 ( ( PUNCT cblr-1734 449 8 in in ADP cblr-1734 449 9 terms term NOUN cblr-1734 449 10 of of ADP cblr-1734 449 11 both both PRON cblr-1734 449 12 trading trading NOUN cblr-1734 449 13 volumes volume NOUN cblr-1734 449 14 and and CCONJ cblr-1734 449 15 trading trading NOUN cblr-1734 449 16 intervals interval NOUN cblr-1734 449 17 ) ) PUNCT cblr-1734 449 18 , , PUNCT cblr-1734 449 19 the the PRON cblr-1734 449 20 greater great ADJ cblr-1734 449 21 the the DET cblr-1734 449 22 increase increase NOUN cblr-1734 449 23 in in ADP cblr-1734 449 24 profitability profitability NOUN cblr-1734 449 25 . . PUNCT cblr-1734 450 1 c. c. NOUN cblr-1734 450 2 abnormal abnormal ADJ cblr-1734 450 3 returns return NOUN cblr-1734 450 4 , , PUNCT cblr-1734 450 5 rule rule VERB cblr-1734 450 6 10b5 10b5 NUM cblr-1734 450 7 - - SYM cblr-1734 450 8 1 1 NUM cblr-1734 450 9 , , PUNCT cblr-1734 450 10 and and CCONJ cblr-1734 450 11 insiders insider NOUN cblr-1734 450 12 ’ ’ PART cblr-1734 450 13 trade trade NOUN cblr-1734 450 14 volume volume NOUN cblr-1734 450 15 in in ADP cblr-1734 450 16 our our PRON cblr-1734 450 17 next next ADJ cblr-1734 450 18 set set NOUN cblr-1734 450 19 of of ADP cblr-1734 450 20 analyses analysis NOUN cblr-1734 450 21 , , PUNCT cblr-1734 450 22 we we PRON cblr-1734 450 23 seek seek VERB cblr-1734 450 24 to to PART cblr-1734 450 25 further far ADV cblr-1734 450 26 understand understand VERB cblr-1734 450 27 the the DET cblr-1734 450 28 reasons reason NOUN cblr-1734 450 29 behind behind ADP cblr-1734 450 30 the the DET cblr-1734 450 31 profitability profitability NOUN cblr-1734 450 32 of of ADP cblr-1734 450 33 10b5 10b5 NUM cblr-1734 450 34 - - SYM cblr-1734 450 35 1 1 NUM cblr-1734 450 36 planned plan VERB cblr-1734 450 37 trades trade NOUN cblr-1734 450 38 . . PUNCT cblr-1734 451 1 we we PRON cblr-1734 451 2 examine examine VERB cblr-1734 451 3 whether whether SCONJ cblr-1734 451 4 the the DET cblr-1734 451 5 same same ADJ cblr-1734 451 6 factors factor NOUN cblr-1734 451 7 that that PRON cblr-1734 451 8 lead lead VERB cblr-1734 451 9 to to ADP cblr-1734 451 10 profitable profitable ADJ cblr-1734 451 11 insiders insider NOUN cblr-1734 451 12 ’ ’ PART cblr-1734 451 13 transactions transaction NOUN cblr-1734 451 14 in in ADP cblr-1734 451 15 general general ADJ cblr-1734 451 16 are be AUX cblr-1734 451 17 at at ADP cblr-1734 451 18 work work NOUN cblr-1734 451 19 for for ADP cblr-1734 451 20 10b5 10b5 NUM cblr-1734 451 21 - - SYM cblr-1734 451 22 1 1 NUM cblr-1734 451 23 planned plan VERB cblr-1734 451 24 trades trade NOUN cblr-1734 451 25 . . PUNCT cblr-1734 452 1 for for ADP cblr-1734 452 2 this this DET cblr-1734 452 3 purpose purpose NOUN cblr-1734 452 4 , , PUNCT cblr-1734 452 5 we we PRON cblr-1734 452 6 test test VERB cblr-1734 452 7 to to PART cblr-1734 452 8 see see VERB cblr-1734 452 9 if if SCONJ cblr-1734 452 10 the the DET cblr-1734 452 11 abnormal abnormal ADJ cblr-1734 452 12 returns return NOUN cblr-1734 452 13 earned earn VERB cblr-1734 452 14 by by ADP cblr-1734 452 15 insiders insider NOUN cblr-1734 452 16 are be AUX cblr-1734 452 17 systematically systematically ADV cblr-1734 452 18 related relate VERB cblr-1734 452 19 to to ADP cblr-1734 452 20 the the DET cblr-1734 452 21 size size NOUN cblr-1734 452 22 of of ADP cblr-1734 452 23 their their PRON cblr-1734 452 24 transactions transaction NOUN cblr-1734 452 25 , , PUNCT cblr-1734 452 26 the the DET cblr-1734 452 27 size size NOUN cblr-1734 452 28 of of ADP cblr-1734 452 29 their their PRON cblr-1734 452 30 firms firm NOUN cblr-1734 452 31 , , PUNCT cblr-1734 452 32 and and CCONJ cblr-1734 452 33 the the DET cblr-1734 452 34 insiders insider NOUN cblr-1734 452 35 ’ ’ PART cblr-1734 452 36 positions position NOUN cblr-1734 452 37 within within ADP cblr-1734 452 38 the the DET cblr-1734 452 39 firm firm NOUN cblr-1734 452 40 . . PUNCT cblr-1734 453 1 we we PRON cblr-1734 453 2 measure measure VERB cblr-1734 453 3 expected expect VERB cblr-1734 453 4 stock stock NOUN cblr-1734 453 5 returns return NOUN cblr-1734 453 6 using use VERB cblr-1734 453 7 the the DET cblr-1734 453 8 same same ADJ cblr-1734 453 9 four four NUM cblr-1734 453 10 - - PUNCT cblr-1734 453 11 factor factor NOUN cblr-1734 453 12 model model NOUN cblr-1734 453 13 as as SCONJ cblr-1734 453 14 shown show VERB cblr-1734 453 15 in in ADP cblr-1734 453 16 table table NOUN cblr-1734 453 17 3.48 3.48 NUM cblr-1734 453 18 in in ADP cblr-1734 453 19 panel panel NOUN cblr-1734 453 20 a a PRON cblr-1734 453 21 of of ADP cblr-1734 453 22 table table NOUN cblr-1734 453 23 5 5 NUM cblr-1734 453 24 , , PUNCT cblr-1734 453 25 we we PRON cblr-1734 453 26 analyze analyze VERB cblr-1734 453 27 whether whether SCONJ cblr-1734 453 28 higher high ADJ cblr-1734 453 29 trading trading NOUN cblr-1734 453 30 volumes volume NOUN cblr-1734 453 31 show show VERB cblr-1734 453 32 increased increase VERB cblr-1734 453 33 profitability profitability NOUN cblr-1734 453 34 for for ADP cblr-1734 453 35 10b5 10b5 NUM cblr-1734 453 36 - - SYM cblr-1734 453 37 1 1 NUM cblr-1734 453 38 planned plan VERB cblr-1734 453 39 trades trade NOUN cblr-1734 453 40 . . PUNCT cblr-1734 454 1 for for ADP cblr-1734 454 2 this this DET cblr-1734 454 3 purpose purpose NOUN cblr-1734 454 4 , , PUNCT cblr-1734 454 5 we we PRON cblr-1734 454 6 group group NOUN cblr-1734 454 7 insider insider NOUN cblr-1734 454 8 trading trading NOUN cblr-1734 454 9 into into ADP cblr-1734 454 10 three three NUM cblr-1734 454 11     SPACE cblr-1734 454 12 48 48 NUM cblr-1734 454 13 see see VERB cblr-1734 454 14 fama fama PROPN cblr-1734 454 15 & & CCONJ cblr-1734 454 16 french french PROPN cblr-1734 454 17 , , PUNCT cblr-1734 454 18 supra supra PROPN cblr-1734 454 19 note note PROPN cblr-1734 454 20 45 45 NUM cblr-1734 454 21 . . PUNCT cblr-1734 455 1 mavruk mavruk PROPN cblr-1734 455 2 & & CCONJ cblr-1734 455 3 seyhun seyhun PROPN cblr-1734 455 4 – – PUNCT cblr-1734 455 5 final final ADJ cblr-1734 455 6 172 172 NUM cblr-1734 455 7 columbia columbia PROPN cblr-1734 455 8 business business NOUN cblr-1734 455 9 law law PROPN cblr-1734 455 10 review review NOUN cblr-1734 456 1 [ [ X cblr-1734 456 2 vol vol NOUN cblr-1734 456 3 . . NOUN cblr-1734 456 4 2016 2016 NUM cblr-1734 456 5 trade trade NOUN cblr-1734 456 6 volume volume NOUN cblr-1734 456 7 groups group NOUN cblr-1734 456 8 . . PUNCT cblr-1734 457 1 group group NOUN cblr-1734 457 2 1 1 NUM cblr-1734 457 3 is be AUX cblr-1734 457 4 defined define VERB cblr-1734 457 5 as as ADP cblr-1734 457 6 trades trade NOUN cblr-1734 457 7 of of ADP cblr-1734 457 8 fewer few ADJ cblr-1734 457 9 than than ADP cblr-1734 457 10 1000 1000 NUM cblr-1734 457 11 shares share NOUN cblr-1734 457 12 . . PUNCT cblr-1734 458 1 group group NOUN cblr-1734 458 2 2 2 NUM cblr-1734 458 3 is be AUX cblr-1734 458 4 defined define VERB cblr-1734 458 5 as as ADP cblr-1734 458 6 trades trade NOUN cblr-1734 458 7 of of ADP cblr-1734 458 8 between between ADP cblr-1734 458 9 1000 1000 NUM cblr-1734 458 10 and and CCONJ cblr-1734 458 11 10,000 10,000 NUM cblr-1734 458 12 shares share NOUN cblr-1734 458 13 . . PUNCT cblr-1734 459 1 finally finally ADV cblr-1734 459 2 , , PUNCT cblr-1734 459 3 group group NOUN cblr-1734 459 4 3 3 NUM cblr-1734 459 5 includes include VERB cblr-1734 459 6 trades trade NOUN cblr-1734 459 7 of of ADP cblr-1734 459 8 greater great ADJ cblr-1734 459 9 than than ADP cblr-1734 459 10 10,000 10,000 NUM cblr-1734 459 11 shares share NOUN cblr-1734 459 12 . . PUNCT cblr-1734 460 1 table table NOUN cblr-1734 460 2 5 5 NUM cblr-1734 460 3 . . PUNCT cblr-1734 460 4 results result NOUN cblr-1734 460 5 from from ADP cblr-1734 460 6 fama fama PROPN cblr-1734 460 7 - - PUNCT cblr-1734 460 8 french french PROPN cblr-1734 460 9 & & CCONJ cblr-1734 460 10 carhart carhart PROPN cblr-1734 460 11 four four NUM cblr-1734 460 12 - - PUNCT cblr-1734 460 13 factor factor NOUN cblr-1734 460 14 model model NOUN cblr-1734 460 15 returns return NOUN cblr-1734 460 16 by by ADP cblr-1734 460 17 trade trade NOUN cblr-1734 460 18 volume volume NOUN cblr-1734 460 19 , , PUNCT cblr-1734 460 20 type type NOUN cblr-1734 460 21 of of ADP cblr-1734 460 22 insider insider NOUN cblr-1734 460 23 , , PUNCT cblr-1734 460 24 and and CCONJ cblr-1734 460 25 firm firm ADJ cblr-1734 460 26 size size NOUN cblr-1734 460 27 panel panel NOUN cblr-1734 460 28 a. a. NOUN cblr-1734 460 29 abnormal abnormal ADJ cblr-1734 460 30 returns return NOUN cblr-1734 460 31 , , PUNCT cblr-1734 460 32 rule rule VERB cblr-1734 460 33 10b5 10b5 NUM cblr-1734 460 34 - - SYM cblr-1734 460 35 1 1 NUM cblr-1734 460 36 , , PUNCT cblr-1734 460 37 and and CCONJ cblr-1734 460 38 insiders insider NOUN cblr-1734 460 39 ’ ’ PART cblr-1734 460 40 trade trade NOUN cblr-1734 460 41 volume volume NOUN cblr-1734 460 42 trade trade NOUN cblr-1734 460 43 volume volume NOUN cblr-1734 460 44 group group NOUN cblr-1734 460 45 1 1 NUM cblr-1734 460 46 is be AUX cblr-1734 460 47 defined define VERB cblr-1734 460 48 as as ADP cblr-1734 460 49 transactions transaction NOUN cblr-1734 460 50 of of ADP cblr-1734 460 51 fewer few ADJ cblr-1734 460 52 than than ADP cblr-1734 460 53 1000 1000 NUM cblr-1734 460 54 shares share NOUN cblr-1734 460 55 . . PUNCT cblr-1734 461 1 group group NOUN cblr-1734 461 2 2 2 NUM cblr-1734 461 3 is be AUX cblr-1734 461 4 defined define VERB cblr-1734 461 5 as as ADP cblr-1734 461 6 transactions transaction NOUN cblr-1734 461 7 of of ADP cblr-1734 461 8 between between ADP cblr-1734 461 9 1000 1000 NUM cblr-1734 461 10 and and CCONJ cblr-1734 461 11 10,000 10,000 NUM cblr-1734 461 12 shares share NOUN cblr-1734 461 13 and and CCONJ cblr-1734 461 14 group group NOUN cblr-1734 461 15 3 3 NUM cblr-1734 461 16 includes include VERB cblr-1734 461 17 transactions transaction NOUN cblr-1734 461 18 of of ADP cblr-1734 461 19 more more ADJ cblr-1734 461 20 than than ADP cblr-1734 461 21 10,000 10,000 NUM cblr-1734 461 22 shares share NOUN cblr-1734 461 23 . . PUNCT cblr-1734 462 1 results result NOUN cblr-1734 462 2 are be AUX cblr-1734 462 3 shown show VERB cblr-1734 462 4 for for ADP cblr-1734 462 5 the the DET cblr-1734 462 6 horizon horizon NOUN cblr-1734 462 7 of of ADP cblr-1734 462 8 the the DET cblr-1734 462 9 following following NOUN cblr-1734 462 10 : : PUNCT cblr-1734 462 11 one one NUM cblr-1734 462 12 month month NOUN cblr-1734 462 13 , , PUNCT cblr-1734 462 14 three three NUM cblr-1734 462 15 months month NOUN cblr-1734 462 16 , , PUNCT cblr-1734 462 17 six six NUM cblr-1734 462 18 months month NOUN cblr-1734 462 19 , , PUNCT cblr-1734 462 20 and and CCONJ cblr-1734 462 21 one one NUM cblr-1734 462 22 year year NOUN cblr-1734 462 23 . . PUNCT cblr-1734 463 1 purchasesa purchasesa PROPN cblr-1734 463 2 10b5 10b5 NUM cblr-1734 463 3 - - SYM cblr-1734 463 4 1 1 NUM cblr-1734 463 5 ( ( PUNCT cblr-1734 463 6 1 1 NUM cblr-1734 463 7 ) ) PUNCT cblr-1734 463 8 non-10b5 non-10b5 NOUN cblr-1734 463 9 - - SYM cblr-1734 463 10 1 1 NUM cblr-1734 463 11 ( ( PUNCT cblr-1734 463 12 2 2 NUM cblr-1734 463 13 ) ) PUNCT cblr-1734 463 14 diff diff NOUN cblr-1734 463 15 . . PUNCT cblr-1734 464 1 ( ( PUNCT cblr-1734 464 2 1)-(2 1)-(2 NUM cblr-1734 464 3 ) ) PUNCT cblr-1734 464 4 trade trade NOUN cblr-1734 464 5 volume volume NOUN cblr-1734 464 6 horizon horizon NOUN cblr-1734 464 7 mean mean VERB cblr-1734 464 8 t t PROPN cblr-1734 464 9 - - PUNCT cblr-1734 464 10 stat stat NOUN cblr-1734 464 11 mean mean VERB cblr-1734 464 12 t t PROPN cblr-1734 464 13 - - PUNCT cblr-1734 464 14 stat stat NOUN cblr-1734 464 15 mean mean VERB cblr-1734 464 16 t t NOUN cblr-1734 464 17 - - PUNCT cblr-1734 464 18 stat stat NOUN cblr-1734 464 19 less less ADJ cblr-1734 464 20 than than ADP cblr-1734 464 21 1000 1000 NUM cblr-1734 464 22 1 1 NUM cblr-1734 464 23 month month NOUN cblr-1734 464 24 0.0009 0.0009 NUM cblr-1734 464 25 2.00 2.00 NUM cblr-1734 464 26 0.0009 0.0009 NUM cblr-1734 464 27 5.74 5.74 NUM cblr-1734 464 28 0.0000 0.0000 NUM cblr-1734 464 29 -0.06 -0.06 NUM cblr-1734 464 30 less less ADJ cblr-1734 464 31 than than ADP cblr-1734 464 32 1000 1000 NUM cblr-1734 464 33 3 3 NUM cblr-1734 464 34 months month NOUN cblr-1734 464 35 0.0004 0.0004 NUM cblr-1734 464 36 0.92 0.92 NUM cblr-1734 464 37 0.0003 0.0003 NUM cblr-1734 464 38 3.10 3.10 NUM cblr-1734 464 39 0.0000 0.0000 NUM cblr-1734 464 40 0.10 0.10 NUM cblr-1734 464 41 less less ADJ cblr-1734 464 42 than than ADP cblr-1734 464 43 1000 1000 NUM cblr-1734 464 44 6 6 NUM cblr-1734 464 45 months month NOUN cblr-1734 464 46 0.0003 0.0003 NUM cblr-1734 464 47 0.71 0.71 NUM cblr-1734 464 48 0.0002 0.0002 NUM cblr-1734 464 49 1.80 1.80 NUM cblr-1734 464 50 0.0001 0.0001 NUM cblr-1734 464 51 0.28 0.28 NUM cblr-1734 464 52 less less ADJ cblr-1734 464 53 than than ADP cblr-1734 464 54 1000 1000 NUM cblr-1734 464 55 1 1 NUM cblr-1734 464 56 year year NOUN cblr-1734 464 57 0.0002 0.0002 NUM cblr-1734 464 58 0.57 0.57 NUM cblr-1734 464 59 0.0001 0.0001 NUM cblr-1734 464 60 0.79 0.79 NUM cblr-1734 464 61 0.0001 0.0001 NUM cblr-1734 464 62 0.30 0.30 NUM cblr-1734 464 63 between between ADP cblr-1734 464 64 1000 1000 NUM cblr-1734 464 65 and and CCONJ cblr-1734 464 66 10,000 10,000 NUM cblr-1734 464 67 1 1 NUM cblr-1734 464 68 month month NOUN cblr-1734 464 69 0.0010 0.0010 NUM cblr-1734 464 70 2.35 2.35 NUM cblr-1734 464 71 0.0014 0.0014 NUM cblr-1734 464 72 9.84 9.84 NUM cblr-1734 464 73 -0.0004 -0.0004 NOUN cblr-1734 464 74 -0.94 -0.94 ADJ cblr-1734 464 75 between between ADP cblr-1734 464 76 1000 1000 NUM cblr-1734 464 77 and and CCONJ cblr-1734 464 78 10,000 10,000 NUM cblr-1734 464 79 3 3 NUM cblr-1734 464 80 months month NOUN cblr-1734 464 81 0.0000 0.0000 NUM cblr-1734 464 82 -0.12 -0.12 NUM cblr-1734 464 83 0.0005 0.0005 NUM cblr-1734 464 84 5.62 5.62 NUM cblr-1734 464 85 -0.0006 -0.0006 NOUN cblr-1734 464 86 -1.36 -1.36 NOUN cblr-1734 464 87 between between ADP cblr-1734 464 88 1000 1000 NUM cblr-1734 464 89 and and CCONJ cblr-1734 464 90 10,000 10,000 NUM cblr-1734 464 91 6 6 NUM cblr-1734 464 92 months month NOUN cblr-1734 464 93 -0.0003 -0.0003 NOUN cblr-1734 464 94 -0.87 -0.87 NUM cblr-1734 464 95 0.0002 0.0002 NUM cblr-1734 464 96 3.07 3.07 NUM cblr-1734 464 97 -0.0006 -0.0006 NOUN cblr-1734 464 98 -1.47 -1.47 NUM cblr-1734 464 99 between between ADP cblr-1734 464 100 1000 1000 NUM cblr-1734 464 101 and and CCONJ cblr-1734 464 102 10,000 10,000 NUM cblr-1734 464 103 1 1 NUM cblr-1734 464 104 year year NOUN cblr-1734 464 105 -0.0001 -0.0001 NOUN cblr-1734 464 106 -0.24 -0.24 NOUN cblr-1734 464 107 0.0001 0.0001 NUM cblr-1734 464 108 1.20 1.20 NUM cblr-1734 464 109 -0.0002 -0.0002 NOUN cblr-1734 464 110 -0.56 -0.56 NUM cblr-1734 464 111 greater great ADJ cblr-1734 464 112 than than ADP cblr-1734 464 113 10,000 10,000 NUM cblr-1734 464 114 1 1 NUM cblr-1734 464 115 month month NOUN cblr-1734 464 116 0.0007 0.0007 NUM cblr-1734 464 117 1.38 1.38 NUM cblr-1734 464 118 0.0022 0.0022 NUM cblr-1734 464 119 9.95 9.95 NUM cblr-1734 464 120 -0.0015 -0.0015 X cblr-1734 464 121 -2.52 -2.52 NOUN cblr-1734 464 122 greater great ADJ cblr-1734 464 123 than than ADP cblr-1734 464 124 10,000 10,000 NUM cblr-1734 464 125 3 3 NUM cblr-1734 464 126 months month NOUN cblr-1734 464 127 0.0009 0.0009 NUM cblr-1734 464 128 1.44 1.44 NUM cblr-1734 464 129 0.0006 0.0006 NUM cblr-1734 464 130 3.24 3.24 NUM cblr-1734 464 131 0.0003 0.0003 NUM cblr-1734 464 132 0.43 0.43 NUM cblr-1734 464 133 greater great ADJ cblr-1734 464 134 than than ADP cblr-1734 464 135 10,000 10,000 NUM cblr-1734 464 136 6 6 NUM cblr-1734 464 137 months month NOUN cblr-1734 464 138 0.0006 0.0006 NUM cblr-1734 464 139 0.88 0.88 NUM cblr-1734 464 140 0.0003 0.0003 NUM cblr-1734 464 141 1.63 1.63 NUM cblr-1734 464 142 0.0003 0.0003 NUM cblr-1734 464 143 0.44 0.44 NUM cblr-1734 464 144 greater great ADJ cblr-1734 464 145 than than ADP cblr-1734 464 146 10,000 10,000 NUM cblr-1734 464 147 1 1 NUM cblr-1734 464 148 year year NOUN cblr-1734 464 149 0.0011 0.0011 NUM cblr-1734 464 150 1.84 1.84 NUM cblr-1734 464 151 0.0001 0.0001 NUM cblr-1734 464 152 0.53 0.53 NUM cblr-1734 464 153 0.0010 0.0010 NUM cblr-1734 464 154 1.66 1.66 NUM cblr-1734 464 155 mavruk mavruk NOUN cblr-1734 464 156 & & CCONJ cblr-1734 464 157 seyhun seyhun PROPN cblr-1734 464 158 – – PUNCT cblr-1734 464 159 final final ADJ cblr-1734 464 160 no no NOUN cblr-1734 464 161 . . PUNCT cblr-1734 465 1 1:133 1:133 NUM cblr-1734 465 2 ] ] X cblr-1734 465 3 sec sec PROPN cblr-1734 465 4 ’s ’s PART cblr-1734 465 5 10b5 10b5 NUM cblr-1734 465 6 - - SYM cblr-1734 465 7 1 1 NUM cblr-1734 465 8 safe safe ADJ cblr-1734 465 9 harbor harbor NOUN cblr-1734 465 10 rules rule VERB cblr-1734 465 11 173 173 NUM cblr-1734 465 12 salesb salesb NOUN cblr-1734 465 13 10b5 10b5 NUM cblr-1734 465 14 - - SYM cblr-1734 465 15 1 1 NUM cblr-1734 465 16 ( ( PUNCT cblr-1734 465 17 1 1 NUM cblr-1734 465 18 ) ) PUNCT cblr-1734 465 19 non-10b5 non-10b5 NOUN cblr-1734 465 20 - - SYM cblr-1734 465 21 1 1 NUM cblr-1734 465 22 ( ( PUNCT cblr-1734 465 23 2 2 NUM cblr-1734 465 24 ) ) PUNCT cblr-1734 465 25 diff diff NOUN cblr-1734 465 26 . . PUNCT cblr-1734 466 1 ( ( PUNCT cblr-1734 466 2 1)-(2 1)-(2 NUM cblr-1734 466 3 ) ) PUNCT cblr-1734 466 4 trade trade NOUN cblr-1734 466 5 volume volume NOUN cblr-1734 466 6 horizon horizon NOUN cblr-1734 466 7 mean mean VERB cblr-1734 466 8 t t PROPN cblr-1734 466 9 - - PUNCT cblr-1734 466 10 stat stat NOUN cblr-1734 466 11 mean mean VERB cblr-1734 466 12 t t PROPN cblr-1734 466 13 - - PUNCT cblr-1734 466 14 stat stat NOUN cblr-1734 466 15 mean mean VERB cblr-1734 466 16 t t NOUN cblr-1734 466 17 - - PUNCT cblr-1734 466 18 stat stat NOUN cblr-1734 466 19 less less ADJ cblr-1734 466 20 than than ADP cblr-1734 466 21 1000 1000 NUM cblr-1734 466 22 1 1 NUM cblr-1734 466 23 month month NOUN cblr-1734 466 24 -0.0006 -0.0006 NOUN cblr-1734 466 25 -2.72 -2.72 PROPN cblr-1734 466 26 -0.0006 -0.0006 NOUN cblr-1734 467 1 -4.53 -4.53 NUM cblr-1734 467 2 -0.00006 -0.00006 NOUN cblr-1734 467 3 -0.22 -0.22 NUM cblr-1734 467 4 less less ADJ cblr-1734 467 5 than than ADP cblr-1734 467 6 1000 1000 NUM cblr-1734 467 7 3 3 NUM cblr-1734 467 8 months month NOUN cblr-1734 467 9 -0.0006 -0.0006 NOUN cblr-1734 467 10 -2.80 -2.80 X cblr-1734 467 11 -0.0004 -0.0004 X cblr-1734 467 12 -4.64 -4.64 X cblr-1734 467 13 -0.0001 -0.0001 NOUN cblr-1734 467 14 -0.62 -0.62 NOUN cblr-1734 467 15 less less ADJ cblr-1734 467 16 than than ADP cblr-1734 467 17 1000 1000 NUM cblr-1734 467 18 6 6 NUM cblr-1734 467 19 months month NOUN cblr-1734 467 20 -0.0004 -0.0004 X cblr-1734 467 21 -2.31 -2.31 PRON cblr-1734 467 22 -0.0004 -0.0004 X cblr-1734 467 23 -4.35 -4.35 NOUN cblr-1734 467 24 0.0000 0.0000 NUM cblr-1734 467 25 -0.19 -0.19 NUM cblr-1734 467 26 less less ADJ cblr-1734 467 27 than than ADP cblr-1734 467 28 1000 1000 NUM cblr-1734 467 29 1 1 NUM cblr-1734 467 30 year year NOUN cblr-1734 467 31 -0.0002 -0.0002 NOUN cblr-1734 467 32 -1.73 -1.73 PROPN cblr-1734 467 33 -0.0003 -0.0003 NOUN cblr-1734 467 34 -4.01 -4.01 NUM cblr-1734 467 35 0.0000 0.0000 NUM cblr-1734 467 36 0.30 0.30 NUM cblr-1734 467 37 between between ADP cblr-1734 467 38 1000 1000 NUM cblr-1734 467 39 and and CCONJ cblr-1734 467 40 10,000 10,000 NUM cblr-1734 467 41 1 1 NUM cblr-1734 467 42 month month NOUN cblr-1734 467 43 -0.0004 -0.0004 NOUN cblr-1734 467 44 -3.05 -3.05 NOUN cblr-1734 467 45 -0.0004 -0.0004 NOUN cblr-1734 467 46 -3.42 -3.42 NUM cblr-1734 467 47 0.0000 0.0000 NUM cblr-1734 467 48 0.03 0.03 NUM cblr-1734 467 49 between between ADP cblr-1734 467 50 1000 1000 NUM cblr-1734 467 51 and and CCONJ cblr-1734 467 52 10,000 10,000 NUM cblr-1734 467 53 3 3 NUM cblr-1734 467 54 months month NOUN cblr-1734 467 55 -0.0005 -0.0005 X cblr-1734 467 56 -4.04 -4.04 PROPN cblr-1734 467 57 -0.0003 -0.0003 PROPN cblr-1734 467 58 -4.17 -4.17 X cblr-1734 467 59 -0.0001 -0.0001 NOUN cblr-1734 467 60 -0.89 -0.89 NOUN cblr-1734 467 61 between between ADP cblr-1734 467 62 1000 1000 NUM cblr-1734 467 63 and and CCONJ cblr-1734 467 64 10,000 10,000 NUM cblr-1734 467 65 6 6 NUM cblr-1734 467 66 months month NOUN cblr-1734 467 67 -0.0004 -0.0004 PROPN cblr-1734 468 1 -3.75 -3.75 PROPN cblr-1734 468 2 -0.0003 -0.0003 PROPN cblr-1734 468 3 -4.31 -4.31 NUM cblr-1734 468 4 -0.0001 -0.0001 NOUN cblr-1734 468 5 -0.81 -0.81 NOUN cblr-1734 468 6 between between ADP cblr-1734 468 7 1000 1000 NUM cblr-1734 468 8 and and CCONJ cblr-1734 468 9 10,000 10,000 NUM cblr-1734 468 10 1 1 NUM cblr-1734 468 11 year year NOUN cblr-1734 468 12 -0.0003 -0.0003 NOUN cblr-1734 468 13 -3.38 -3.38 NUM cblr-1734 468 14 -0.0003 -0.0003 PROPN cblr-1734 468 15 -4.20 -4.20 NUM cblr-1734 468 16 -0.0001 -0.0001 NOUN cblr-1734 468 17 -0.59 -0.59 NUM cblr-1734 468 18 greater great ADJ cblr-1734 468 19 than than ADP cblr-1734 468 20 10,000 10,000 NUM cblr-1734 468 21 1 1 NUM cblr-1734 468 22 month month NOUN cblr-1734 468 23 -0.0005 -0.0005 NOUN cblr-1734 468 24 -2.78 -2.78 NOUN cblr-1734 468 25 -0.0003 -0.0003 PROPN cblr-1734 468 26 -1.00 -1.00 NUM cblr-1734 468 27 0.0002 0.0002 NUM cblr-1734 468 28 -0.64 -0.64 NUM cblr-1734 468 29 greater great ADJ cblr-1734 468 30 than than ADP cblr-1734 468 31 10,000 10,000 NUM cblr-1734 468 32 3 3 NUM cblr-1734 468 33 months month NOUN cblr-1734 468 34 -0.0004 -0.0004 X cblr-1734 468 35 -2.19 -2.19 PUNCT cblr-1734 468 36 -0.0003 -0.0003 NOUN cblr-1734 468 37 -1.54 -1.54 NOUN cblr-1734 468 38 -0.0001 -0.0001 NOUN cblr-1734 468 39 -0.34 -0.34 NOUN cblr-1734 468 40 greater great ADJ cblr-1734 468 41 than than ADP cblr-1734 468 42 10,000 10,000 NUM cblr-1734 468 43 6 6 NUM cblr-1734 468 44 months month NOUN cblr-1734 468 45 -0.0003 -0.0003 NOUN cblr-1734 468 46 -1.95 -1.95 NOUN cblr-1734 468 47 -0.0004 -0.0004 NOUN cblr-1734 468 48 -2.95 -2.95 NOUN cblr-1734 468 49 0.0001 0.0001 NUM cblr-1734 468 50 0.40 0.40 NUM cblr-1734 468 51 greater great ADJ cblr-1734 468 52 than than ADP cblr-1734 468 53 10,000 10,000 NUM cblr-1734 468 54 1 1 NUM cblr-1734 468 55 year year NOUN cblr-1734 468 56 -0.0003 -0.0003 NOUN cblr-1734 468 57 -2.20 -2.20 NUM cblr-1734 468 58 -0.0003 -0.0003 NOUN cblr-1734 468 59 -3.02 -3.02 NUM cblr-1734 468 60 0.00002 0.00002 NUM cblr-1734 468 61 0.12 0.12 NUM cblr-1734 468 62 a a PRON cblr-1734 468 63 and and CCONJ cblr-1734 468 64 b b NOUN cblr-1734 468 65 the the DET cblr-1734 468 66 number number NOUN cblr-1734 468 67 of of ADP cblr-1734 468 68 observations observation NOUN cblr-1734 468 69 used use VERB cblr-1734 468 70 in in ADP cblr-1734 468 71 both both DET cblr-1734 468 72 purchases purchase NOUN cblr-1734 468 73 and and CCONJ cblr-1734 468 74 sales sale NOUN cblr-1734 468 75 regressions regression NOUN cblr-1734 468 76 is be AUX cblr-1734 468 77 2769 2769 NUM cblr-1734 468 78 . . PUNCT cblr-1734 469 1 while while SCONJ cblr-1734 469 2 insiders insider NOUN cblr-1734 469 3 ’ ’ PART cblr-1734 469 4 purchases purchase NOUN cblr-1734 469 5 under under ADP cblr-1734 469 6 non-10b5 non-10b5 NOUN cblr-1734 469 7 - - PUNCT cblr-1734 469 8 1 1 NUM cblr-1734 469 9 plans plan NOUN cblr-1734 469 10 show show VERB cblr-1734 469 11 a a DET cblr-1734 469 12 strong strong ADJ cblr-1734 469 13 relation relation NOUN cblr-1734 469 14 between between ADP cblr-1734 469 15 profitability profitability NOUN cblr-1734 469 16 and and CCONJ cblr-1734 469 17 trading trading NOUN cblr-1734 469 18 volume volume NOUN cblr-1734 469 19 , , PUNCT cblr-1734 469 20 the the DET cblr-1734 469 21 same same ADJ cblr-1734 469 22 relation relation NOUN cblr-1734 469 23 does do AUX cblr-1734 469 24 not not PART cblr-1734 469 25 hold hold VERB cblr-1734 469 26 for for ADP cblr-1734 469 27 10b5 10b5 NUM cblr-1734 469 28 - - SYM cblr-1734 469 29 1 1 NUM cblr-1734 469 30 planned plan VERB cblr-1734 469 31 purchases purchase NOUN cblr-1734 469 32 . . PUNCT cblr-1734 470 1 the the DET cblr-1734 470 2 most most ADV cblr-1734 470 3 profitable profitable ADJ cblr-1734 470 4 group group NOUN cblr-1734 470 5 here here ADV cblr-1734 470 6 is be AUX cblr-1734 470 7 group group NOUN cblr-1734 470 8 2 2 NUM cblr-1734 470 9 ( ( PUNCT cblr-1734 470 10 trading trading NOUN cblr-1734 470 11 volume volume NOUN cblr-1734 470 12 between between ADP cblr-1734 470 13 1000 1000 NUM cblr-1734 470 14 and and CCONJ cblr-1734 470 15 10,000 10,000 NUM cblr-1734 470 16 shares share NOUN cblr-1734 470 17 ) ) PUNCT cblr-1734 470 18 , , PUNCT cblr-1734 470 19 while while SCONJ cblr-1734 470 20 the the DET cblr-1734 470 21 least least ADV cblr-1734 470 22 profitable profitable ADJ cblr-1734 470 23 one one NUM cblr-1734 470 24 is be AUX cblr-1734 470 25 group group NOUN cblr-1734 470 26 3 3 NUM cblr-1734 470 27 ( ( PUNCT cblr-1734 470 28 10,000 10,000 NUM cblr-1734 470 29 or or CCONJ cblr-1734 470 30 greater great ADJ cblr-1734 470 31 volume volume NOUN cblr-1734 470 32 of of ADP cblr-1734 470 33 purchases purchase NOUN cblr-1734 470 34 ) ) PUNCT cblr-1734 470 35 . . PUNCT cblr-1734 471 1 this this DET cblr-1734 471 2 finding finding NOUN cblr-1734 471 3 suggests suggest VERB cblr-1734 471 4 that that SCONJ cblr-1734 471 5 the the DET cblr-1734 471 6 information information NOUN cblr-1734 471 7 - - PUNCT cblr-1734 471 8 based base VERB cblr-1734 471 9 motivation motivation NOUN cblr-1734 471 10 for for ADP cblr-1734 471 11 purchases purchase NOUN cblr-1734 471 12 tends tend VERB cblr-1734 471 13 to to PART cblr-1734 471 14 be be AUX cblr-1734 471 15 somewhat somewhat ADV cblr-1734 471 16 weaker weak ADJ cblr-1734 471 17 for for ADP cblr-1734 471 18 planned plan VERB cblr-1734 471 19 10b5 10b5 NUM cblr-1734 471 20 - - SYM cblr-1734 471 21 1 1 NUM cblr-1734 471 22 purchases purchase NOUN cblr-1734 471 23 . . PUNCT cblr-1734 472 1 for for ADP cblr-1734 472 2 insider insider NOUN cblr-1734 472 3 sales sale NOUN cblr-1734 472 4 , , PUNCT cblr-1734 472 5 long long ADJ cblr-1734 472 6 - - PUNCT cblr-1734 472 7 term term NOUN cblr-1734 472 8 profitability profitability NOUN cblr-1734 472 9 of of ADP cblr-1734 472 10 more more ADJ cblr-1734 472 11 than than ADP cblr-1734 472 12 one one NUM cblr-1734 472 13 year year NOUN cblr-1734 472 14 is be AUX cblr-1734 472 15 much much ADV cblr-1734 472 16 stronger strong ADJ cblr-1734 472 17 for for ADP cblr-1734 472 18 both both CCONJ cblr-1734 472 19 planned plan VERB cblr-1734 472 20 and and CCONJ cblr-1734 472 21 non non ADJ cblr-1734 472 22 - - ADJ cblr-1734 472 23 planned planned ADJ cblr-1734 472 24 sales sale NOUN cblr-1734 472 25 in in ADP cblr-1734 472 26 group group NOUN cblr-1734 472 27 2 2 NUM cblr-1734 472 28 ( ( PUNCT cblr-1734 472 29 between between ADP cblr-1734 472 30 1000 1000 NUM cblr-1734 472 31 and and CCONJ cblr-1734 472 32 10,000 10,000 NUM cblr-1734 472 33 sales sale NOUN cblr-1734 472 34 volume volume NOUN cblr-1734 472 35 ) ) PUNCT cblr-1734 472 36 and and CCONJ cblr-1734 472 37 in in ADP cblr-1734 472 38 group group NOUN cblr-1734 472 39 3 3 NUM cblr-1734 472 40 ( ( PUNCT cblr-1734 472 41 10,000 10,000 NUM cblr-1734 472 42 or or CCONJ cblr-1734 472 43 greater great ADJ cblr-1734 472 44 sales sale NOUN cblr-1734 472 45 volume volume NOUN cblr-1734 472 46 ) ) PUNCT cblr-1734 472 47 than than ADP cblr-1734 472 48 in in ADP cblr-1734 472 49 mavruk mavruk PROPN cblr-1734 472 50 & & CCONJ cblr-1734 472 51 seyhun seyhun PROPN cblr-1734 472 52 – – PUNCT cblr-1734 472 53 final final ADJ cblr-1734 472 54 174 174 NUM cblr-1734 472 55 columbia columbia PROPN cblr-1734 472 56 business business NOUN cblr-1734 472 57 law law PROPN cblr-1734 472 58 review review NOUN cblr-1734 472 59 [ [ X cblr-1734 472 60 vol vol NOUN cblr-1734 472 61 . . NOUN cblr-1734 472 62 2016 2016 NUM cblr-1734 472 63 group group NOUN cblr-1734 472 64 1 1 NUM cblr-1734 472 65 ( ( PUNCT cblr-1734 472 66 volume volume NOUN cblr-1734 472 67 of of ADP cblr-1734 472 68 fewer few ADJ cblr-1734 472 69 than than ADP cblr-1734 472 70 1000 1000 NUM cblr-1734 472 71 shares share NOUN cblr-1734 472 72 ) ) PUNCT cblr-1734 472 73 . . PUNCT cblr-1734 473 1 this this DET cblr-1734 473 2 finding finding NOUN cblr-1734 473 3 is be AUX cblr-1734 473 4 consistent consistent ADJ cblr-1734 473 5 with with ADP cblr-1734 473 6 the the DET cblr-1734 473 7 conclusion conclusion NOUN cblr-1734 473 8 that that SCONJ cblr-1734 473 9 both both DET cblr-1734 473 10 10b5 10b5 NUM cblr-1734 473 11 - - SYM cblr-1734 473 12 1 1 NUM cblr-1734 473 13 and and CCONJ cblr-1734 473 14 non10b5 non10b5 PROPN cblr-1734 473 15 - - PUNCT cblr-1734 473 16 1 1 NUM cblr-1734 473 17 sales sale NOUN cblr-1734 473 18 are be AUX cblr-1734 473 19 motivated motivate VERB cblr-1734 473 20 by by ADP cblr-1734 473 21 the the DET cblr-1734 473 22 quality quality NOUN cblr-1734 473 23 of of ADP cblr-1734 473 24 information information NOUN cblr-1734 473 25 . . PUNCT cblr-1734 474 1 when when SCONJ cblr-1734 474 2 insiders insider NOUN cblr-1734 474 3 have have VERB cblr-1734 474 4 more more ADV cblr-1734 474 5 valuable valuable ADJ cblr-1734 474 6 information information NOUN cblr-1734 474 7 , , PUNCT cblr-1734 474 8 they they PRON cblr-1734 474 9 increase increase VERB cblr-1734 474 10 the the DET cblr-1734 474 11 volume volume NOUN cblr-1734 474 12 of of ADP cblr-1734 474 13 trading trading NOUN cblr-1734 474 14 for for ADP cblr-1734 474 15 both both DET cblr-1734 474 16 10b5 10b5 NUM cblr-1734 474 17 - - SYM cblr-1734 474 18 1 1 NUM cblr-1734 474 19 and and CCONJ cblr-1734 474 20 non-10b51 non-10b51 PROPN cblr-1734 474 21 sales.49 sales.49 PROPN cblr-1734 474 22 d. d. PROPN cblr-1734 474 23 abnormal abnormal ADJ cblr-1734 474 24 returns return NOUN cblr-1734 474 25 , , PUNCT cblr-1734 474 26 rule rule VERB cblr-1734 474 27 10b5 10b5 NUM cblr-1734 474 28 - - SYM cblr-1734 474 29 1 1 NUM cblr-1734 474 30 , , PUNCT cblr-1734 474 31 and and CCONJ cblr-1734 474 32 firm firm ADJ cblr-1734 474 33 size size NOUN cblr-1734 474 34 panel panel NOUN cblr-1734 474 35 b b PROPN cblr-1734 474 36 of of ADP cblr-1734 474 37 table table NOUN cblr-1734 474 38 5 5 NUM cblr-1734 474 39 shows show VERB cblr-1734 474 40 analyses analysis NOUN cblr-1734 474 41 examining examine VERB cblr-1734 474 42 whether whether SCONJ cblr-1734 474 43 rule rule NOUN cblr-1734 474 44 10b5 10b5 NUM cblr-1734 474 45 - - SYM cblr-1734 474 46 1 1 NUM cblr-1734 474 47 influences influence VERB cblr-1734 474 48 the the DET cblr-1734 474 49 identification identification NOUN cblr-1734 474 50 of of ADP cblr-1734 474 51 unusual unusual ADJ cblr-1734 474 52 insidertrading insidertrade VERB cblr-1734 474 53 activity activity NOUN cblr-1734 474 54 by by ADP cblr-1734 474 55 partitioning partition VERB cblr-1734 474 56 the the DET cblr-1734 474 57 sample sample NOUN cblr-1734 474 58 into into ADP cblr-1734 474 59 the the DET cblr-1734 474 60 firm firm ADJ cblr-1734 474 61 size size NOUN cblr-1734 474 62 classes class NOUN cblr-1734 474 63 defined define VERB cblr-1734 474 64 earlier early ADV cblr-1734 474 65 . . PUNCT cblr-1734 475 1 typically typically ADV cblr-1734 475 2 , , PUNCT cblr-1734 475 3 insiders insider NOUN cblr-1734 475 4 in in ADP cblr-1734 475 5 small small ADJ cblr-1734 475 6 firms firm NOUN cblr-1734 475 7 , , PUNCT cblr-1734 475 8 as as SCONJ cblr-1734 475 9 opposed oppose VERB cblr-1734 475 10 to to ADP cblr-1734 475 11 insiders insider NOUN cblr-1734 475 12 in in ADP cblr-1734 475 13 large large ADJ cblr-1734 475 14 firms firm NOUN cblr-1734 475 15 , , PUNCT cblr-1734 475 16 tend tend VERB cblr-1734 475 17 to to PART cblr-1734 475 18 have have VERB cblr-1734 475 19 a a DET cblr-1734 475 20 better well ADJ cblr-1734 475 21 picture picture NOUN cblr-1734 475 22 of of ADP cblr-1734 475 23 their their PRON cblr-1734 475 24 firm firm NOUN cblr-1734 475 25 ’s ’s PART cblr-1734 475 26 entire entire ADJ cblr-1734 475 27 organization organization NOUN cblr-1734 475 28 and and CCONJ cblr-1734 475 29 tend tend VERB cblr-1734 475 30 to to PART cblr-1734 475 31 forecast forecast VERB cblr-1734 475 32 the the DET cblr-1734 475 33 stock stock NOUN cblr-1734 475 34 returns return NOUN cblr-1734 475 35 of of ADP cblr-1734 475 36 their their PRON cblr-1734 475 37 firms firm NOUN cblr-1734 475 38 to to ADP cblr-1734 475 39 a a DET cblr-1734 475 40 better well ADJ cblr-1734 475 41 extent extent NOUN cblr-1734 475 42 . . PUNCT cblr-1734 476 1 previous previous ADJ cblr-1734 476 2 evidence evidence NOUN cblr-1734 476 3 suggests suggest VERB cblr-1734 476 4 that that SCONJ cblr-1734 476 5 in in ADP cblr-1734 476 6 large large ADJ cblr-1734 476 7 firms firm NOUN cblr-1734 476 8 , , PUNCT cblr-1734 476 9 any any DET cblr-1734 476 10 given give VERB cblr-1734 476 11 piece piece NOUN cblr-1734 476 12 of of ADP cblr-1734 476 13 information information NOUN cblr-1734 476 14 is be AUX cblr-1734 476 15 less less ADV cblr-1734 476 16 likely likely ADJ cblr-1734 476 17 to to PART cblr-1734 476 18 have have VERB cblr-1734 476 19 a a DET cblr-1734 476 20 substantial substantial ADJ cblr-1734 476 21 impact impact NOUN cblr-1734 476 22 on on ADP cblr-1734 476 23 the the DET cblr-1734 476 24 stock stock NOUN cblr-1734 476 25 prices price NOUN cblr-1734 476 26 , , PUNCT cblr-1734 476 27 and and CCONJ cblr-1734 476 28 hence hence ADV cblr-1734 476 29 , , PUNCT cblr-1734 476 30 insiders insider NOUN cblr-1734 476 31 in in ADP cblr-1734 476 32 large large ADJ cblr-1734 476 33 firms firm NOUN cblr-1734 476 34 do do AUX cblr-1734 476 35 not not PART cblr-1734 476 36 tend tend VERB cblr-1734 476 37 to to PART cblr-1734 476 38 experience experience VERB cblr-1734 476 39 profitable profitable ADJ cblr-1734 476 40 insider insider NOUN cblr-1734 476 41 trading.50 trading.50 PROPN cblr-1734 476 42     SPACE cblr-1734 476 43 49 49 NUM cblr-1734 476 44 while while SCONJ cblr-1734 476 45 not not PART cblr-1734 476 46 shown show VERB cblr-1734 476 47 here here ADV cblr-1734 476 48 , , PUNCT cblr-1734 476 49 extremely extremely ADV cblr-1734 476 50 high high ADJ cblr-1734 476 51 sales sale NOUN cblr-1734 476 52 volumes volume NOUN cblr-1734 476 53 ( ( PUNCT cblr-1734 476 54 over over ADP cblr-1734 476 55 100,000 100,000 NUM cblr-1734 476 56 shares share NOUN cblr-1734 476 57 ) ) PUNCT cblr-1734 476 58 are be AUX cblr-1734 476 59 associated associate VERB cblr-1734 476 60 with with ADP cblr-1734 476 61 lower low ADJ cblr-1734 476 62 abnormal abnormal ADJ cblr-1734 476 63 returns return NOUN cblr-1734 476 64 for for ADP cblr-1734 476 65 both both DET cblr-1734 476 66 planned plan VERB cblr-1734 476 67 and and CCONJ cblr-1734 476 68 non non ADJ cblr-1734 476 69 - - ADJ cblr-1734 476 70 planned planned ADJ cblr-1734 476 71 sales sale NOUN cblr-1734 476 72 . . PUNCT cblr-1734 477 1 this this DET cblr-1734 477 2 finding finding NOUN cblr-1734 477 3 indicates indicate VERB cblr-1734 477 4 that that SCONJ cblr-1734 477 5 insiders insider NOUN cblr-1734 477 6 do do AUX cblr-1734 477 7 worry worry VERB cblr-1734 477 8 about about ADP cblr-1734 477 9 trading trade VERB cblr-1734 477 10 extremely extremely ADV cblr-1734 477 11 large large ADJ cblr-1734 477 12 volumes volume NOUN cblr-1734 477 13 before before ADP cblr-1734 477 14 important important ADJ cblr-1734 477 15 information information NOUN cblr-1734 477 16 events event NOUN cblr-1734 477 17 for for ADP cblr-1734 477 18 fear fear NOUN cblr-1734 477 19 of of ADP cblr-1734 477 20 attracting attract VERB cblr-1734 477 21 litigation litigation NOUN cblr-1734 477 22 . . PUNCT cblr-1734 478 1 50 50 NUM cblr-1734 478 2 see see VERB cblr-1734 478 3 seyhun seyhun PROPN cblr-1734 478 4 , , PUNCT cblr-1734 478 5 supra supra PROPN cblr-1734 478 6 note note NOUN cblr-1734 478 7 31 31 NUM cblr-1734 478 8 , , PUNCT cblr-1734 478 9 at at ADP cblr-1734 478 10 89–92 89–92 NUM cblr-1734 478 11 . . PUNCT cblr-1734 479 1 mavruk mavruk PROPN cblr-1734 479 2 & & CCONJ cblr-1734 479 3 seyhun seyhun PROPN cblr-1734 479 4 – – PUNCT cblr-1734 479 5 final final ADJ cblr-1734 479 6 no no NOUN cblr-1734 479 7 . . PUNCT cblr-1734 480 1 1:133 1:133 NUM cblr-1734 480 2 ] ] X cblr-1734 480 3 sec sec PROPN cblr-1734 480 4 ’s ’s PART cblr-1734 480 5 10b5 10b5 NUM cblr-1734 480 6 - - SYM cblr-1734 480 7 1 1 NUM cblr-1734 480 8 safe safe ADJ cblr-1734 480 9 harbor harbor NOUN cblr-1734 480 10 rules rule VERB cblr-1734 480 11 175 175 NUM cblr-1734 480 12 panel panel NOUN cblr-1734 480 13 b. b. PROPN cblr-1734 480 14 abnormal abnormal ADJ cblr-1734 480 15 returns return NOUN cblr-1734 480 16 , , PUNCT cblr-1734 480 17 rule rule VERB cblr-1734 480 18 10b5 10b5 NUM cblr-1734 480 19 - - SYM cblr-1734 480 20 1 1 NUM cblr-1734 480 21 , , PUNCT cblr-1734 480 22 and and CCONJ cblr-1734 480 23 firm firm ADJ cblr-1734 480 24 size size NOUN cblr-1734 480 25 three three NUM cblr-1734 480 26 size size NOUN cblr-1734 480 27 groups group NOUN cblr-1734 480 28 are be AUX cblr-1734 480 29 defined define VERB cblr-1734 480 30 . . PUNCT cblr-1734 481 1 small small ADJ cblr-1734 481 2 firms firm NOUN cblr-1734 481 3 are be AUX cblr-1734 481 4 those those PRON cblr-1734 481 5 that that PRON cblr-1734 481 6 have have VERB cblr-1734 481 7 market market NOUN cblr-1734 481 8 values value NOUN cblr-1734 481 9 less less ADJ cblr-1734 481 10 than than ADP cblr-1734 481 11 $ $ SYM cblr-1734 481 12 1 1 NUM cblr-1734 481 13 billion billion NUM cblr-1734 481 14 , , PUNCT cblr-1734 481 15 medium medium ADJ cblr-1734 481 16 firms firm NOUN cblr-1734 481 17 are be AUX cblr-1734 481 18 those those PRON cblr-1734 481 19 that that PRON cblr-1734 481 20 have have VERB cblr-1734 481 21 market market NOUN cblr-1734 481 22 values value NOUN cblr-1734 481 23 between between ADP cblr-1734 481 24 $ $ SYM cblr-1734 481 25 1 1 NUM cblr-1734 481 26 billion billion NUM cblr-1734 481 27 and and CCONJ cblr-1734 481 28 $ $ SYM cblr-1734 481 29 5 5 NUM cblr-1734 481 30 billion billion NUM cblr-1734 481 31 , , PUNCT cblr-1734 481 32 and and CCONJ cblr-1734 481 33 large large ADJ cblr-1734 481 34 firms firm NOUN cblr-1734 481 35 are be AUX cblr-1734 481 36 those those PRON cblr-1734 481 37 that that PRON cblr-1734 481 38 have have VERB cblr-1734 481 39 market market NOUN cblr-1734 481 40 values value NOUN cblr-1734 481 41 equal equal ADJ cblr-1734 481 42 to to ADP cblr-1734 481 43 or or CCONJ cblr-1734 481 44 greater great ADJ cblr-1734 481 45 than than ADP cblr-1734 481 46 $ $ SYM cblr-1734 481 47 5 5 NUM cblr-1734 481 48 billion billion NUM cblr-1734 481 49 . . PUNCT cblr-1734 482 1 purchasesa purchasesa PROPN cblr-1734 482 2 10b5 10b5 NUM cblr-1734 482 3 - - SYM cblr-1734 482 4 1 1 NUM cblr-1734 482 5 ( ( PUNCT cblr-1734 482 6 1 1 NUM cblr-1734 482 7 ) ) PUNCT cblr-1734 482 8 non-10b5 non-10b5 NOUN cblr-1734 482 9 - - SYM cblr-1734 482 10 1 1 NUM cblr-1734 482 11 ( ( PUNCT cblr-1734 482 12 2 2 NUM cblr-1734 482 13 ) ) PUNCT cblr-1734 482 14 diff diff NOUN cblr-1734 482 15 . . PUNCT cblr-1734 483 1 ( ( PUNCT cblr-1734 483 2 1)-(2 1)-(2 NUM cblr-1734 483 3 ) ) PUNCT cblr-1734 483 4 firm firm ADJ cblr-1734 483 5 size size NOUN cblr-1734 483 6 horizon horizon NOUN cblr-1734 483 7 mean mean VERB cblr-1734 483 8 t t PROPN cblr-1734 483 9 - - PUNCT cblr-1734 483 10 stat stat NOUN cblr-1734 483 11 mean mean VERB cblr-1734 483 12 t t PROPN cblr-1734 483 13 - - PUNCT cblr-1734 483 14 stat stat NOUN cblr-1734 483 15 mean mean VERB cblr-1734 483 16 t t NOUN cblr-1734 483 17 - - PUNCT cblr-1734 483 18 stat stat NOUN cblr-1734 483 19 less less ADJ cblr-1734 483 20 than than ADP cblr-1734 483 21 $ $ SYM cblr-1734 483 22 1b 1b NUM cblr-1734 483 23 1 1 NUM cblr-1734 483 24 month month NOUN cblr-1734 483 25 0.0015 0.0015 NUM cblr-1734 483 26 2.91 2.91 NUM cblr-1734 483 27 0.0015 0.0015 NUM cblr-1734 483 28 10.66 10.66 NUM cblr-1734 483 29 0.0000 0.0000 NUM cblr-1734 483 30 -0.06 -0.06 NUM cblr-1734 483 31 less less ADJ cblr-1734 483 32 than than ADP cblr-1734 483 33 $ $ SYM cblr-1734 483 34 1b 1b NUM cblr-1734 483 35 3 3 NUM cblr-1734 483 36 months month NOUN cblr-1734 483 37 0.0008 0.0008 NUM cblr-1734 483 38 1.74 1.74 NUM cblr-1734 483 39 0.0006 0.0006 NUM cblr-1734 483 40 6.01 6.01 NUM cblr-1734 483 41 0.0002 0.0002 NUM cblr-1734 483 42 0.41 0.41 NUM cblr-1734 483 43 less less ADJ cblr-1734 483 44 than than ADP cblr-1734 483 45 $ $ SYM cblr-1734 483 46 1b 1b NUM cblr-1734 483 47 6 6 NUM cblr-1734 483 48 months month NOUN cblr-1734 483 49 0.0006 0.0006 NUM cblr-1734 483 50 1.45 1.45 NUM cblr-1734 483 51 0.0004 0.0004 NUM cblr-1734 483 52 4.71 4.71 NUM cblr-1734 483 53 0.0002 0.0002 NUM cblr-1734 483 54 0.51 0.51 NUM cblr-1734 483 55 less less ADJ cblr-1734 483 56 than than ADP cblr-1734 483 57 $ $ SYM cblr-1734 483 58 1b 1b NUM cblr-1734 483 59 1 1 NUM cblr-1734 483 60 year year NOUN cblr-1734 483 61 0.0005 0.0005 NUM cblr-1734 483 62 1.47 1.47 NUM cblr-1734 483 63 0.0002 0.0002 NUM cblr-1734 483 64 2.79 2.79 NUM cblr-1734 483 65 0.0003 0.0003 NUM cblr-1734 483 66 0.85 0.85 NUM cblr-1734 483 67 between between ADP cblr-1734 483 68 $ $ SYM cblr-1734 483 69 1b 1b NUM cblr-1734 483 70 and and CCONJ cblr-1734 483 71 $ $ SYM cblr-1734 483 72 5b 5b NUM cblr-1734 483 73 1 1 NUM cblr-1734 483 74 month month NOUN cblr-1734 483 75 0.0000 0.0000 NUM cblr-1734 483 76 0.07 0.07 NUM cblr-1734 483 77 0.0001 0.0001 NUM cblr-1734 483 78 0.61 0.61 NUM cblr-1734 483 79 -0.0001 -0.0001 NOUN cblr-1734 483 80 -0.22 -0.22 NOUN cblr-1734 483 81 between between ADP cblr-1734 483 82 $ $ SYM cblr-1734 483 83 1b 1b NUM cblr-1734 483 84 and and CCONJ cblr-1734 483 85 $ $ SYM cblr-1734 483 86 5b 5b NUM cblr-1734 483 87 3 3 NUM cblr-1734 483 88 months month NOUN cblr-1734 483 89 0.0002 0.0002 NUM cblr-1734 483 90 0.66 0.66 NUM cblr-1734 483 91 -0.0003 -0.0003 NOUN cblr-1734 483 92 -2.14 -2.14 NUM cblr-1734 483 93 0.0005 0.0005 NUM cblr-1734 483 94 1.45 1.45 NUM cblr-1734 483 95 between between ADP cblr-1734 483 96 $ $ SYM cblr-1734 483 97 1b 1b NUM cblr-1734 483 98 and and CCONJ cblr-1734 483 99 $ $ SYM cblr-1734 483 100 5b 5b NUM cblr-1734 483 101 6 6 NUM cblr-1734 483 102 months month NOUN cblr-1734 483 103 -0.0003 -0.0003 ADJ cblr-1734 483 104 -0.81 -0.81 PRON cblr-1734 483 105 -0.0004 -0.0004 NOUN cblr-1734 483 106 -3.43 -3.43 NOUN cblr-1734 483 107 0.0001 0.0001 NUM cblr-1734 483 108 0.25 0.25 NUM cblr-1734 483 109 between between ADP cblr-1734 483 110 $ $ SYM cblr-1734 483 111 1b 1b NUM cblr-1734 483 112 and and CCONJ cblr-1734 483 113 $ $ SYM cblr-1734 483 114 5b 5b NUM cblr-1734 483 115 1 1 NUM cblr-1734 483 116 year year NOUN cblr-1734 483 117 -0.0002 -0.0002 NOUN cblr-1734 483 118 -0.57 -0.57 X cblr-1734 483 119 -0.0004 -0.0004 PROPN cblr-1734 483 120 -1.97 -1.97 VERB cblr-1734 483 121 0.0002 0.0002 NUM cblr-1734 483 122 0.42 0.42 NUM cblr-1734 483 123 greater great ADJ cblr-1734 483 124 than than ADP cblr-1734 483 125 $ $ SYM cblr-1734 483 126 5b 5b NUM cblr-1734 483 127 1 1 NUM cblr-1734 483 128 month month NOUN cblr-1734 483 129 -0.0004 -0.0004 NOUN cblr-1734 483 130 -1.42 -1.42 PUNCT cblr-1734 483 131 0.0001 0.0001 NUM cblr-1734 483 132 0.42 0.42 NUM cblr-1734 483 133 -0.0005 -0.0005 NOUN cblr-1734 483 134 -1.42 -1.42 NUM cblr-1734 483 135 greater great ADJ cblr-1734 483 136 than than ADP cblr-1734 483 137 $ $ SYM cblr-1734 483 138 5b 5b NUM cblr-1734 483 139 3 3 NUM cblr-1734 483 140 months month NOUN cblr-1734 483 141 -0.0003 -0.0003 NOUN cblr-1734 483 142 -0.97 -0.97 NOUN cblr-1734 483 143 -0.0001 -0.0001 NOUN cblr-1734 483 144 -0.40 -0.40 NOUN cblr-1734 483 145 -0.0002 -0.0002 NOUN cblr-1734 483 146 -0.71 -0.71 NOUN cblr-1734 483 147 greater great ADJ cblr-1734 483 148 than than ADP cblr-1734 483 149 $ $ SYM cblr-1734 483 150 5b 5b NUM cblr-1734 483 151 6 6 NUM cblr-1734 483 152 months month NOUN cblr-1734 483 153 -0.0003 -0.0003 X cblr-1734 483 154 -1.05 -1.05 PRON cblr-1734 483 155 -0.0003 -0.0003 ADJ cblr-1734 483 156 -2.04 -2.04 PROPN cblr-1734 483 157 0.0000 0.0000 NUM cblr-1734 483 158 -0.13 -0.13 NUM cblr-1734 483 159 greater great ADJ cblr-1734 483 160 than than ADP cblr-1734 483 161 $ $ SYM cblr-1734 483 162 5b 5b NUM cblr-1734 483 163 1 1 NUM cblr-1734 483 164 year year NOUN cblr-1734 483 165 -0.0003 -0.0003 NOUN cblr-1734 483 166 -1.04 -1.04 NOUN cblr-1734 483 167 -0.0004 -0.0004 NOUN cblr-1734 483 168 -3.50 -3.50 NOUN cblr-1734 483 169 0.0001 0.0001 NUM cblr-1734 483 170 0.28 0.28 NUM cblr-1734 483 171 mavruk mavruk NOUN cblr-1734 483 172 & & CCONJ cblr-1734 483 173 seyhun seyhun PROPN cblr-1734 483 174 – – PUNCT cblr-1734 484 1 final final ADJ cblr-1734 484 2 176 176 NUM cblr-1734 484 3 columbia columbia PROPN cblr-1734 484 4 business business NOUN cblr-1734 484 5 law law PROPN cblr-1734 484 6 review review NOUN cblr-1734 484 7 [ [ X cblr-1734 484 8 vol vol NOUN cblr-1734 484 9 . . NOUN cblr-1734 484 10 2016 2016 NUM cblr-1734 484 11 salesb salesb NOUN cblr-1734 484 12 10b5 10b5 NUM cblr-1734 484 13 - - SYM cblr-1734 484 14 1 1 NUM cblr-1734 484 15 ( ( PUNCT cblr-1734 484 16 1 1 NUM cblr-1734 484 17 ) ) PUNCT cblr-1734 484 18 non-10b5 non-10b5 NOUN cblr-1734 484 19 - - SYM cblr-1734 484 20 1 1 NUM cblr-1734 484 21 ( ( PUNCT cblr-1734 484 22 2 2 NUM cblr-1734 484 23 ) ) PUNCT cblr-1734 484 24 diff diff NOUN cblr-1734 484 25 . . PUNCT cblr-1734 485 1 ( ( PUNCT cblr-1734 485 2 1)-(2 1)-(2 NUM cblr-1734 485 3 ) ) PUNCT cblr-1734 485 4 firm firm ADJ cblr-1734 485 5 size size NOUN cblr-1734 485 6 horizon horizon NOUN cblr-1734 485 7 mean mean VERB cblr-1734 485 8 t t PROPN cblr-1734 485 9 - - PUNCT cblr-1734 485 10 stat stat NOUN cblr-1734 485 11 mean mean VERB cblr-1734 485 12 t t PROPN cblr-1734 485 13 - - PUNCT cblr-1734 485 14 stat stat NOUN cblr-1734 485 15 mean mean VERB cblr-1734 485 16 t t NOUN cblr-1734 485 17 - - PUNCT cblr-1734 485 18 stat stat NOUN cblr-1734 485 19 less less ADJ cblr-1734 485 20 than than ADP cblr-1734 485 21 $ $ SYM cblr-1734 485 22 1b 1b NUM cblr-1734 485 23 1 1 NUM cblr-1734 485 24 month month NOUN cblr-1734 485 25 -0.0006 -0.0006 NOUN cblr-1734 485 26 -2.58 -2.58 VERB cblr-1734 485 27 -0.0005 -0.0005 NOUN cblr-1734 485 28 -2.40 -2.40 X cblr-1734 485 29 -0.0001 -0.0001 NOUN cblr-1734 485 30 -0.48 -0.48 NOUN cblr-1734 485 31 less less ADJ cblr-1734 485 32 than than ADP cblr-1734 485 33 $ $ SYM cblr-1734 485 34 1b 1b NUM cblr-1734 485 35 3 3 NUM cblr-1734 485 36 months month NOUN cblr-1734 485 37 -0.0006 -0.0006 NOUN cblr-1734 486 1 -2.76 -2.76 PROPN cblr-1734 486 2 -0.0003 -0.0003 ADJ cblr-1734 486 3 -2.70 -2.70 PROPN cblr-1734 486 4 -0.0003 -0.0003 ADJ cblr-1734 486 5 -1.04 -1.04 NOUN cblr-1734 486 6 less less ADJ cblr-1734 486 7 than than ADP cblr-1734 486 8 $ $ SYM cblr-1734 486 9 1b 1b NUM cblr-1734 486 10 6 6 NUM cblr-1734 486 11 months month NOUN cblr-1734 486 12 -0.0004 -0.0004 X cblr-1734 486 13 -2.15 -2.15 NUM cblr-1734 486 14 -0.0004 -0.0004 PROPN cblr-1734 486 15 -4.04 -4.04 PROPN cblr-1734 486 16 -0.0001 -0.0001 NOUN cblr-1734 486 17 -0.29 -0.29 NOUN cblr-1734 486 18 less less ADJ cblr-1734 486 19 than than ADP cblr-1734 486 20 $ $ SYM cblr-1734 486 21 1b 1b NUM cblr-1734 486 22 1 1 NUM cblr-1734 486 23 year year NOUN cblr-1734 486 24 -0.0003 -0.0003 NOUN cblr-1734 486 25 -1.58 -1.58 PROPN cblr-1734 486 26 -0.0003 -0.0003 ADJ cblr-1734 486 27 -3.61 -3.61 PUNCT cblr-1734 486 28 0.0000 0.0000 NUM cblr-1734 486 29 -0.13 -0.13 NUM cblr-1734 486 30 between between ADP cblr-1734 486 31 $ $ SYM cblr-1734 486 32 1b 1b NUM cblr-1734 486 33 and and CCONJ cblr-1734 486 34 $ $ SYM cblr-1734 486 35 5b 5b NUM cblr-1734 486 36 1 1 NUM cblr-1734 486 37 month month NOUN cblr-1734 486 38 -0.0007 -0.0007 NOUN cblr-1734 486 39 -4.19 -4.19 PUNCT cblr-1734 486 40 -0.0005 -0.0005 NOUN cblr-1734 486 41 -4.81 -4.81 INTJ cblr-1734 486 42 -0.0002 -0.0002 NOUN cblr-1734 486 43 -0.91 -0.91 NOUN cblr-1734 486 44 between between ADP cblr-1734 486 45 $ $ SYM cblr-1734 486 46 1b 1b NUM cblr-1734 486 47 and and CCONJ cblr-1734 486 48 $ $ SYM cblr-1734 486 49 5b 5b NUM cblr-1734 486 50 3 3 NUM cblr-1734 486 51 months month NOUN cblr-1734 486 52 -0.0006 -0.0006 NOUN cblr-1734 486 53 -4.50 -4.50 DET cblr-1734 486 54 -0.0004 -0.0004 NOUN cblr-1734 486 55 -4.66 -4.66 NUM cblr-1734 486 56 -0.0002 -0.0002 NOUN cblr-1734 486 57 -1.15 -1.15 NOUN cblr-1734 486 58 between between ADP cblr-1734 486 59 $ $ SYM cblr-1734 486 60 1b 1b NUM cblr-1734 486 61 and and CCONJ cblr-1734 486 62 $ $ SYM cblr-1734 486 63 5b 5b NUM cblr-1734 486 64 6 6 NUM cblr-1734 486 65 months month NOUN cblr-1734 486 66 -0.0005 -0.0005 VERB cblr-1734 486 67 -3.99 -3.99 X cblr-1734 486 68 -0.0004 -0.0004 X cblr-1734 486 69 -4.19 -4.19 PUNCT cblr-1734 486 70 -0.0002 -0.0002 NOUN cblr-1734 486 71 -1.07 -1.07 NOUN cblr-1734 486 72 between between ADP cblr-1734 486 73 $ $ SYM cblr-1734 486 74 1b 1b NUM cblr-1734 486 75 and and CCONJ cblr-1734 486 76 $ $ SYM cblr-1734 486 77 5b 5b NUM cblr-1734 486 78 1 1 NUM cblr-1734 486 79 year year NOUN cblr-1734 486 80 -0.0004 -0.0004 NOUN cblr-1734 487 1 -3.41 -3.41 X cblr-1734 487 2 -0.0003 -0.0003 NOUN cblr-1734 487 3 -3.89 -3.89 NOUN cblr-1734 487 4 -0.0001 -0.0001 NOUN cblr-1734 487 5 -0.75 -0.75 NUM cblr-1734 487 6 greater great ADJ cblr-1734 487 7 than than ADP cblr-1734 487 8 $ $ SYM cblr-1734 487 9 5b 5b NUM cblr-1734 487 10 1 1 NUM cblr-1734 487 11 month month NOUN cblr-1734 487 12 -0.0003 -0.0003 NOUN cblr-1734 487 13 -1.73 -1.73 PUNCT cblr-1734 487 14 -0.0005 -0.0005 PROPN cblr-1734 487 15 -4.16 -4.16 NOUN cblr-1734 488 1 0.0002 0.0002 NUM cblr-1734 488 2 0.89 0.89 NUM cblr-1734 488 3 greater great ADJ cblr-1734 488 4 than than ADP cblr-1734 488 5 $ $ SYM cblr-1734 488 6 5b 5b NUM cblr-1734 488 7 3 3 NUM cblr-1734 488 8 months month NOUN cblr-1734 488 9 -0.0003 -0.0003 ADJ cblr-1734 488 10 -2.03 -2.03 PROPN cblr-1734 488 11 -0.0004 -0.0004 NOUN cblr-1734 488 12 -3.87 -3.87 VERB cblr-1734 488 13 0.0001 0.0001 NUM cblr-1734 488 14 0.45 0.45 NUM cblr-1734 488 15 greater great ADJ cblr-1734 488 16 than than ADP cblr-1734 488 17 $ $ SYM cblr-1734 488 18 5b 5b NUM cblr-1734 488 19 6 6 NUM cblr-1734 488 20 months month NOUN cblr-1734 488 21 -0.0003 -0.0003 ADJ cblr-1734 488 22 -1.92 -1.92 PRON cblr-1734 488 23 -0.0003 -0.0003 VERB cblr-1734 488 24 -3.79 -3.79 NUM cblr-1734 488 25 0.0001 0.0001 NUM cblr-1734 488 26 0.47 0.47 NUM cblr-1734 488 27 greater great ADJ cblr-1734 488 28 than than ADP cblr-1734 488 29 $ $ SYM cblr-1734 488 30 5b 5b NUM cblr-1734 488 31 1 1 NUM cblr-1734 488 32 year year NOUN cblr-1734 488 33 -0.0003 -0.0003 NOUN cblr-1734 488 34 -2.31 -2.31 PRON cblr-1734 488 35 -0.0003 -0.0003 NOUN cblr-1734 488 36 -4.00 -4.00 NUM cblr-1734 488 37 0.0001 0.0001 NUM cblr-1734 488 38 0.36 0.36 NUM cblr-1734 488 39 a a PRON cblr-1734 488 40 and and CCONJ cblr-1734 488 41 b b NOUN cblr-1734 488 42 the the DET cblr-1734 488 43 number number NOUN cblr-1734 488 44 of of ADP cblr-1734 488 45 observations observation NOUN cblr-1734 488 46 used use VERB cblr-1734 488 47 in in ADP cblr-1734 488 48 both both DET cblr-1734 488 49 purchases purchase NOUN cblr-1734 488 50 and and CCONJ cblr-1734 488 51 sales sale NOUN cblr-1734 488 52 regressions regression NOUN cblr-1734 488 53 is be AUX cblr-1734 488 54 2769 2769 NUM cblr-1734 488 55 . . PUNCT cblr-1734 489 1 our our PRON cblr-1734 489 2 results result NOUN cblr-1734 489 3 in in ADP cblr-1734 489 4 panel panel NOUN cblr-1734 489 5 b b PROPN cblr-1734 489 6 indicate indicate VERB cblr-1734 489 7 that that SCONJ cblr-1734 489 8 insider insider NOUN cblr-1734 489 9 purchases purchase NOUN cblr-1734 489 10 are be AUX cblr-1734 489 11 most most ADV cblr-1734 489 12 profitable profitable ADJ cblr-1734 489 13 in in ADP cblr-1734 489 14 smaller small ADJ cblr-1734 489 15 firms firm NOUN cblr-1734 489 16 . . PUNCT cblr-1734 490 1 this this DET cblr-1734 490 2 finding finding NOUN cblr-1734 490 3 holds hold VERB cblr-1734 490 4 for for ADP cblr-1734 490 5 both both PRON cblr-1734 490 6 10b5 10b5 NUM cblr-1734 490 7 - - SYM cblr-1734 490 8 1 1 NUM cblr-1734 490 9 planned planned ADJ cblr-1734 490 10 and and CCONJ cblr-1734 490 11 non non ADJ cblr-1734 490 12 - - ADJ cblr-1734 490 13 planned planned ADJ cblr-1734 490 14 trades trade NOUN cblr-1734 490 15 . . PUNCT cblr-1734 491 1 moreover moreover ADV cblr-1734 491 2 , , PUNCT cblr-1734 491 3 the the DET cblr-1734 491 4 magnitudes magnitude NOUN cblr-1734 491 5 of of ADP cblr-1734 491 6 profitability profitability NOUN cblr-1734 491 7 for for ADP cblr-1734 491 8 planned planned ADJ cblr-1734 491 9 and and CCONJ cblr-1734 491 10 non non ADJ cblr-1734 491 11 - - ADJ cblr-1734 491 12 planned planned ADJ cblr-1734 491 13 trades trade NOUN cblr-1734 491 14 are be AUX cblr-1734 491 15 similar similar ADJ cblr-1734 491 16 . . PUNCT cblr-1734 492 1 the the DET cblr-1734 492 2 differences difference NOUN cblr-1734 492 3 in in ADP cblr-1734 492 4 abnormal abnormal ADJ cblr-1734 492 5 profits profit NOUN cblr-1734 492 6 do do AUX cblr-1734 492 7 not not PART cblr-1734 492 8 attain attain VERB cblr-1734 492 9 statistical statistical ADJ cblr-1734 492 10 significance significance NOUN cblr-1734 492 11 . . PUNCT cblr-1734 493 1 firm firm ADJ cblr-1734 493 2 size size NOUN cblr-1734 493 3 appears appear VERB cblr-1734 493 4 to to PART cblr-1734 493 5 be be AUX cblr-1734 493 6 less less ADJ cblr-1734 493 7 of of ADP cblr-1734 493 8 a a DET cblr-1734 493 9 factor factor NOUN cblr-1734 493 10 in in ADP cblr-1734 493 11 the the DET cblr-1734 493 12 profitability profitability NOUN cblr-1734 493 13 of of ADP cblr-1734 493 14 insider insider NOUN cblr-1734 493 15 sales sale NOUN cblr-1734 493 16 . . PUNCT cblr-1734 494 1 this this DET cblr-1734 494 2 finding finding NOUN cblr-1734 494 3 is be AUX cblr-1734 494 4 true true ADJ cblr-1734 494 5 for for ADP cblr-1734 494 6 both both CCONJ cblr-1734 494 7 planned plan VERB cblr-1734 494 8 and and CCONJ cblr-1734 494 9 non non ADJ cblr-1734 494 10 - - ADJ cblr-1734 494 11 planned planned ADJ cblr-1734 494 12 sales sale NOUN cblr-1734 494 13 . . PUNCT cblr-1734 495 1 the the DET cblr-1734 495 2 biggest big ADJ cblr-1734 495 3 profitability profitability NOUN cblr-1734 495 4 occurs occur VERB cblr-1734 495 5 in in ADP cblr-1734 495 6 medium medium ADJ cblr-1734 495 7 sized sized ADJ cblr-1734 495 8 firms firm NOUN cblr-1734 495 9 . . PUNCT cblr-1734 496 1 this this DET cblr-1734 496 2 finding finding NOUN cblr-1734 496 3 is be AUX cblr-1734 496 4 consistent consistent ADJ cblr-1734 496 5 with with ADP cblr-1734 496 6 the the DET cblr-1734 496 7 mavruk mavruk PROPN cblr-1734 496 8 & & CCONJ cblr-1734 496 9 seyhun seyhun PROPN cblr-1734 496 10 – – PUNCT cblr-1734 496 11 final final ADJ cblr-1734 496 12 no no NOUN cblr-1734 496 13 . . PUNCT cblr-1734 497 1 1:133 1:133 NUM cblr-1734 497 2 ] ] X cblr-1734 497 3 sec sec PROPN cblr-1734 497 4 ’s ’s PART cblr-1734 497 5 10b5 10b5 NUM cblr-1734 497 6 - - SYM cblr-1734 497 7 1 1 NUM cblr-1734 497 8 safe safe ADJ cblr-1734 497 9 harbor harbor NOUN cblr-1734 497 10 rules rule VERB cblr-1734 497 11 177 177 NUM cblr-1734 497 12 finance finance NOUN cblr-1734 497 13 literature literature NOUN cblr-1734 497 14 that that PRON cblr-1734 497 15 suggests suggest VERB cblr-1734 497 16 insider insider NOUN cblr-1734 497 17 sales sale NOUN cblr-1734 497 18 exhibit exhibit VERB cblr-1734 497 19 lesser less ADJ cblr-1734 497 20 profitability profitability NOUN cblr-1734 497 21 than than ADP cblr-1734 497 22 insider insider NOUN cblr-1734 497 23 purchases.51 purchases.51 PROPN cblr-1734 497 24 e. e. PROPN cblr-1734 497 25 abnormal abnormal ADJ cblr-1734 497 26 returns return NOUN cblr-1734 497 27 , , PUNCT cblr-1734 497 28 rule rule VERB cblr-1734 497 29 10b5 10b5 NUM cblr-1734 497 30 - - SYM cblr-1734 497 31 1 1 NUM cblr-1734 497 32 , , PUNCT cblr-1734 497 33 and and CCONJ cblr-1734 497 34 insiders insider NOUN cblr-1734 497 35 ’ ’ PART cblr-1734 497 36 positions position NOUN cblr-1734 497 37 within within ADP cblr-1734 497 38 the the DET cblr-1734 497 39 firm firm NOUN cblr-1734 497 40 in in ADP cblr-1734 497 41 panel panel NOUN cblr-1734 497 42 c c PROPN cblr-1734 497 43 of of ADP cblr-1734 497 44 table table NOUN cblr-1734 497 45 5 5 NUM cblr-1734 497 46 we we PRON cblr-1734 497 47 examine examine VERB cblr-1734 497 48 how how SCONJ cblr-1734 497 49 profitability profitability NOUN cblr-1734 497 50 of of ADP cblr-1734 497 51 insider insider NOUN cblr-1734 497 52 trading trading NOUN cblr-1734 497 53 correlates correlate VERB cblr-1734 497 54 with with ADP cblr-1734 497 55 types type NOUN cblr-1734 497 56 of of ADP cblr-1734 497 57 insiders insider NOUN cblr-1734 497 58 . . PUNCT cblr-1734 498 1 the the DET cblr-1734 498 2 typical typical ADJ cblr-1734 498 3 relations relation NOUN cblr-1734 498 4 documented document VERB cblr-1734 498 5 in in ADP cblr-1734 498 6 the the DET cblr-1734 498 7 finance finance NOUN cblr-1734 498 8 literature literature NOUN cblr-1734 498 9 also also ADV cblr-1734 498 10 hold hold VERB cblr-1734 498 11 here.52 here.52 PROPN cblr-1734 498 12 typically typically ADV cblr-1734 498 13 , , PUNCT cblr-1734 498 14 the the DET cblr-1734 498 15 profitability profitability NOUN cblr-1734 498 16 of of ADP cblr-1734 498 17 insider insider NOUN cblr-1734 498 18 trading trading NOUN cblr-1734 498 19 is be AUX cblr-1734 498 20 greatest great ADJ cblr-1734 498 21 for for ADP cblr-1734 498 22 high high ADJ cblr-1734 498 23 ranking ranking ADJ cblr-1734 498 24 officers officer NOUN cblr-1734 498 25 , , PUNCT cblr-1734 498 26 followed follow VERB cblr-1734 498 27 by by ADP cblr-1734 498 28 directors director NOUN cblr-1734 498 29 , , PUNCT cblr-1734 498 30 officers officer NOUN cblr-1734 498 31 , , PUNCT cblr-1734 498 32 and and CCONJ cblr-1734 498 33 large large ADJ cblr-1734 498 34 shareholders.53 shareholders.53 PROPN cblr-1734 498 35 panel panel PROPN cblr-1734 498 36 c. c. PROPN cblr-1734 498 37 abnormal abnormal ADJ cblr-1734 498 38 returns return NOUN cblr-1734 498 39 , , PUNCT cblr-1734 498 40 rule rule VERB cblr-1734 498 41 10b5 10b5 NUM cblr-1734 498 42 - - SYM cblr-1734 498 43 1 1 NUM cblr-1734 498 44 , , PUNCT cblr-1734 498 45 and and CCONJ cblr-1734 498 46 insiders insider NOUN cblr-1734 498 47 ’ ’ PART cblr-1734 498 48 positions position NOUN cblr-1734 498 49 within within ADP cblr-1734 498 50 the the DET cblr-1734 498 51 firm firm ADJ cblr-1734 498 52 purchasesa purchasesa NOUN cblr-1734 498 53 10b5 10b5 NUM cblr-1734 498 54 - - SYM cblr-1734 498 55 1 1 NUM cblr-1734 498 56 ( ( PUNCT cblr-1734 498 57 1 1 NUM cblr-1734 498 58 ) ) PUNCT cblr-1734 498 59 non-10b5 non-10b5 NOUN cblr-1734 498 60 - - SYM cblr-1734 498 61 1 1 NUM cblr-1734 498 62 ( ( PUNCT cblr-1734 498 63 2 2 NUM cblr-1734 498 64 ) ) PUNCT cblr-1734 498 65 diff diff NOUN cblr-1734 498 66 . . PUNCT cblr-1734 499 1 ( ( PUNCT cblr-1734 499 2 1)-(2 1)-(2 NUM cblr-1734 499 3 ) ) PUNCT cblr-1734 499 4 insider insider NOUN cblr-1734 499 5 type type NOUN cblr-1734 499 6 horizon horizon NOUN cblr-1734 499 7 mean mean VERB cblr-1734 499 8 t t PROPN cblr-1734 499 9 - - PUNCT cblr-1734 499 10 stat stat NOUN cblr-1734 499 11 mean mean VERB cblr-1734 499 12 t t PROPN cblr-1734 499 13 - - PUNCT cblr-1734 499 14 stat stat NOUN cblr-1734 499 15 mean mean VERB cblr-1734 499 16 t t PROPN cblr-1734 499 17 - - PUNCT cblr-1734 499 18 stat stat NOUN cblr-1734 499 19 director director NOUN cblr-1734 499 20 1 1 NUM cblr-1734 499 21 month month NOUN cblr-1734 499 22 0.0007 0.0007 NUM cblr-1734 499 23 1.62 1.62 NUM cblr-1734 499 24 0.0012 0.0012 NUM cblr-1734 499 25 11.03 11.03 NUM cblr-1734 499 26 -0.0005 -0.0005 NOUN cblr-1734 499 27 -1.00 -1.00 NUM cblr-1734 499 28 director director NOUN cblr-1734 499 29 3 3 NUM cblr-1734 499 30 months month NOUN cblr-1734 499 31 0.0007 0.0007 NUM cblr-1734 499 32 1.75 1.75 NUM cblr-1734 499 33 0.0005 0.0005 NUM cblr-1734 499 34 6.58 6.58 NUM cblr-1734 499 35 0.0002 0.0002 NUM cblr-1734 499 36 0.47 0.47 NUM cblr-1734 499 37 director director NOUN cblr-1734 499 38 6 6 NUM cblr-1734 499 39 months month NOUN cblr-1734 499 40 0.0006 0.0006 NUM cblr-1734 499 41 1.59 1.59 NUM cblr-1734 499 42 0.0002 0.0002 NUM cblr-1734 499 43 3.56 3.56 NUM cblr-1734 499 44 0.0004 0.0004 NUM cblr-1734 499 45 0.98 0.98 NUM cblr-1734 499 46 director director NOUN cblr-1734 499 47 1 1 NUM cblr-1734 499 48 year year NOUN cblr-1734 499 49 0.0004 0.0004 NUM cblr-1734 499 50 1.12 1.12 NUM cblr-1734 499 51 0.0001 0.0001 NUM cblr-1734 499 52 1.98 1.98 NUM cblr-1734 499 53 0.0003 0.0003 NUM cblr-1734 499 54 0.82 0.82 NUM cblr-1734 499 55 officer officer NOUN cblr-1734 499 56 1 1 NUM cblr-1734 499 57 month month NOUN cblr-1734 499 58 0.0011 0.0011 NUM cblr-1734 499 59 1.84 1.84 NUM cblr-1734 499 60 0.0012 0.0012 NUM cblr-1734 499 61 8.43 8.43 NUM cblr-1734 499 62 -0.0001 -0.0001 NOUN cblr-1734 499 63 -0.21 -0.21 PRON cblr-1734 499 64 officer officer NOUN cblr-1734 499 65 3 3 NUM cblr-1734 499 66 months month NOUN cblr-1734 499 67 0.0011 0.0011 NUM cblr-1734 499 68 2.08 2.08 NUM cblr-1734 499 69 0.0005 0.0005 NUM cblr-1734 499 70 5.42 5.42 NUM cblr-1734 499 71 0.0006 0.0006 NUM cblr-1734 499 72 1.11 1.11 NUM cblr-1734 499 73 officer officer NOUN cblr-1734 499 74 6 6 NUM cblr-1734 499 75 months month NOUN cblr-1734 499 76 0.0008 0.0008 NUM cblr-1734 499 77 1.65 1.65 NUM cblr-1734 499 78 0.0003 0.0003 NUM cblr-1734 499 79 3.63 3.63 NUM cblr-1734 499 80 0.0006 0.0006 NUM cblr-1734 499 81 1.07 1.07 NUM cblr-1734 499 82 officer officer NOUN cblr-1734 499 83 1 1 NUM cblr-1734 499 84 year year NOUN cblr-1734 499 85 0.0005 0.0005 NUM cblr-1734 499 86 1.13 1.13 NUM cblr-1734 499 87 0.0002 0.0002 NUM cblr-1734 499 88 2.32 2.32 NUM cblr-1734 499 89 0.0003 0.0003 NUM cblr-1734 499 90 0.76 0.76 NUM cblr-1734 499 91 top top ADJ cblr-1734 499 92 executive executive NOUN cblr-1734 499 93 1 1 NUM cblr-1734 499 94 month month NOUN cblr-1734 499 95 0.0008 0.0008 NUM cblr-1734 499 96 1.55 1.55 NUM cblr-1734 499 97 0.0019 0.0019 NUM cblr-1734 499 98 5.94 5.94 NUM cblr-1734 499 99 -0.0010 -0.0010 NOUN cblr-1734 499 100 -1.62 -1.62 ADJ cblr-1734 499 101 top top ADJ cblr-1734 499 102 executive executive NOUN cblr-1734 499 103 3 3 NUM cblr-1734 499 104 months month NOUN cblr-1734 499 105 0.0003 0.0003 NUM cblr-1734 499 106 0.64 0.64 NUM cblr-1734 499 107 0.0009 0.0009 NUM cblr-1734 499 108 3.79 3.79 NUM cblr-1734 499 109 -0.0005 -0.0005 NOUN cblr-1734 499 110 -0.89 -0.89 NUM cblr-1734 499 111 top top ADJ cblr-1734 499 112 executive executive NOUN cblr-1734 499 113 6 6 NUM cblr-1734 499 114 months month NOUN cblr-1734 499 115 0.0001 0.0001 NUM cblr-1734 499 116 0.22 0.22 NUM cblr-1734 499 117 0.0005 0.0005 NUM cblr-1734 499 118 3.36 3.36 NUM cblr-1734 499 119 -0.0003 -0.0003 NOUN cblr-1734 499 120 -0.68 -0.68 NOUN cblr-1734 499 121 top top ADJ cblr-1734 499 122 executive executive NOUN cblr-1734 499 123 1 1 NUM cblr-1734 499 124 year year NOUN cblr-1734 499 125 0.0001 0.0001 NUM cblr-1734 499 126 0.12 0.12 NUM cblr-1734 499 127 0.0002 0.0002 NUM cblr-1734 499 128 2.16 2.16 NUM cblr-1734 499 129 -0.0002 -0.0002 NOUN cblr-1734 500 1 -0.33 -0.33 ADJ cblr-1734 500 2     SPACE cblr-1734 500 3 51 51 NUM cblr-1734 500 4 see see VERB cblr-1734 500 5 i i PRON cblr-1734 500 6 d. d. PROPN cblr-1734 500 7 at at ADP cblr-1734 500 8 43–46 43–46 NUM cblr-1734 500 9 , , PUNCT cblr-1734 500 10 86–88 86–88 NUM cblr-1734 500 11 ; ; PUNCT cblr-1734 500 12 lakonishok lakonishok PROPN cblr-1734 500 13 & & CCONJ cblr-1734 500 14 lee lee PROPN cblr-1734 500 15 , , PUNCT cblr-1734 500 16 supra supra PROPN cblr-1734 500 17 note note PROPN cblr-1734 500 18 33 33 NUM cblr-1734 500 19 , , PUNCT cblr-1734 500 20 at at ADP cblr-1734 500 21 79 79 NUM cblr-1734 500 22 – – SYM cblr-1734 500 23 111 111 NUM cblr-1734 500 24 . . X cblr-1734 501 1 52 52 NUM cblr-1734 501 2 see see VERB cblr-1734 501 3 seyhun seyhun PROPN cblr-1734 501 4 , , PUNCT cblr-1734 501 5 supra supra PROPN cblr-1734 501 6 note note NOUN cblr-1734 501 7 31 31 NUM cblr-1734 501 8 , , PUNCT cblr-1734 501 9 at at ADP cblr-1734 501 10 68–74 68–74 NUM cblr-1734 501 11 . . PUNCT cblr-1734 502 1 53 53 NUM cblr-1734 503 1 i i PRON cblr-1734 503 2 d. d. PROPN cblr-1734 503 3 at at ADP cblr-1734 503 4 72–74 72–74 NUM cblr-1734 503 5 . . PUNCT cblr-1734 504 1 mavruk mavruk PROPN cblr-1734 504 2 & & CCONJ cblr-1734 504 3 seyhun seyhun PROPN cblr-1734 504 4 – – PUNCT cblr-1734 504 5 final final ADJ cblr-1734 504 6 178 178 NUM cblr-1734 504 7 columbia columbia PROPN cblr-1734 504 8 business business NOUN cblr-1734 504 9 law law PROPN cblr-1734 504 10 review review NOUN cblr-1734 505 1 [ [ X cblr-1734 505 2 vol vol NOUN cblr-1734 505 3 . . NOUN cblr-1734 505 4 2016 2016 NUM cblr-1734 505 5 purchasesa purchasesa VERB cblr-1734 505 6 10b5 10b5 NUM cblr-1734 505 7 - - SYM cblr-1734 505 8 1 1 NUM cblr-1734 505 9 ( ( PUNCT cblr-1734 505 10 1 1 NUM cblr-1734 505 11 ) ) PUNCT cblr-1734 505 12 non-10b5 non-10b5 NOUN cblr-1734 505 13 - - SYM cblr-1734 505 14 1 1 NUM cblr-1734 505 15 ( ( PUNCT cblr-1734 505 16 2 2 NUM cblr-1734 505 17 ) ) PUNCT cblr-1734 505 18 diff diff NOUN cblr-1734 505 19 . . PUNCT cblr-1734 506 1 ( ( PUNCT cblr-1734 506 2 1)-(2 1)-(2 NUM cblr-1734 506 3 ) ) PUNCT cblr-1734 506 4 10 10 NUM cblr-1734 506 5 % % NOUN cblr-1734 506 6 owner owner NOUN cblr-1734 506 7 1 1 NUM cblr-1734 506 8 month month NOUN cblr-1734 506 9 0.0006 0.0006 NUM cblr-1734 506 10 1.27 1.27 NUM cblr-1734 506 11 0.0015 0.0015 NUM cblr-1734 506 12 5.66 5.66 NUM cblr-1734 506 13 -0.0009 -0.0009 NOUN cblr-1734 506 14 -1.55 -1.55 PRON cblr-1734 506 15 10 10 NUM cblr-1734 506 16 % % NOUN cblr-1734 506 17 owner owner NOUN cblr-1734 506 18 3 3 NUM cblr-1734 506 19 months month NOUN cblr-1734 506 20 -0.0001 -0.0001 X cblr-1734 506 21 -0.17 -0.17 PROPN cblr-1734 506 22 0.0004 0.0004 NUM cblr-1734 506 23 2.26 2.26 NUM cblr-1734 506 24 -0.0005 -0.0005 NOUN cblr-1734 506 25 -0.95 -0.95 NUM cblr-1734 506 26 10 10 NUM cblr-1734 506 27 % % NOUN cblr-1734 506 28 owner owner NOUN cblr-1734 506 29 6 6 NUM cblr-1734 506 30 months month NOUN cblr-1734 506 31 0.0002 0.0002 NUM cblr-1734 506 32 0.35 0.35 NUM cblr-1734 506 33 0.0002 0.0002 NUM cblr-1734 506 34 1.29 1.29 NUM cblr-1734 506 35 0.0000 0.0000 NUM cblr-1734 506 36 -0.07 -0.07 NUM cblr-1734 506 37 10 10 NUM cblr-1734 506 38 % % NOUN cblr-1734 506 39 owner owner NOUN cblr-1734 506 40 1 1 NUM cblr-1734 506 41 year year NOUN cblr-1734 506 42 0.0010 0.0010 NUM cblr-1734 506 43 2.16 2.16 NUM cblr-1734 506 44 0.0001 0.0001 NUM cblr-1734 506 45 0.47 0.47 NUM cblr-1734 506 46 0.0009 0.0009 NUM cblr-1734 506 47 1.82 1.82 NUM cblr-1734 506 48 other other ADJ cblr-1734 506 49 1 1 NUM cblr-1734 506 50 month month NOUN cblr-1734 506 51 -0.0001 -0.0001 NOUN cblr-1734 506 52 -0.20 -0.20 NUM cblr-1734 506 53 0.0006 0.0006 NUM cblr-1734 506 54 2.12 2.12 NUM cblr-1734 506 55 -0.0007 -0.0007 NOUN cblr-1734 506 56 -1.69 -1.69 NOUN cblr-1734 506 57 other other ADJ cblr-1734 506 58 3 3 NUM cblr-1734 506 59 months month NOUN cblr-1734 506 60 0.0002 0.0002 NUM cblr-1734 506 61 0.60 0.60 NUM cblr-1734 506 62 0.0000 0.0000 NUM cblr-1734 506 63 0.12 0.12 NUM cblr-1734 506 64 0.0002 0.0002 NUM cblr-1734 506 65 0.39 0.39 NUM cblr-1734 506 66 other other ADJ cblr-1734 506 67 6 6 NUM cblr-1734 506 68 months month NOUN cblr-1734 506 69 -0.0002 -0.0002 NOUN cblr-1734 506 70 -0.46 -0.46 NUM cblr-1734 506 71 0.0003 0.0003 NUM cblr-1734 506 72 0.96 0.96 NUM cblr-1734 506 73 -0.0005 -0.0005 NOUN cblr-1734 506 74 -0.88 -0.88 NUM cblr-1734 506 75 other other ADJ cblr-1734 506 76 1 1 NUM cblr-1734 506 77 year year NOUN cblr-1734 506 78 -0.0003 -0.0003 NOUN cblr-1734 506 79 -0.75 -0.75 NUM cblr-1734 506 80 0.0002 0.0002 NUM cblr-1734 506 81 0.80 0.80 NUM cblr-1734 506 82 -0.0006 -0.0006 NOUN cblr-1734 506 83 -1.05 -1.05 PRON cblr-1734 506 84 salesb salesb PROPN cblr-1734 506 85 insider insider NOUN cblr-1734 506 86 type type NOUN cblr-1734 506 87 horizon horizon NOUN cblr-1734 506 88 mean mean VERB cblr-1734 506 89 t t PROPN cblr-1734 506 90 - - PUNCT cblr-1734 506 91 stat stat NOUN cblr-1734 506 92 mean mean VERB cblr-1734 507 1 t t PROPN cblr-1734 507 2 - - PUNCT cblr-1734 507 3 stat stat NOUN cblr-1734 507 4 mean mean VERB cblr-1734 507 5 t t PROPN cblr-1734 507 6 - - PUNCT cblr-1734 507 7 stat stat NOUN cblr-1734 507 8 director director NOUN cblr-1734 507 9 1 1 NUM cblr-1734 507 10 month month NOUN cblr-1734 507 11 -0.0008 -0.0008 NOUN cblr-1734 508 1 -3.29 -3.29 PROPN cblr-1734 508 2 -0.0006 -0.0006 PROPN cblr-1734 508 3 -3.31 -3.31 PROPN cblr-1734 508 4 -0.0002 -0.0002 PROPN cblr-1734 508 5 -0.62 -0.62 PRON cblr-1734 508 6 director director NOUN cblr-1734 508 7 3 3 NUM cblr-1734 508 8 months month NOUN cblr-1734 508 9 -0.0009 -0.0009 PROPN cblr-1734 509 1 -3.68 -3.68 PRON cblr-1734 509 2 -0.0005 -0.0005 PROPN cblr-1734 509 3 -3.57 -3.57 X cblr-1734 509 4 -0.0003 -0.0003 ADJ cblr-1734 509 5 -1.23 -1.23 NUM cblr-1734 509 6 director director NOUN cblr-1734 509 7 6 6 NUM cblr-1734 509 8 months month NOUN cblr-1734 509 9 -0.0007 -0.0007 VERB cblr-1734 509 10 -2.49 -2.49 NUM cblr-1734 509 11 -0.0005 -0.0005 NOUN cblr-1734 509 12 -3.54 -3.54 X cblr-1734 509 13 -0.0002 -0.0002 NOUN cblr-1734 509 14 -0.60 -0.60 NUM cblr-1734 509 15 director director NOUN cblr-1734 509 16 1 1 NUM cblr-1734 509 17 year year NOUN cblr-1734 509 18 -0.0005 -0.0005 X cblr-1734 509 19 -1.96 -1.96 X cblr-1734 509 20 -0.0004 -0.0004 PROPN cblr-1734 509 21 -3.25 -3.25 NUM cblr-1734 509 22 -0.0001 -0.0001 NOUN cblr-1734 509 23 -0.19 -0.19 NOUN cblr-1734 509 24 officer officer NOUN cblr-1734 509 25 1 1 NUM cblr-1734 509 26 month month NOUN cblr-1734 509 27 -0.0004 -0.0004 NOUN cblr-1734 509 28 -2.32 -2.32 X cblr-1734 509 29 -0.0004 -0.0004 X cblr-1734 509 30 -3.80 -3.80 PROPN cblr-1734 509 31 -0.0001 -0.0001 PROPN cblr-1734 509 32 -0.24 -0.24 NUM cblr-1734 509 33 officer officer NOUN cblr-1734 509 34 3 3 NUM cblr-1734 509 35 months month NOUN cblr-1734 509 36 -0.0004 -0.0004 X cblr-1734 509 37 -2.41 -2.41 PUNCT cblr-1734 509 38 -0.0004 -0.0004 NOUN cblr-1734 509 39 -5.27 -5.27 NOUN cblr-1734 509 40 0.0000 0.0000 NUM cblr-1734 509 41 0.03 0.03 NUM cblr-1734 509 42 officer officer NOUN cblr-1734 509 43 6 6 NUM cblr-1734 509 44 months month NOUN cblr-1734 509 45 -0.0002 -0.0002 VERB cblr-1734 509 46 -1.63 -1.63 DET cblr-1734 509 47 -0.0004 -0.0004 NOUN cblr-1734 509 48 -5.10 -5.10 NUM cblr-1734 509 49 0.0001 0.0001 NUM cblr-1734 509 50 0.84 0.84 NUM cblr-1734 509 51 officer officer NOUN cblr-1734 509 52 1 1 NUM cblr-1734 509 53 year year NOUN cblr-1734 509 54 -0.0001 -0.0001 NOUN cblr-1734 509 55 -1.17 -1.17 PROPN cblr-1734 509 56 -0.0003 -0.0003 PROPN cblr-1734 509 57 -4.16 -4.16 PROPN cblr-1734 509 58 0.0001 0.0001 NUM cblr-1734 509 59 1.03 1.03 NUM cblr-1734 509 60 top top ADJ cblr-1734 509 61 executive executive ADJ cblr-1734 509 62 1 1 NUM cblr-1734 509 63 month month NOUN cblr-1734 509 64 -0.0006 -0.0006 NOUN cblr-1734 509 65 -2.94 -2.94 PUNCT cblr-1734 509 66 -0.0005 -0.0005 NOUN cblr-1734 509 67 -2.93 -2.93 NUM cblr-1734 509 68 -0.0001 -0.0001 NOUN cblr-1734 509 69 -0.23 -0.23 VERB cblr-1734 509 70 top top ADJ cblr-1734 509 71 executive executive ADJ cblr-1734 509 72 3 3 NUM cblr-1734 509 73 months month NOUN cblr-1734 509 74 -0.0005 -0.0005 VERB cblr-1734 509 75 -2.90 -2.90 DET cblr-1734 509 76 -0.0004 -0.0004 NOUN cblr-1734 509 77 -3.15 -3.15 PROPN cblr-1734 509 78 -0.0001 -0.0001 NOUN cblr-1734 509 79 -0.63 -0.63 PUNCT cblr-1734 509 80 top top ADJ cblr-1734 509 81 executive executive ADJ cblr-1734 509 82 6 6 NUM cblr-1734 509 83 months month NOUN cblr-1734 509 84 -0.0004 -0.0004 X cblr-1734 509 85 -3.03 -3.03 ADJ cblr-1734 509 86 -0.0004 -0.0004 X cblr-1734 509 87 -3.57 -3.57 PUNCT cblr-1734 509 88 -0.0001 -0.0001 NOUN cblr-1734 509 89 -0.39 -0.39 PROPN cblr-1734 509 90 top top ADJ cblr-1734 509 91 executive executive ADJ cblr-1734 509 92 1 1 NUM cblr-1734 509 93 year year NOUN cblr-1734 509 94 -0.0004 -0.0004 NOUN cblr-1734 509 95 -3.04 -3.04 NOUN cblr-1734 509 96 -0.0003 -0.0003 NOUN cblr-1734 509 97 -3.22 -3.22 X cblr-1734 509 98 -0.0001 -0.0001 NOUN cblr-1734 509 99 -0.38 -0.38 PROPN cblr-1734 509 100 10 10 NUM cblr-1734 509 101 % % NOUN cblr-1734 509 102 owner owner NOUN cblr-1734 509 103 1 1 NUM cblr-1734 509 104 month month NOUN cblr-1734 509 105 -0.0001 -0.0001 NOUN cblr-1734 509 106 -0.20 -0.20 X cblr-1734 509 107 -0.0004 -0.0004 NOUN cblr-1734 509 108 -1.32 -1.32 VERB cblr-1734 509 109 0.0003 0.0003 NUM cblr-1734 509 110 0.67 0.67 NUM cblr-1734 509 111 10 10 NUM cblr-1734 509 112 % % NOUN cblr-1734 509 113 owner owner NOUN cblr-1734 509 114 3 3 NUM cblr-1734 509 115 months month NOUN cblr-1734 509 116 -0.0001 -0.0001 X cblr-1734 509 117 -0.31 -0.31 NUM cblr-1734 509 118 -0.0001 -0.0001 NOUN cblr-1734 510 1 -0.60 -0.60 NUM cblr-1734 510 2 0.0000 0.0000 NUM cblr-1734 510 3 0.14 0.14 NUM cblr-1734 510 4 10 10 NUM cblr-1734 510 5 % % NOUN cblr-1734 510 6 owner owner NOUN cblr-1734 510 7 6 6 NUM cblr-1734 510 8 months month NOUN cblr-1734 510 9 -0.0002 -0.0002 NOUN cblr-1734 510 10 -0.68 -0.68 PROPN cblr-1734 510 11 -0.0002 -0.0002 NOUN cblr-1734 510 12 -1.46 -1.46 NOUN cblr-1734 510 13 0.0000 0.0000 NUM cblr-1734 510 14 0.14 0.14 NUM cblr-1734 510 15 10 10 NUM cblr-1734 510 16 % % NOUN cblr-1734 510 17 owner owner NOUN cblr-1734 510 18 1 1 NUM cblr-1734 510 19 year year NOUN cblr-1734 510 20 -0.0002 -0.0002 NOUN cblr-1734 511 1 -0.81 -0.81 INTJ cblr-1734 511 2 -0.0003 -0.0003 NOUN cblr-1734 511 3 -2.24 -2.24 NUM cblr-1734 511 4 0.0001 0.0001 NUM cblr-1734 511 5 0.33 0.33 NUM cblr-1734 511 6 other other ADJ cblr-1734 511 7 1 1 NUM cblr-1734 511 8 month month NOUN cblr-1734 511 9 -0.0003 -0.0003 NOUN cblr-1734 511 10 -0.65 -0.65 CCONJ cblr-1734 511 11 -0.0003 -0.0003 ADJ cblr-1734 511 12 -0.77 -0.77 PROPN cblr-1734 511 13 0.0000 0.0000 NUM cblr-1734 511 14 0.07 0.07 NUM cblr-1734 511 15 other other ADJ cblr-1734 511 16 3 3 NUM cblr-1734 511 17 months month NOUN cblr-1734 511 18 -0.0004 -0.0004 X cblr-1734 511 19 -1.20 -1.20 PROPN cblr-1734 511 20 -0.0003 -0.0003 PROPN cblr-1734 511 21 -1.09 -1.09 X cblr-1734 511 22 -0.0001 -0.0001 NOUN cblr-1734 511 23 -0.24 -0.24 NOUN cblr-1734 511 24 other other ADJ cblr-1734 511 25 6 6 NUM cblr-1734 511 26 months month NOUN cblr-1734 511 27 -0.0004 -0.0004 X cblr-1734 511 28 -1.19 -1.19 ADP cblr-1734 511 29 -0.0002 -0.0002 PROPN cblr-1734 511 30 -1.10 -1.10 NOUN cblr-1734 511 31 -0.0001 -0.0001 NOUN cblr-1734 511 32 -0.34 -0.34 NOUN cblr-1734 511 33 other other ADJ cblr-1734 511 34 1 1 NUM cblr-1734 511 35 year year NOUN cblr-1734 511 36 -0.0004 -0.0004 NOUN cblr-1734 511 37 -1.34 -1.34 NOUN cblr-1734 512 1 0.0000 0.0000 NUM cblr-1734 512 2 -0.09 -0.09 NUM cblr-1734 512 3 -0.0004 -0.0004 NOUN cblr-1734 512 4 -1.11 -1.11 PROPN cblr-1734 512 5 a a PRON cblr-1734 512 6 and and CCONJ cblr-1734 512 7 b b NOUN cblr-1734 512 8 the the DET cblr-1734 512 9 number number NOUN cblr-1734 512 10 of of ADP cblr-1734 512 11 observations observation NOUN cblr-1734 512 12 used use VERB cblr-1734 512 13 in in ADP cblr-1734 512 14 both both DET cblr-1734 512 15 purchases purchase NOUN cblr-1734 512 16 and and CCONJ cblr-1734 512 17 sales sale NOUN cblr-1734 512 18 regressions regression NOUN cblr-1734 512 19 is be AUX cblr-1734 512 20 2769 2769 NUM cblr-1734 512 21 . . PUNCT cblr-1734 513 1 mavruk mavruk PROPN cblr-1734 513 2 & & CCONJ cblr-1734 513 3 seyhun seyhun PROPN cblr-1734 513 4 – – PUNCT cblr-1734 513 5 final final ADJ cblr-1734 513 6 no no NOUN cblr-1734 513 7 . . PUNCT cblr-1734 514 1 1:133 1:133 NUM cblr-1734 514 2 ] ] X cblr-1734 514 3 sec sec PROPN cblr-1734 514 4 ’s ’s PART cblr-1734 514 5 10b5 10b5 NUM cblr-1734 514 6 - - SYM cblr-1734 514 7 1 1 NUM cblr-1734 514 8 safe safe ADJ cblr-1734 514 9 harbor harbor NOUN cblr-1734 514 10 rules rule VERB cblr-1734 514 11 179 179 NUM cblr-1734 514 12 panel panel NOUN cblr-1734 514 13 c c PROPN cblr-1734 514 14 of of ADP cblr-1734 514 15 table table NOUN cblr-1734 514 16 5 5 NUM cblr-1734 514 17 shows show VERB cblr-1734 514 18 that that SCONJ cblr-1734 514 19 the the DET cblr-1734 514 20 most most ADV cblr-1734 514 21 profitable profitable ADJ cblr-1734 514 22 purchases purchase NOUN cblr-1734 514 23 come come VERB cblr-1734 514 24 from from ADP cblr-1734 514 25 top top ADJ cblr-1734 514 26 executives executive NOUN cblr-1734 514 27 and and CCONJ cblr-1734 514 28 officers officer NOUN cblr-1734 514 29 . . PUNCT cblr-1734 515 1 this this PRON cblr-1734 515 2 is be AUX cblr-1734 515 3 particularly particularly ADV cblr-1734 515 4 true true ADJ cblr-1734 515 5 for for ADP cblr-1734 515 6 both both CCONJ cblr-1734 515 7 planned plan VERB cblr-1734 515 8 and and CCONJ cblr-1734 515 9 non non ADJ cblr-1734 515 10 - - ADJ cblr-1734 515 11 planned planned ADJ cblr-1734 515 12 purchases purchase NOUN cblr-1734 515 13 . . PUNCT cblr-1734 516 1 the the DET cblr-1734 516 2 category category NOUN cblr-1734 516 3 of of ADP cblr-1734 516 4 “ " PUNCT cblr-1734 516 5 other other ADJ cblr-1734 516 6 ” " PUNCT cblr-1734 516 7 insiders insider NOUN cblr-1734 516 8 shows show VERB cblr-1734 516 9 the the DET cblr-1734 516 10 least least ADV cblr-1734 516 11 profitable profitable ADJ cblr-1734 516 12 purchases purchase NOUN cblr-1734 516 13 , , PUNCT cblr-1734 516 14 especially especially ADV cblr-1734 516 15 over over ADP cblr-1734 516 16 longer long ADV cblr-1734 516 17 holding hold VERB cblr-1734 516 18 periods period NOUN cblr-1734 516 19 . . PUNCT cblr-1734 517 1 for for ADP cblr-1734 517 2 insider insider NOUN cblr-1734 517 3 sales sale NOUN cblr-1734 517 4 , , PUNCT cblr-1734 517 5 directors director NOUN cblr-1734 517 6 appear appear VERB cblr-1734 517 7 to to PART cblr-1734 517 8 be be AUX cblr-1734 517 9 engaging engage VERB cblr-1734 517 10 in in ADP cblr-1734 517 11 most most ADV cblr-1734 517 12 profitable profitable ADJ cblr-1734 517 13 10b5 10b5 NUM cblr-1734 517 14 - - SYM cblr-1734 517 15 1 1 NUM cblr-1734 517 16 trades trade NOUN cblr-1734 517 17 . . PUNCT cblr-1734 518 1 directors director NOUN cblr-1734 518 2 are be AUX cblr-1734 518 3 closely closely ADV cblr-1734 518 4 followed follow VERB cblr-1734 518 5 by by ADP cblr-1734 518 6 top top ADJ cblr-1734 518 7 executives executive NOUN cblr-1734 518 8 and and CCONJ cblr-1734 518 9 officers officer NOUN cblr-1734 518 10 . . PUNCT cblr-1734 519 1 large large ADJ cblr-1734 519 2 shareholders shareholder NOUN cblr-1734 519 3 and and CCONJ cblr-1734 519 4 other other ADJ cblr-1734 519 5 insiders insider NOUN cblr-1734 519 6 do do AUX cblr-1734 519 7 not not PART cblr-1734 519 8 exhibit exhibit VERB cblr-1734 519 9 profitability profitability NOUN cblr-1734 519 10 at at ADV cblr-1734 519 11 all all ADV cblr-1734 519 12 . . PUNCT cblr-1734 520 1 we we PRON cblr-1734 520 2 also also ADV cblr-1734 520 3 observe observe VERB cblr-1734 520 4 similar similar ADJ cblr-1734 520 5 relations relation NOUN cblr-1734 520 6 for for ADP cblr-1734 520 7 non non ADJ cblr-1734 520 8 - - ADJ cblr-1734 520 9 planned planned ADJ cblr-1734 520 10 sales sale NOUN cblr-1734 520 11 across across ADP cblr-1734 520 12 all all DET cblr-1734 520 13 types type NOUN cblr-1734 520 14 of of ADP cblr-1734 520 15 insiders insider NOUN cblr-1734 520 16 . . PUNCT cblr-1734 521 1 v. v. ADP cblr-1734 521 2 discussion discussion NOUN cblr-1734 521 3 of of ADP cblr-1734 521 4 policy policy NOUN cblr-1734 521 5 implications implication NOUN cblr-1734 521 6 our our PRON cblr-1734 521 7 results result NOUN cblr-1734 521 8 indicate indicate VERB cblr-1734 521 9 that that SCONJ cblr-1734 521 10 insiders insider NOUN cblr-1734 521 11 ’ ' PUNCT cblr-1734 521 12 10b5 10b5 NUM cblr-1734 521 13 - - SYM cblr-1734 521 14 1 1 NUM cblr-1734 521 15 plan plan NOUN cblr-1734 521 16 trades trade NOUN cblr-1734 521 17 under under ADP cblr-1734 521 18 rule rule NOUN cblr-1734 521 19 10b5 10b5 NUM cblr-1734 521 20 - - SYM cblr-1734 521 21 1 1 NUM cblr-1734 521 22 are be AUX cblr-1734 521 23 highly highly ADV cblr-1734 521 24 profitable profitable ADJ cblr-1734 521 25 and and CCONJ cblr-1734 521 26 typically typically ADV cblr-1734 521 27 similar similar ADJ cblr-1734 521 28 in in ADP cblr-1734 521 29 profitability profitability NOUN cblr-1734 521 30 to to ADP cblr-1734 521 31 non non ADJ cblr-1734 521 32 - - ADJ cblr-1734 521 33 plan plan ADJ cblr-1734 521 34 trades trade NOUN cblr-1734 521 35 . . PUNCT cblr-1734 522 1 our our PRON cblr-1734 522 2 evidence evidence NOUN cblr-1734 522 3 also also ADV cblr-1734 522 4 shows show VERB cblr-1734 522 5 that that SCONJ cblr-1734 522 6 10b5 10b5 NUM cblr-1734 522 7 - - SYM cblr-1734 522 8 1 1 NUM cblr-1734 522 9 plans plan NOUN cblr-1734 522 10 are be AUX cblr-1734 522 11 becoming become VERB cblr-1734 522 12 more more ADV cblr-1734 522 13 popular popular ADJ cblr-1734 522 14 over over ADP cblr-1734 522 15 time time NOUN cblr-1734 522 16 ; ; PUNCT cblr-1734 522 17 the the DET cblr-1734 522 18 percentage percentage NOUN cblr-1734 522 19 of of ADP cblr-1734 522 20 firms firm NOUN cblr-1734 522 21 with with ADP cblr-1734 522 22 at at ADV cblr-1734 522 23 least least ADV cblr-1734 522 24 one one NUM cblr-1734 522 25 10b5 10b5 NUM cblr-1734 522 26 - - SYM cblr-1734 522 27 1 1 NUM cblr-1734 522 28 transaction transaction NOUN cblr-1734 522 29 increased increase VERB cblr-1734 522 30 from from ADP cblr-1734 522 31 6 6 NUM cblr-1734 522 32 % % NOUN cblr-1734 522 33 to to PART cblr-1734 522 34 24 24 NUM cblr-1734 522 35 % % NOUN cblr-1734 522 36 between between ADP cblr-1734 522 37 2003 2003 NUM cblr-1734 522 38 and and CCONJ cblr-1734 522 39 2013 2013 NUM cblr-1734 522 40 . . PUNCT cblr-1734 523 1 these these DET cblr-1734 523 2 findings finding NOUN cblr-1734 523 3 are be AUX cblr-1734 523 4 consistent consistent ADJ cblr-1734 523 5 with with ADP cblr-1734 523 6 the the DET cblr-1734 523 7 conclusion conclusion NOUN cblr-1734 523 8 that that SCONJ cblr-1734 523 9 insiders insider NOUN cblr-1734 523 10 are be AUX cblr-1734 523 11 taking take VERB cblr-1734 523 12 advantage advantage NOUN cblr-1734 523 13 of of ADP cblr-1734 523 14 informational informational ADJ cblr-1734 523 15 advantages advantage NOUN cblr-1734 523 16 while while SCONJ cblr-1734 523 17 simultaneously simultaneously ADV cblr-1734 523 18 hiding hide VERB cblr-1734 523 19 behind behind ADP cblr-1734 523 20 10b5 10b5 NUM cblr-1734 523 21 - - SYM cblr-1734 523 22 1 1 NUM cblr-1734 523 23 plans plan NOUN cblr-1734 523 24 to to PART cblr-1734 523 25 escape escape VERB cblr-1734 523 26 potential potential ADJ cblr-1734 523 27 detection detection NOUN cblr-1734 523 28 of of ADP cblr-1734 523 29 their their PRON cblr-1734 523 30 informed inform VERB cblr-1734 523 31 trades trade NOUN cblr-1734 523 32 . . PUNCT cblr-1734 524 1 this this DET cblr-1734 524 2 evidence evidence NOUN cblr-1734 524 3 supports support VERB cblr-1734 524 4 the the DET cblr-1734 524 5 conclusion conclusion NOUN cblr-1734 524 6 that that SCONJ cblr-1734 524 7 it it PRON cblr-1734 524 8 is be AUX cblr-1734 524 9 necessary necessary ADJ cblr-1734 524 10 to to PART cblr-1734 524 11 rewrite rewrite VERB cblr-1734 524 12 the the DET cblr-1734 524 13 safeguards safeguard NOUN cblr-1734 524 14 of of ADP cblr-1734 524 15 the the DET cblr-1734 524 16 sec sec PROPN cblr-1734 524 17 ’s ’s PART cblr-1734 524 18 safe safe ADJ cblr-1734 524 19 harbor harbor NOUN cblr-1734 524 20 rule rule NOUN cblr-1734 524 21 in in ADP cblr-1734 524 22 order order NOUN cblr-1734 524 23 to to PART cblr-1734 524 24 prevent prevent VERB cblr-1734 524 25 such such ADJ cblr-1734 524 26 abuse abuse NOUN cblr-1734 524 27 . . PUNCT cblr-1734 525 1 we we PRON cblr-1734 525 2 first first ADV cblr-1734 525 3 propose propose VERB cblr-1734 525 4 that that SCONJ cblr-1734 525 5 the the DET cblr-1734 525 6 sec sec PROPN cblr-1734 525 7 require require VERB cblr-1734 525 8 a a DET cblr-1734 525 9 minimum minimum NOUN cblr-1734 525 10 , , PUNCT cblr-1734 525 11 builtin builtin PROPN cblr-1734 525 12 six six NUM cblr-1734 525 13 - - PUNCT cblr-1734 525 14 month month NOUN cblr-1734 525 15 delay delay NOUN cblr-1734 525 16 on on ADP cblr-1734 525 17 planned plan VERB cblr-1734 525 18 transactions transaction NOUN cblr-1734 525 19 after after SCONJ cblr-1734 525 20 a a DET cblr-1734 525 21 plan plan NOUN cblr-1734 525 22 is be AUX cblr-1734 525 23 filed file VERB cblr-1734 525 24 . . PUNCT cblr-1734 526 1 given give VERB cblr-1734 526 2 that that SCONJ cblr-1734 526 3 the the DET cblr-1734 526 4 profitability profitability NOUN cblr-1734 526 5 of of ADP cblr-1734 526 6 an an DET cblr-1734 526 7 insider insider NOUN cblr-1734 526 8 ’s ’s PART cblr-1734 526 9 transactions transaction NOUN cblr-1734 526 10 extends extend VERB cblr-1734 526 11 into into ADP cblr-1734 526 12 the the DET cblr-1734 526 13 six six NUM cblr-1734 526 14 months month NOUN cblr-1734 526 15 following follow VERB cblr-1734 526 16 the the DET cblr-1734 526 17 date date NOUN cblr-1734 526 18 of of ADP cblr-1734 526 19 the the DET cblr-1734 526 20 first first ADJ cblr-1734 526 21 trade trade NOUN cblr-1734 526 22 , , PUNCT cblr-1734 526 23 this this DET cblr-1734 526 24 additional additional ADJ cblr-1734 526 25 delay delay NOUN cblr-1734 526 26 of of ADP cblr-1734 526 27 six six NUM cblr-1734 526 28 months month NOUN cblr-1734 526 29 will will AUX cblr-1734 526 30 increase increase VERB cblr-1734 526 31 the the DET cblr-1734 526 32 likelihood likelihood NOUN cblr-1734 526 33 that that SCONJ cblr-1734 526 34 any any DET cblr-1734 526 35 planned plan VERB cblr-1734 526 36 transactions transaction NOUN cblr-1734 526 37 will will AUX cblr-1734 526 38 not not PART cblr-1734 526 39 benefit benefit VERB cblr-1734 526 40 from from ADP cblr-1734 526 41 this this DET cblr-1734 526 42 initial initial ADJ cblr-1734 526 43 informational informational ADJ cblr-1734 526 44 asymmetry asymmetry NOUN cblr-1734 526 45 . . PUNCT cblr-1734 527 1 most most ADJ cblr-1734 527 2 of of ADP cblr-1734 527 3 the the DET cblr-1734 527 4 asymmetric asymmetric ADJ cblr-1734 527 5 information information NOUN cblr-1734 527 6 will will AUX cblr-1734 527 7 be be AUX cblr-1734 527 8 reflected reflect VERB cblr-1734 527 9 in in ADP cblr-1734 527 10 stock stock NOUN cblr-1734 527 11 prices price NOUN cblr-1734 527 12 within within ADP cblr-1734 527 13 six six NUM cblr-1734 527 14 months month NOUN cblr-1734 527 15 . . PUNCT cblr-1734 528 1 some some PRON cblr-1734 528 2 may may AUX cblr-1734 528 3 argue argue VERB cblr-1734 528 4 that that SCONJ cblr-1734 528 5 this this DET cblr-1734 528 6 requirement requirement NOUN cblr-1734 528 7 is be AUX cblr-1734 528 8 too too ADV cblr-1734 528 9 onerous onerous ADJ cblr-1734 528 10 because because SCONJ cblr-1734 528 11 it it PRON cblr-1734 528 12 does do AUX cblr-1734 528 13 not not PART cblr-1734 528 14 allow allow VERB cblr-1734 528 15 insiders insider NOUN cblr-1734 528 16 to to PART cblr-1734 528 17 trade trade VERB cblr-1734 528 18 at at ADV cblr-1734 528 19 all all ADV cblr-1734 528 20 , , PUNCT cblr-1734 528 21 even even ADV cblr-1734 528 22 for for ADP cblr-1734 528 23 diversification diversification NOUN cblr-1734 528 24 reasons reason NOUN cblr-1734 528 25 . . PUNCT cblr-1734 529 1 however however ADV cblr-1734 529 2 , , PUNCT cblr-1734 529 3 this this DET cblr-1734 529 4 requirement requirement NOUN cblr-1734 529 5 does do AUX cblr-1734 529 6 not not PART cblr-1734 529 7 affect affect VERB cblr-1734 529 8 the the DET cblr-1734 529 9 ability ability NOUN cblr-1734 529 10 of of ADP cblr-1734 529 11 insiders insider NOUN cblr-1734 529 12 to to PART cblr-1734 529 13 trade trade VERB cblr-1734 529 14 outside outside ADV cblr-1734 529 15 of of ADP cblr-1734 529 16 the the DET cblr-1734 529 17 10b5 10b5 NUM cblr-1734 529 18 - - SYM cblr-1734 529 19 1 1 NUM cblr-1734 529 20 rule rule NOUN cblr-1734 529 21 . . PUNCT cblr-1734 530 1 if if SCONJ cblr-1734 530 2 they they PRON cblr-1734 530 3 desire desire VERB cblr-1734 530 4 , , PUNCT cblr-1734 530 5 insiders insider NOUN cblr-1734 530 6 can can AUX cblr-1734 530 7 still still ADV cblr-1734 530 8 buy buy VERB cblr-1734 530 9 or or CCONJ cblr-1734 530 10 sell sell VERB cblr-1734 530 11 mavruk mavruk NOUN cblr-1734 530 12 & & CCONJ cblr-1734 530 13 seyhun seyhun PROPN cblr-1734 530 14 – – PUNCT cblr-1734 531 1 final final ADJ cblr-1734 531 2 180 180 NUM cblr-1734 531 3 columbia columbia PROPN cblr-1734 531 4 business business NOUN cblr-1734 531 5 law law PROPN cblr-1734 531 6 review review NOUN cblr-1734 531 7 [ [ X cblr-1734 531 8 vol vol NOUN cblr-1734 531 9 . . PUNCT cblr-1734 531 10 2016 2016 NUM cblr-1734 531 11 immediately immediately ADV cblr-1734 531 12 after after ADP cblr-1734 531 13 setting set VERB cblr-1734 531 14 up up ADP cblr-1734 531 15 a a DET cblr-1734 531 16 plan plan NOUN cblr-1734 531 17 ; ; PUNCT cblr-1734 531 18 however however ADV cblr-1734 531 19 , , PUNCT cblr-1734 531 20 those those DET cblr-1734 531 21 transactions transaction NOUN cblr-1734 531 22 can can AUX cblr-1734 531 23 not not PART cblr-1734 531 24 receive receive VERB cblr-1734 531 25 the the DET cblr-1734 531 26 benefit benefit NOUN cblr-1734 531 27 of of ADP cblr-1734 531 28 the the DET cblr-1734 531 29 safe safe ADJ cblr-1734 531 30 harbor harbor NOUN cblr-1734 531 31 rule rule NOUN cblr-1734 531 32 . . PUNCT cblr-1734 532 1 second second ADJ cblr-1734 532 2 , , PUNCT cblr-1734 532 3 insiders insider NOUN cblr-1734 532 4 can can AUX cblr-1734 532 5 benefit benefit VERB cblr-1734 532 6 from from ADP cblr-1734 532 7 their their PRON cblr-1734 532 8 informational informational ADJ cblr-1734 532 9 advantages advantage NOUN cblr-1734 532 10 by by ADP cblr-1734 532 11 subsequently subsequently ADV cblr-1734 532 12 modifying modify VERB cblr-1734 532 13 their their PRON cblr-1734 532 14 plans plan NOUN cblr-1734 532 15 . . PUNCT cblr-1734 533 1 to to PART cblr-1734 533 2 prevent prevent VERB cblr-1734 533 3 abuse abuse NOUN cblr-1734 533 4 , , PUNCT cblr-1734 533 5 we we PRON cblr-1734 533 6 propose propose VERB cblr-1734 533 7 that that SCONJ cblr-1734 533 8 any any DET cblr-1734 533 9 modification modification NOUN cblr-1734 533 10 to to ADP cblr-1734 533 11 an an DET cblr-1734 533 12 existing exist VERB cblr-1734 533 13 plan plan NOUN cblr-1734 533 14 must must AUX cblr-1734 533 15 prompt prompt VERB cblr-1734 533 16 a a DET cblr-1734 533 17 new new ADJ cblr-1734 533 18 built build VERB cblr-1734 533 19 - - PUNCT cblr-1734 533 20 in in ADP cblr-1734 533 21 six six NUM cblr-1734 533 22 - - PUNCT cblr-1734 533 23 month month NOUN cblr-1734 533 24 trading trading NOUN cblr-1734 533 25 delay delay NOUN cblr-1734 533 26 . . PUNCT cblr-1734 534 1 this this DET cblr-1734 534 2 requirement requirement NOUN cblr-1734 534 3 will will AUX cblr-1734 534 4 again again ADV cblr-1734 534 5 reduce reduce VERB cblr-1734 534 6 the the DET cblr-1734 534 7 incentives incentive NOUN cblr-1734 534 8 for for SCONJ cblr-1734 534 9 insiders insider NOUN cblr-1734 534 10 to to PART cblr-1734 534 11 modify modify VERB cblr-1734 534 12 10b5 10b5 NUM cblr-1734 534 13 - - SYM cblr-1734 534 14 1 1 NUM cblr-1734 534 15 plans plan NOUN cblr-1734 534 16 as as ADP cblr-1734 534 17 a a DET cblr-1734 534 18 result result NOUN cblr-1734 534 19 of of ADP cblr-1734 534 20 gaining gain VERB cblr-1734 534 21 subsequent subsequent ADJ cblr-1734 534 22 material material NOUN cblr-1734 534 23 non non ADJ cblr-1734 534 24 - - ADJ cblr-1734 534 25 public public ADJ cblr-1734 534 26 information information NOUN cblr-1734 534 27 . . PUNCT cblr-1734 535 1 third third ADV cblr-1734 535 2 , , PUNCT cblr-1734 535 3 we we PRON cblr-1734 535 4 propose propose VERB cblr-1734 535 5 that that SCONJ cblr-1734 535 6 the the DET cblr-1734 535 7 sec sec PROPN cblr-1734 535 8 rescind rescind VERB cblr-1734 535 9 its its PRON cblr-1734 535 10 grant grant NOUN cblr-1734 535 11 of of ADP cblr-1734 535 12 permission permission NOUN cblr-1734 535 13 for for ADP cblr-1734 535 14 the the DET cblr-1734 535 15 use use NOUN cblr-1734 535 16 of of ADP cblr-1734 535 17 formulas formula NOUN cblr-1734 535 18 , , PUNCT cblr-1734 535 19 algorithms algorithm NOUN cblr-1734 535 20 , , PUNCT cblr-1734 535 21 or or CCONJ cblr-1734 535 22 computer computer NOUN cblr-1734 535 23 programs program NOUN cblr-1734 535 24 with with ADP cblr-1734 535 25 safe safe ADJ cblr-1734 535 26 harbor harbor NOUN cblr-1734 535 27 plans plan NOUN cblr-1734 535 28 . . PUNCT cblr-1734 536 1 making make VERB cblr-1734 536 2 safe safe ADJ cblr-1734 536 3 harbor harbor NOUN cblr-1734 536 4 trading trade VERB cblr-1734 536 5 dependent dependent ADJ cblr-1734 536 6 on on ADP cblr-1734 536 7 the the DET cblr-1734 536 8 market market NOUN cblr-1734 536 9 price price NOUN cblr-1734 536 10 of of ADP cblr-1734 536 11 a a DET cblr-1734 536 12 company company NOUN cblr-1734 536 13 ’s ’s PART cblr-1734 536 14 stock stock NOUN cblr-1734 536 15 and and CCONJ cblr-1734 536 16 allowing allow VERB cblr-1734 536 17 insiders insider NOUN cblr-1734 536 18 to to PART cblr-1734 536 19 provide provide VERB cblr-1734 536 20 a a DET cblr-1734 536 21 formula formula NOUN cblr-1734 536 22 or or CCONJ cblr-1734 536 23 a a DET cblr-1734 536 24 computer computer NOUN cblr-1734 536 25 program program NOUN cblr-1734 536 26 to to PART cblr-1734 536 27 determine determine VERB cblr-1734 536 28 trading trading NOUN cblr-1734 536 29 activity activity NOUN cblr-1734 536 30 actually actually ADV cblr-1734 536 31 increases increase VERB cblr-1734 536 32 insiders insider NOUN cblr-1734 536 33 ’ ' PUNCT cblr-1734 536 34 degree degree NOUN cblr-1734 536 35 of of ADP cblr-1734 536 36 freedom freedom NOUN cblr-1734 536 37 with with ADP cblr-1734 536 38 respect respect NOUN cblr-1734 536 39 to to ADP cblr-1734 536 40 exploiting exploit VERB cblr-1734 536 41 material material ADJ cblr-1734 536 42 non non ADJ cblr-1734 536 43 - - ADJ cblr-1734 536 44 public public ADJ cblr-1734 536 45 information information NOUN cblr-1734 536 46 . . PUNCT cblr-1734 537 1 instead instead ADV cblr-1734 537 2 , , PUNCT cblr-1734 537 3 the the DET cblr-1734 537 4 sec sec PROPN cblr-1734 537 5 should should AUX cblr-1734 537 6 require require VERB cblr-1734 537 7 that that SCONJ cblr-1734 537 8 plans plan NOUN cblr-1734 537 9 contain contain VERB cblr-1734 537 10 only only ADV cblr-1734 537 11 two two NUM cblr-1734 537 12 elements element NOUN cblr-1734 537 13 : : PUNCT cblr-1734 537 14 the the DET cblr-1734 537 15 number number NOUN cblr-1734 537 16 of of ADP cblr-1734 537 17 shares share NOUN cblr-1734 537 18 to to PART cblr-1734 537 19 be be AUX cblr-1734 537 20 purchased purchase VERB cblr-1734 537 21 or or CCONJ cblr-1734 537 22 sold sell VERB cblr-1734 537 23 , , PUNCT cblr-1734 537 24 and and CCONJ cblr-1734 537 25 the the DET cblr-1734 537 26 dates date NOUN cblr-1734 537 27 of of ADP cblr-1734 537 28 these these DET cblr-1734 537 29 proposed propose VERB cblr-1734 537 30 transactions transaction NOUN cblr-1734 537 31 . . PUNCT cblr-1734 538 1 the the DET cblr-1734 538 2 less less ADJ cblr-1734 538 3 discretion discretion NOUN cblr-1734 538 4 insiders insider NOUN cblr-1734 538 5 have have VERB cblr-1734 538 6 over over ADP cblr-1734 538 7 the the DET cblr-1734 538 8 future future ADJ cblr-1734 538 9 course course NOUN cblr-1734 538 10 of of ADP cblr-1734 538 11 their their PRON cblr-1734 538 12 proposed propose VERB cblr-1734 538 13 transactions transaction NOUN cblr-1734 538 14 , , PUNCT cblr-1734 538 15 the the PRON cblr-1734 538 16 less less ADJ cblr-1734 538 17 they they PRON cblr-1734 538 18 will will AUX cblr-1734 538 19 be be AUX cblr-1734 538 20 able able ADJ cblr-1734 538 21 to to PART cblr-1734 538 22 use use VERB cblr-1734 538 23 their their PRON cblr-1734 538 24 material material ADJ cblr-1734 538 25 non non ADJ cblr-1734 538 26 - - ADJ cblr-1734 538 27 public public ADJ cblr-1734 538 28 information information NOUN cblr-1734 538 29 . . PUNCT cblr-1734 539 1 fourth fourth ADJ cblr-1734 539 2 , , PUNCT cblr-1734 539 3 we we PRON cblr-1734 539 4 propose propose VERB cblr-1734 539 5 that that SCONJ cblr-1734 539 6 all all DET cblr-1734 539 7 the the DET cblr-1734 539 8 details detail NOUN cblr-1734 539 9 of of ADP cblr-1734 539 10 a a DET cblr-1734 539 11 10b5 10b5 NUM cblr-1734 539 12 - - SYM cblr-1734 539 13 1 1 NUM cblr-1734 539 14 plan plan NOUN cblr-1734 539 15 must must AUX cblr-1734 539 16 be be AUX cblr-1734 539 17 disclosed disclose VERB cblr-1734 539 18 at at ADP cblr-1734 539 19 the the DET cblr-1734 539 20 time time NOUN cblr-1734 539 21 of of ADP cblr-1734 539 22 the the DET cblr-1734 539 23 initial initial ADJ cblr-1734 539 24 filing filing NOUN cblr-1734 539 25 of of ADP cblr-1734 539 26 the the DET cblr-1734 539 27 plan plan NOUN cblr-1734 539 28 . . PUNCT cblr-1734 540 1 any any DET cblr-1734 540 2 subsequent subsequent ADJ cblr-1734 540 3 modifications modification NOUN cblr-1734 540 4 to to ADP cblr-1734 540 5 a a DET cblr-1734 540 6 plan plan NOUN cblr-1734 540 7 or or CCONJ cblr-1734 540 8 subsequent subsequent ADJ cblr-1734 540 9 cancellation cancellation NOUN cblr-1734 540 10 of of ADP cblr-1734 540 11 a a DET cblr-1734 540 12 plan plan NOUN cblr-1734 540 13 must must AUX cblr-1734 540 14 also also ADV cblr-1734 540 15 be be AUX cblr-1734 540 16 publicly publicly ADV cblr-1734 540 17 disclosed disclose VERB cblr-1734 540 18 . . PUNCT cblr-1734 541 1 public public ADJ cblr-1734 541 2 disclosure disclosure NOUN cblr-1734 541 3 is be AUX cblr-1734 541 4 necessary necessary ADJ cblr-1734 541 5 to to PART cblr-1734 541 6 ensure ensure VERB cblr-1734 541 7 that that SCONJ cblr-1734 541 8 ( ( PUNCT cblr-1734 541 9 1 1 X cblr-1734 541 10 ) ) PUNCT cblr-1734 541 11 plans plan NOUN cblr-1734 541 12 are be AUX cblr-1734 541 13 not not PART cblr-1734 541 14 set set VERB cblr-1734 541 15 up up ADP cblr-1734 541 16 to to PART cblr-1734 541 17 exploit exploit VERB cblr-1734 541 18 material material NOUN cblr-1734 541 19 , , PUNCT cblr-1734 541 20 non non ADJ cblr-1734 541 21 - - ADJ cblr-1734 541 22 public public ADJ cblr-1734 541 23 information information NOUN cblr-1734 541 24 and and CCONJ cblr-1734 541 25 ( ( PUNCT cblr-1734 541 26 2 2 NUM cblr-1734 541 27 ) ) PUNCT cblr-1734 541 28 that that SCONJ cblr-1734 541 29 investors investor NOUN cblr-1734 541 30 can can AUX cblr-1734 541 31 verify verify VERB cblr-1734 541 32 for for ADP cblr-1734 541 33 themselves themselves PRON cblr-1734 541 34 that that SCONJ cblr-1734 541 35 insiders insider NOUN cblr-1734 541 36 are be AUX cblr-1734 541 37 following follow VERB cblr-1734 541 38 their their PRON cblr-1734 541 39 own own ADJ cblr-1734 541 40 rules rule NOUN cblr-1734 541 41 . . PUNCT cblr-1734 542 1 in in ADP cblr-1734 542 2 addition addition NOUN cblr-1734 542 3 , , PUNCT cblr-1734 542 4 such such DET cblr-1734 542 5 a a DET cblr-1734 542 6 public public ADJ cblr-1734 542 7 disclosure disclosure NOUN cblr-1734 542 8 rule rule NOUN cblr-1734 542 9 would would AUX cblr-1734 542 10 also also ADV cblr-1734 542 11 direct direct VERB cblr-1734 542 12 additional additional ADJ cblr-1734 542 13 attention attention NOUN cblr-1734 542 14 to to ADP cblr-1734 542 15 any any DET cblr-1734 542 16 subsequent subsequent ADJ cblr-1734 542 17 modification modification NOUN cblr-1734 542 18 or or CCONJ cblr-1734 542 19 cancellation cancellation NOUN cblr-1734 542 20 of of ADP cblr-1734 542 21 the the DET cblr-1734 542 22 plan plan NOUN cblr-1734 542 23 , , PUNCT cblr-1734 542 24 thereby thereby ADV cblr-1734 542 25 reducing reduce VERB cblr-1734 542 26 insiders insider NOUN cblr-1734 542 27 ’ ’ PART cblr-1734 542 28 incentives incentive NOUN cblr-1734 542 29 to to PART cblr-1734 542 30 use use VERB cblr-1734 542 31 their their PRON cblr-1734 542 32 informational informational ADJ cblr-1734 542 33 advantages advantage NOUN cblr-1734 542 34 to to PART cblr-1734 542 35 effect effect VERB cblr-1734 542 36 such such ADJ cblr-1734 542 37 changes change NOUN cblr-1734 542 38 . . PUNCT cblr-1734 543 1 mavruk mavruk PROPN cblr-1734 543 2 & & CCONJ cblr-1734 543 3 seyhun seyhun PROPN cblr-1734 543 4 – – PUNCT cblr-1734 543 5 final final ADJ cblr-1734 543 6 no no NOUN cblr-1734 543 7 . . PUNCT cblr-1734 544 1 1:133 1:133 NUM cblr-1734 544 2 ] ] X cblr-1734 544 3 sec sec PROPN cblr-1734 544 4 ’s ’s PART cblr-1734 544 5 10b5 10b5 NUM cblr-1734 544 6 - - SYM cblr-1734 544 7 1 1 NUM cblr-1734 544 8 safe safe ADJ cblr-1734 544 9 harbor harbor NOUN cblr-1734 544 10 rules rule VERB cblr-1734 544 11 181 181 NUM cblr-1734 544 12 some some DET cblr-1734 544 13 opponents opponent NOUN cblr-1734 544 14 may may AUX cblr-1734 544 15 argue argue VERB cblr-1734 544 16 that that SCONJ cblr-1734 544 17 such such ADJ cblr-1734 544 18 public public ADJ cblr-1734 544 19 disclosures disclosure NOUN cblr-1734 544 20 are be AUX cblr-1734 544 21 inconsistent inconsistent ADJ cblr-1734 544 22 with with ADP cblr-1734 544 23 insiders insider NOUN cblr-1734 544 24 ’ ' PUNCT cblr-1734 544 25 right right NOUN cblr-1734 544 26 to to AUX cblr-1734 544 27 privacy.54 privacy.54 VERB cblr-1734 544 28 two two NUM cblr-1734 544 29 arguments argument NOUN cblr-1734 544 30 weigh weigh VERB cblr-1734 544 31 against against ADP cblr-1734 544 32 this this DET cblr-1734 544 33 line line NOUN cblr-1734 544 34 of of ADP cblr-1734 544 35 reasoning reasoning NOUN cblr-1734 544 36 . . PUNCT cblr-1734 545 1 first first ADV cblr-1734 545 2 , , PUNCT cblr-1734 545 3 insiders insider NOUN cblr-1734 545 4 and and CCONJ cblr-1734 545 5 firms firm NOUN cblr-1734 545 6 do do AUX cblr-1734 545 7 not not PART cblr-1734 545 8 give give VERB cblr-1734 545 9 up up ADP cblr-1734 545 10 any any DET cblr-1734 545 11 business business NOUN cblr-1734 545 12 secrets secret NOUN cblr-1734 545 13 by by ADP cblr-1734 545 14 disclosing disclose VERB cblr-1734 545 15 their their PRON cblr-1734 545 16 supposedly supposedly ADV cblr-1734 545 17 non non ADJ cblr-1734 545 18 - - ADJ cblr-1734 545 19 information information NOUN cblr-1734 545 20 - - PUNCT cblr-1734 545 21 related relate VERB cblr-1734 545 22 planned plan VERB cblr-1734 545 23 transactions transaction NOUN cblr-1734 545 24 . . PUNCT cblr-1734 546 1 by by ADP cblr-1734 546 2 definition definition NOUN cblr-1734 546 3 , , PUNCT cblr-1734 546 4 these these DET cblr-1734 546 5 trades trade NOUN cblr-1734 546 6 should should AUX cblr-1734 546 7 not not PART cblr-1734 546 8 contain contain VERB cblr-1734 546 9 any any DET cblr-1734 546 10 material material NOUN cblr-1734 546 11 information information NOUN cblr-1734 546 12 . . PUNCT cblr-1734 547 1 alternatively alternatively ADV cblr-1734 547 2 , , PUNCT cblr-1734 547 3 if if SCONJ cblr-1734 547 4 simple simple ADJ cblr-1734 547 5 knowledge knowledge NOUN cblr-1734 547 6 of of ADP cblr-1734 547 7 the the DET cblr-1734 547 8 plan plan NOUN cblr-1734 547 9 dates date NOUN cblr-1734 547 10 , , PUNCT cblr-1734 547 11 quantities quantity NOUN cblr-1734 547 12 , , PUNCT cblr-1734 547 13 and and CCONJ cblr-1734 547 14 limit limit VERB cblr-1734 547 15 prices price NOUN cblr-1734 547 16 is be AUX cblr-1734 547 17 sufficient sufficient ADJ cblr-1734 547 18 to to PART cblr-1734 547 19 infer infer VERB cblr-1734 547 20 insiders insider NOUN cblr-1734 547 21 ’ ’ PART cblr-1734 547 22 material material NOUN cblr-1734 547 23 , , PUNCT cblr-1734 547 24 non non ADJ cblr-1734 547 25 - - ADJ cblr-1734 547 26 public public ADJ cblr-1734 547 27 information information NOUN cblr-1734 547 28 , , PUNCT cblr-1734 547 29 then then ADV cblr-1734 547 30 these these DET cblr-1734 547 31 plans plan NOUN cblr-1734 547 32 should should AUX cblr-1734 547 33 not not PART cblr-1734 547 34 qualify qualify VERB cblr-1734 547 35 for for ADP cblr-1734 547 36 the the DET cblr-1734 547 37 safe safe ADJ cblr-1734 547 38 harbor harbor NOUN cblr-1734 547 39 privilege privilege NOUN cblr-1734 547 40 . . PUNCT cblr-1734 548 1 second second ADJ cblr-1734 548 2 , , PUNCT cblr-1734 548 3 existing exist VERB cblr-1734 548 4 sec sec PROPN cblr-1734 548 5 rules rule NOUN cblr-1734 548 6 already already ADV cblr-1734 548 7 require require VERB cblr-1734 548 8 prior prior ADJ cblr-1734 548 9 public public ADJ cblr-1734 548 10 disclosure disclosure NOUN cblr-1734 548 11 of of ADP cblr-1734 548 12 insiders insider NOUN cblr-1734 548 13 ’ ' PUNCT cblr-1734 548 14 planned plan VERB cblr-1734 548 15 sales sale NOUN cblr-1734 548 16 of of ADP cblr-1734 548 17 restricted restricted ADJ cblr-1734 548 18 or or CCONJ cblr-1734 548 19 control control NOUN cblr-1734 548 20 shares.55 shares.55 NOUN cblr-1734 548 21 in in ADP cblr-1734 548 22 this this DET cblr-1734 548 23 case case NOUN cblr-1734 548 24 , , PUNCT cblr-1734 548 25 insiders insider NOUN cblr-1734 548 26 must must AUX cblr-1734 548 27 file file VERB cblr-1734 548 28 a a DET cblr-1734 548 29 notice notice NOUN cblr-1734 548 30 of of ADP cblr-1734 548 31 proposed propose VERB cblr-1734 548 32 sale sale NOUN cblr-1734 548 33 with with ADP cblr-1734 548 34 the the DET cblr-1734 548 35 sec sec PROPN cblr-1734 548 36 on on ADP cblr-1734 548 37 form form NOUN cblr-1734 548 38 144 144 NUM cblr-1734 548 39 if if SCONJ cblr-1734 548 40 the the DET cblr-1734 548 41 sale sale NOUN cblr-1734 548 42 involves involve VERB cblr-1734 548 43 more more ADJ cblr-1734 548 44 than than ADP cblr-1734 548 45 5000 5000 NUM cblr-1734 548 46 shares share NOUN cblr-1734 548 47 or or CCONJ cblr-1734 548 48 greater great ADJ cblr-1734 548 49 than than ADP cblr-1734 548 50 $ $ SYM cblr-1734 548 51 50,000 50,000 NUM cblr-1734 548 52 in in ADP cblr-1734 548 53 any any DET cblr-1734 548 54 threemonth threemonth NOUN cblr-1734 548 55 period.56 period.56 NOUN cblr-1734 548 56 to to PART cblr-1734 548 57 address address VERB cblr-1734 548 58 privacy privacy NOUN cblr-1734 548 59 concerns concern NOUN cblr-1734 548 60 , , PUNCT cblr-1734 548 61 similar similar ADJ cblr-1734 548 62 smalltrade smalltrade NOUN cblr-1734 548 63 volume volume NOUN cblr-1734 548 64 conditions condition NOUN cblr-1734 548 65 could could AUX cblr-1734 548 66 be be AUX cblr-1734 548 67 added add VERB cblr-1734 548 68 to to ADP cblr-1734 548 69 our our PRON cblr-1734 548 70 proposed propose VERB cblr-1734 548 71 disclosure disclosure NOUN cblr-1734 548 72 requirements requirement NOUN cblr-1734 548 73 for for ADP cblr-1734 548 74 rule rule NOUN cblr-1734 548 75 10b5 10b5 NUM cblr-1734 548 76 - - SYM cblr-1734 548 77 1 1 NUM cblr-1734 548 78 trades trade NOUN cblr-1734 548 79 as as ADV cblr-1734 548 80 well well ADV cblr-1734 548 81 . . PUNCT cblr-1734 549 1 vi vi X cblr-1734 549 2 . . PUNCT cblr-1734 549 3 conclusions conclusion NOUN cblr-1734 549 4 this this DET cblr-1734 549 5 article article NOUN cblr-1734 549 6 examines examine VERB cblr-1734 549 7 the the DET cblr-1734 549 8 profitability profitability NOUN cblr-1734 549 9 of of ADP cblr-1734 549 10 insider insider NOUN cblr-1734 549 11 transactions transaction NOUN cblr-1734 549 12 under under ADP cblr-1734 549 13 rule rule NOUN cblr-1734 549 14 10b5 10b5 NUM cblr-1734 549 15 - - SYM cblr-1734 549 16 1 1 NUM cblr-1734 549 17 . . PUNCT cblr-1734 550 1 one one NUM cblr-1734 550 2 of of ADP cblr-1734 550 3 the the DET cblr-1734 550 4 innovations innovation NOUN cblr-1734 550 5 of of ADP cblr-1734 550 6 this this DET cblr-1734 550 7 study study NOUN cblr-1734 550 8 is be AUX cblr-1734 550 9 its its PRON cblr-1734 550 10 inclusion inclusion NOUN cblr-1734 550 11 of of ADP cblr-1734 550 12 all all PRON cblr-1734 550 13 reported report VERB cblr-1734 550 14 10b5 10b5 NUM cblr-1734 550 15 - - SYM cblr-1734 550 16 1 1 NUM cblr-1734 550 17 trades trade NOUN cblr-1734 550 18 . . PUNCT cblr-1734 551 1 we we PRON cblr-1734 551 2 find find VERB cblr-1734 551 3 that that SCONJ cblr-1734 551 4 , , PUNCT cblr-1734 551 5 on on ADP cblr-1734 551 6 average average ADJ cblr-1734 551 7 , , PUNCT cblr-1734 551 8 insiders insider NOUN cblr-1734 551 9 ’ ' PUNCT cblr-1734 551 10 trades trade NOUN cblr-1734 551 11 within within ADP cblr-1734 551 12 rule rule NOUN cblr-1734 551 13 10b5 10b5 NUM cblr-1734 551 14 - - SYM cblr-1734 551 15 1 1 NUM cblr-1734 551 16 appear appear VERB cblr-1734 551 17 to to PART cblr-1734 551 18 be be AUX cblr-1734 551 19 based base VERB cblr-1734 551 20 on on ADP cblr-1734 551 21 material material ADJ cblr-1734 551 22 non non ADJ cblr-1734 551 23 - - ADJ cblr-1734 551 24 public public ADJ cblr-1734 551 25 information information NOUN cblr-1734 551 26 . . PUNCT cblr-1734 552 1 moreover moreover ADV cblr-1734 552 2 , , PUNCT cblr-1734 552 3 the the DET cblr-1734 552 4 profitability profitability NOUN cblr-1734 552 5 of of ADP cblr-1734 552 6 10b5 10b5 NUM cblr-1734 552 7 - - SYM cblr-1734 552 8 1 1 NUM cblr-1734 552 9 plan plan NOUN cblr-1734 552 10 trades trade NOUN cblr-1734 552 11 is be AUX cblr-1734 552 12 similar similar ADJ cblr-1734 552 13 to to ADP cblr-1734 552 14 the the DET cblr-1734 552 15 profitability profitability NOUN cblr-1734 552 16 of of ADP cblr-1734 552 17 non non ADJ cblr-1734 552 18 - - ADJ cblr-1734 552 19 plan plan ADJ cblr-1734 552 20 insider insider NOUN cblr-1734 552 21 trades trade NOUN cblr-1734 552 22 . . PUNCT cblr-1734 553 1 to to PART cblr-1734 553 2 analyze analyze VERB cblr-1734 553 3 how how SCONJ cblr-1734 553 4 insiders insider NOUN cblr-1734 553 5 might might AUX cblr-1734 553 6 trade trade VERB cblr-1734 553 7 strategically strategically ADV cblr-1734 553 8 within within ADP cblr-1734 553 9 the the DET cblr-1734 553 10 rule rule NOUN cblr-1734 553 11 , , PUNCT cblr-1734 553 12 we we PRON cblr-1734 553 13 examine examine VERB cblr-1734 553 14 a a DET cblr-1734 553 15 number number NOUN cblr-1734 553 16 of of ADP cblr-1734 553 17 trade trade NOUN cblr-1734 553 18 characteristics characteristic NOUN cblr-1734 553 19 . . PUNCT cblr-1734 554 1 we we PRON cblr-1734 554 2 also also ADV cblr-1734 554 3 identify identify VERB cblr-1734 554 4 insiders insider NOUN cblr-1734 554 5 ’ ’ PART cblr-1734 554 6 initial initial ADJ cblr-1734 554 7 and and CCONJ cblr-1734 554 8 subsequent subsequent ADJ cblr-1734 554 9 trades trade NOUN cblr-1734 554 10 , , PUNCT cblr-1734 554 11 as as ADV cblr-1734 554 12 well well ADV cblr-1734 554 13 as as ADP cblr-1734 554 14 their their PRON cblr-1734 554 15 regular regular ADJ cblr-1734 554 16 and and CCONJ cblr-1734 554 17 irregular irregular ADJ cblr-1734 554 18 trades trade NOUN cblr-1734 554 19 . . PUNCT cblr-1734 555 1 our our PRON cblr-1734 555 2 results result NOUN cblr-1734 555 3 show show VERB cblr-1734 555 4 that that SCONJ cblr-1734 555 5 even even ADV cblr-1734 555 6 initial initial ADJ cblr-1734 555 7 trades trade NOUN cblr-1734 555 8 under under ADP cblr-1734 555 9 rule rule NOUN cblr-1734 555 10 10b5 10b5 NUM cblr-1734 555 11 - - SYM cblr-1734 555 12 1 1 NUM cblr-1734 555 13 appear appear VERB cblr-1734 555 14 to to PART cblr-1734 555 15 be be AUX cblr-1734 555 16 based base VERB cblr-1734 555 17 on on ADP cblr-1734 555 18 material material ADJ cblr-1734 555 19 non non ADJ cblr-1734 555 20 - - ADJ cblr-1734 555 21 public public ADJ cblr-1734 555 22 information information NOUN cblr-1734 555 23 , , PUNCT cblr-1734 555 24 suggesting suggest VERB cblr-1734 555 25 that that SCONJ cblr-1734 555 26 insiders insider NOUN cblr-1734 555 27 set set VERB cblr-1734 555 28     SPACE cblr-1734 555 29 54 54 NUM cblr-1734 555 30 potential potential ADJ cblr-1734 555 31 privacy privacy NOUN cblr-1734 555 32 concerns concern NOUN cblr-1734 555 33 were be AUX cblr-1734 555 34 relayed relay VERB cblr-1734 555 35 to to ADP cblr-1734 555 36 us we PRON cblr-1734 555 37 during during ADP cblr-1734 555 38 our our PRON cblr-1734 555 39 presentations presentation NOUN cblr-1734 555 40 of of ADP cblr-1734 555 41 the the DET cblr-1734 555 42 paper paper NOUN cblr-1734 555 43 by by ADP cblr-1734 555 44 seminar seminar NOUN cblr-1734 555 45 participants participant NOUN cblr-1734 555 46 . . PUNCT cblr-1734 556 1 55 55 NUM cblr-1734 556 2 17 17 NUM cblr-1734 556 3 c.f.r c.f.r NOUN cblr-1734 556 4 . . PUNCT cblr-1734 557 1 § § PROPN cblr-1734 557 2 230.144(h 230.144(h PROPN cblr-1734 557 3 ) ) PUNCT cblr-1734 557 4 ( ( PUNCT cblr-1734 557 5 2014 2014 NUM cblr-1734 557 6 ) ) PUNCT cblr-1734 557 7 . . PUNCT cblr-1734 558 1 56 56 NUM cblr-1734 558 2 i i PROPN cblr-1734 558 3 d. d. PROPN cblr-1734 558 4 mavruk mavruk PROPN cblr-1734 558 5 & & CCONJ cblr-1734 558 6 seyhun seyhun PROPN cblr-1734 558 7 – – PUNCT cblr-1734 558 8 final final ADJ cblr-1734 558 9 182 182 NUM cblr-1734 558 10 columbia columbia PROPN cblr-1734 558 11 business business NOUN cblr-1734 558 12 law law PROPN cblr-1734 558 13 review review NOUN cblr-1734 558 14 [ [ X cblr-1734 558 15 vol vol NOUN cblr-1734 558 16 . . NOUN cblr-1734 558 17 2016 2016 NUM cblr-1734 558 18 up up ADP cblr-1734 558 19 their their PRON cblr-1734 558 20 10b5 10b5 NUM cblr-1734 558 21 - - SYM cblr-1734 558 22 1 1 NUM cblr-1734 558 23 plans plan NOUN cblr-1734 558 24 to to PART cblr-1734 558 25 take take VERB cblr-1734 558 26 into into ADP cblr-1734 558 27 account account NOUN cblr-1734 558 28 material material NOUN cblr-1734 558 29 nonpublic nonpublic ADJ cblr-1734 558 30 information information NOUN cblr-1734 558 31 . . PUNCT cblr-1734 559 1 we we PRON cblr-1734 559 2 also also ADV cblr-1734 559 3 find find VERB cblr-1734 559 4 that that SCONJ cblr-1734 559 5 any any DET cblr-1734 559 6 irregularity irregularity NOUN cblr-1734 559 7 with with ADP cblr-1734 559 8 respect respect NOUN cblr-1734 559 9 to to ADP cblr-1734 559 10 trading trading NOUN cblr-1734 559 11 intervals interval NOUN cblr-1734 559 12 or or CCONJ cblr-1734 559 13 trading trading NOUN cblr-1734 559 14 volumes volume NOUN cblr-1734 559 15 increases increase VERB cblr-1734 559 16 the the DET cblr-1734 559 17 profitability profitability NOUN cblr-1734 559 18 of of ADP cblr-1734 559 19 insiders insider NOUN cblr-1734 559 20 ’ ’ PART cblr-1734 559 21 trades trade NOUN cblr-1734 559 22 under under ADP cblr-1734 559 23 rule rule NOUN cblr-1734 559 24 10b5 10b5 NUM cblr-1734 559 25 - - SYM cblr-1734 559 26 1 1 NUM cblr-1734 559 27 . . PUNCT cblr-1734 560 1 this this DET cblr-1734 560 2 finding finding NOUN cblr-1734 560 3 supports support VERB cblr-1734 560 4 the the DET cblr-1734 560 5 conclusion conclusion NOUN cblr-1734 560 6 that that SCONJ cblr-1734 560 7 insiders insider NOUN cblr-1734 560 8 modify modify VERB cblr-1734 560 9 or or CCONJ cblr-1734 560 10 cancel cancel VERB cblr-1734 560 11 their their PRON cblr-1734 560 12 plans plan NOUN cblr-1734 560 13 in in ADP cblr-1734 560 14 response response NOUN cblr-1734 560 15 to to ADP cblr-1734 560 16 acquiring acquire VERB cblr-1734 560 17 subsequent subsequent ADJ cblr-1734 560 18 material material NOUN cblr-1734 560 19 non non ADJ cblr-1734 560 20 - - ADJ cblr-1734 560 21 public public ADJ cblr-1734 560 22 information information NOUN cblr-1734 560 23 . . PUNCT cblr-1734 561 1 moreover moreover ADV cblr-1734 561 2 , , PUNCT cblr-1734 561 3 we we PRON cblr-1734 561 4 examine examine VERB cblr-1734 561 5 the the DET cblr-1734 561 6 effects effect NOUN cblr-1734 561 7 of of ADP cblr-1734 561 8 rule rule NOUN cblr-1734 561 9 10b5 10b5 NUM cblr-1734 561 10 - - SYM cblr-1734 561 11 1 1 NUM cblr-1734 561 12 on on ADP cblr-1734 561 13 insider insider NOUN cblr-1734 561 14 trading trading NOUN cblr-1734 561 15 by by ADP cblr-1734 561 16 trade trade NOUN cblr-1734 561 17 volume volume NOUN cblr-1734 561 18 , , PUNCT cblr-1734 561 19 firm firm ADJ cblr-1734 561 20 size size NOUN cblr-1734 561 21 , , PUNCT cblr-1734 561 22 and and CCONJ cblr-1734 561 23 insiders insider NOUN cblr-1734 561 24 ’ ’ PART cblr-1734 561 25 positions position NOUN cblr-1734 561 26 within within ADP cblr-1734 561 27 the the DET cblr-1734 561 28 firm firm NOUN cblr-1734 561 29 . . PUNCT cblr-1734 562 1 we we PRON cblr-1734 562 2 find find VERB cblr-1734 562 3 that that SCONJ cblr-1734 562 4 these these DET cblr-1734 562 5 variables variable NOUN cblr-1734 562 6 provide provide VERB cblr-1734 562 7 additional additional ADJ cblr-1734 562 8 clues clue NOUN cblr-1734 562 9 to to ADP cblr-1734 562 10 the the DET cblr-1734 562 11 profitability profitability NOUN cblr-1734 562 12 of of ADP cblr-1734 562 13 insider insider NOUN cblr-1734 562 14 trading trading NOUN cblr-1734 562 15 for for ADP cblr-1734 562 16 both both DET cblr-1734 562 17 planned plan VERB cblr-1734 562 18 and and CCONJ cblr-1734 562 19 non non ADJ cblr-1734 562 20 - - ADJ cblr-1734 562 21 planned planned ADJ cblr-1734 562 22 transactions transaction NOUN cblr-1734 562 23 . . PUNCT cblr-1734 563 1 for for ADP cblr-1734 563 2 instance instance NOUN cblr-1734 563 3 , , PUNCT cblr-1734 563 4 insiders insider NOUN cblr-1734 563 5 ’ ’ PART cblr-1734 563 6 non-10b5 non-10b5 NOUN cblr-1734 563 7 - - PUNCT cblr-1734 563 8 1 1 NUM cblr-1734 563 9 planned plan VERB cblr-1734 563 10 purchases purchase NOUN cblr-1734 563 11 tend tend VERB cblr-1734 563 12 to to PART cblr-1734 563 13 be be AUX cblr-1734 563 14 positively positively ADV cblr-1734 563 15 related relate VERB cblr-1734 563 16 to to ADP cblr-1734 563 17 the the DET cblr-1734 563 18 trading trading NOUN cblr-1734 563 19 volume volume NOUN cblr-1734 563 20 . . PUNCT cblr-1734 564 1 the the DET cblr-1734 564 2 10b5 10b5 NUM cblr-1734 564 3 - - SYM cblr-1734 564 4 1 1 NUM cblr-1734 564 5 planned plan VERB cblr-1734 564 6 purchases purchase NOUN cblr-1734 564 7 show show VERB cblr-1734 564 8 similar similar ADJ cblr-1734 564 9 , , PUNCT cblr-1734 564 10 but but CCONJ cblr-1734 564 11 somewhat somewhat ADV cblr-1734 564 12 weaker weak ADJ cblr-1734 564 13 , , PUNCT cblr-1734 564 14 relations relation NOUN cblr-1734 564 15 between between ADP cblr-1734 564 16 abnormal abnormal ADJ cblr-1734 564 17 returns return NOUN cblr-1734 564 18 and and CCONJ cblr-1734 564 19 trading trading NOUN cblr-1734 564 20 volume volume NOUN cblr-1734 564 21 . . PUNCT cblr-1734 565 1 profitability profitability NOUN cblr-1734 565 2 of of ADP cblr-1734 565 3 insiders insider NOUN cblr-1734 565 4 ’ ’ PART cblr-1734 565 5 sales sale NOUN cblr-1734 565 6 ( ( PUNCT cblr-1734 565 7 both both PRON cblr-1734 565 8 planned plan VERB cblr-1734 565 9 and and CCONJ cblr-1734 565 10 non non ADJ cblr-1734 565 11 - - ADJ cblr-1734 565 12 planned planned ADJ cblr-1734 565 13 ) ) PUNCT cblr-1734 565 14 , , PUNCT cblr-1734 565 15 particularly particularly ADV cblr-1734 565 16 as as SCONJ cblr-1734 565 17 measured measure VERB cblr-1734 565 18 by by ADP cblr-1734 565 19 long long ADJ cblr-1734 565 20 - - PUNCT cblr-1734 565 21 term term NOUN cblr-1734 565 22 abnormal abnormal ADJ cblr-1734 565 23 returns return NOUN cblr-1734 565 24 ( ( PUNCT cblr-1734 565 25 one one NUM cblr-1734 565 26 year year NOUN cblr-1734 565 27 ) ) PUNCT cblr-1734 565 28 , , PUNCT cblr-1734 565 29 is be AUX cblr-1734 565 30 positively positively ADV cblr-1734 565 31 related relate VERB cblr-1734 565 32 to to ADP cblr-1734 565 33 trading trading NOUN cblr-1734 565 34 volume volume NOUN cblr-1734 565 35 . . PUNCT cblr-1734 566 1 these these DET cblr-1734 566 2 findings finding NOUN cblr-1734 566 3 suggest suggest VERB cblr-1734 566 4 that that SCONJ cblr-1734 566 5 insiders insider NOUN cblr-1734 566 6 increase increase VERB cblr-1734 566 7 trading trading NOUN cblr-1734 566 8 volume volume NOUN cblr-1734 566 9 when when SCONJ cblr-1734 566 10 they they PRON cblr-1734 566 11 possess possess VERB cblr-1734 566 12 material material ADJ cblr-1734 566 13 non non ADJ cblr-1734 566 14 - - ADJ cblr-1734 566 15 public public ADJ cblr-1734 566 16 information information NOUN cblr-1734 566 17 . . PUNCT cblr-1734 567 1 furthermore furthermore ADV cblr-1734 567 2 , , PUNCT cblr-1734 567 3 while while SCONJ cblr-1734 567 4 both both DET cblr-1734 567 5 10b5 10b5 NUM cblr-1734 567 6 - - SYM cblr-1734 567 7 1 1 NUM cblr-1734 567 8 planned plan VERB cblr-1734 567 9 and and CCONJ cblr-1734 567 10 nonplanned nonplanne VERB cblr-1734 567 11 purchases purchase NOUN cblr-1734 567 12 by by ADP cblr-1734 567 13 insiders insider NOUN cblr-1734 567 14 seem seem VERB cblr-1734 567 15 to to PART cblr-1734 567 16 be be AUX cblr-1734 567 17 most most ADV cblr-1734 567 18 profitable profitable ADJ cblr-1734 567 19 in in ADP cblr-1734 567 20 small small ADJ cblr-1734 567 21 firms firm NOUN cblr-1734 567 22 , , PUNCT cblr-1734 567 23 the the DET cblr-1734 567 24 relationship relationship NOUN cblr-1734 567 25 between between ADP cblr-1734 567 26 insiders insider NOUN cblr-1734 567 27 ’ ’ PART cblr-1734 567 28 sales sale NOUN cblr-1734 567 29 and and CCONJ cblr-1734 567 30 firm firm ADJ cblr-1734 567 31 size size NOUN cblr-1734 567 32 is be AUX cblr-1734 567 33 weaker weak ADJ cblr-1734 567 34 for for ADP cblr-1734 567 35 both both DET cblr-1734 567 36 10b5 10b5 NUM cblr-1734 567 37 - - SYM cblr-1734 567 38 1 1 NUM cblr-1734 567 39 planned planned ADJ cblr-1734 567 40 and and CCONJ cblr-1734 567 41 non non ADJ cblr-1734 567 42 - - ADJ cblr-1734 567 43 planned planned ADJ cblr-1734 567 44 sales sale NOUN cblr-1734 567 45 . . PUNCT cblr-1734 568 1 high high ADJ cblr-1734 568 2 - - PUNCT cblr-1734 568 3 ranking rank VERB cblr-1734 568 4 officers officer NOUN cblr-1734 568 5 seem seem VERB cblr-1734 568 6 to to PART cblr-1734 568 7 earn earn VERB cblr-1734 568 8 the the DET cblr-1734 568 9 greatest great ADJ cblr-1734 568 10 abnormal abnormal ADJ cblr-1734 568 11 returns return NOUN cblr-1734 568 12 on on ADP cblr-1734 568 13 their their PRON cblr-1734 568 14 non non ADJ cblr-1734 568 15 - - ADJ cblr-1734 568 16 planned planned ADJ cblr-1734 568 17 purchases purchase NOUN cblr-1734 568 18 among among ADP cblr-1734 568 19 the the DET cblr-1734 568 20 insider insider NOUN cblr-1734 568 21 types type NOUN cblr-1734 568 22 . . PUNCT cblr-1734 569 1 directors director NOUN cblr-1734 569 2 earn earn VERB cblr-1734 569 3 the the DET cblr-1734 569 4 next next ADJ cblr-1734 569 5 most most ADV cblr-1734 569 6 abnormal abnormal ADJ cblr-1734 569 7 returns return NOUN cblr-1734 569 8 , , PUNCT cblr-1734 569 9 followed follow VERB cblr-1734 569 10 by by ADP cblr-1734 569 11 officers officer NOUN cblr-1734 569 12 and and CCONJ cblr-1734 569 13 large large ADJ cblr-1734 569 14 shareholders shareholder NOUN cblr-1734 569 15 . . PUNCT cblr-1734 570 1 for for ADP cblr-1734 570 2 officers officer NOUN cblr-1734 570 3 , , PUNCT cblr-1734 570 4 both both PRON cblr-1734 570 5 10b5 10b5 NUM cblr-1734 570 6 - - SYM cblr-1734 570 7 1 1 NUM cblr-1734 570 8 planned planned ADJ cblr-1734 570 9 and and CCONJ cblr-1734 570 10 non non ADJ cblr-1734 570 11 - - ADJ cblr-1734 570 12 planned planned ADJ cblr-1734 570 13 purchases purchase NOUN cblr-1734 570 14 seem seem VERB cblr-1734 570 15 to to PART cblr-1734 570 16 be be AUX cblr-1734 570 17 most most ADV cblr-1734 570 18 profitable profitable ADJ cblr-1734 570 19 . . PUNCT cblr-1734 571 1 the the DET cblr-1734 571 2 insider insider NOUN cblr-1734 571 3 type type NOUN cblr-1734 571 4 “ " PUNCT cblr-1734 571 5 other other ADJ cblr-1734 571 6 ” " PUNCT cblr-1734 571 7 shows show VERB cblr-1734 571 8 the the DET cblr-1734 571 9 least least ADV cblr-1734 571 10 profitable profitable ADJ cblr-1734 571 11 planned plan VERB cblr-1734 571 12 purchases purchase NOUN cblr-1734 571 13 . . PUNCT cblr-1734 572 1 directors director NOUN cblr-1734 572 2 ’ ' PUNCT cblr-1734 572 3 10b5 10b5 NUM cblr-1734 572 4 - - SYM cblr-1734 572 5 1 1 NUM cblr-1734 572 6 planned planned ADJ cblr-1734 572 7 sales sale NOUN cblr-1734 572 8 seem seem VERB cblr-1734 572 9 to to PART cblr-1734 572 10 be be AUX cblr-1734 572 11 the the DET cblr-1734 572 12 most most ADV cblr-1734 572 13 profitable profitable ADJ cblr-1734 572 14 , , PUNCT cblr-1734 572 15 followed follow VERB cblr-1734 572 16 by by ADP cblr-1734 572 17 those those PRON cblr-1734 572 18 of of ADP cblr-1734 572 19 top top ADJ cblr-1734 572 20 executives executive NOUN cblr-1734 572 21 and and CCONJ cblr-1734 572 22 officers officer NOUN cblr-1734 572 23 . . PUNCT cblr-1734 573 1 planned plan VERB cblr-1734 573 2 sales sale NOUN cblr-1734 573 3 of of ADP cblr-1734 573 4 “ " PUNCT cblr-1734 573 5 other other ADJ cblr-1734 573 6 ” " PUNCT cblr-1734 573 7 insiders insider NOUN cblr-1734 573 8 do do AUX cblr-1734 573 9 not not PART cblr-1734 573 10 show show VERB cblr-1734 573 11 abnormal abnormal ADJ cblr-1734 573 12 profits profit NOUN cblr-1734 573 13 at at ADV cblr-1734 573 14 all all ADV cblr-1734 573 15 . . PUNCT cblr-1734 574 1 our our PRON cblr-1734 574 2 analyses analysis NOUN cblr-1734 574 3 show show VERB cblr-1734 574 4 similar similar ADJ cblr-1734 574 5 patterns pattern NOUN cblr-1734 574 6 for for ADP cblr-1734 574 7 non non ADJ cblr-1734 574 8 - - ADJ cblr-1734 574 9 planned planned ADJ cblr-1734 574 10 sales sale NOUN cblr-1734 574 11 across across ADP cblr-1734 574 12 all all DET cblr-1734 574 13 types type NOUN cblr-1734 574 14 of of ADP cblr-1734 574 15 insiders insider NOUN cblr-1734 574 16 . . PUNCT cblr-1734 575 1 our our PRON cblr-1734 575 2 evidence evidence NOUN cblr-1734 575 3 suggests suggest VERB cblr-1734 575 4 that that SCONJ cblr-1734 575 5 insiders insider NOUN cblr-1734 575 6 take take VERB cblr-1734 575 7 advantage advantage NOUN cblr-1734 575 8 of of ADP cblr-1734 575 9 their their PRON cblr-1734 575 10 material material ADJ cblr-1734 575 11 non non ADJ cblr-1734 575 12 - - ADJ cblr-1734 575 13 public public ADJ cblr-1734 575 14 information information NOUN cblr-1734 575 15 when when SCONJ cblr-1734 575 16 they they PRON cblr-1734 575 17 set set VERB cblr-1734 575 18 up up ADP cblr-1734 575 19 mavruk mavruk PROPN cblr-1734 575 20 & & CCONJ cblr-1734 575 21 seyhun seyhun PROPN cblr-1734 575 22 – – PUNCT cblr-1734 575 23 final final ADJ cblr-1734 575 24 no no NOUN cblr-1734 575 25 . . PUNCT cblr-1734 576 1 1:133 1:133 NUM cblr-1734 576 2 ] ] X cblr-1734 576 3 sec sec PROPN cblr-1734 576 4 ’s ’s PART cblr-1734 576 5 10b5 10b5 NUM cblr-1734 576 6 - - SYM cblr-1734 576 7 1 1 NUM cblr-1734 576 8 safe safe ADJ cblr-1734 576 9 harbor harbor NOUN cblr-1734 576 10 rules rule VERB cblr-1734 576 11 183 183 NUM cblr-1734 576 12 10b5 10b5 NUM cblr-1734 576 13 - - SYM cblr-1734 576 14 1 1 NUM cblr-1734 576 15 plans plan NOUN cblr-1734 576 16 and and CCONJ cblr-1734 576 17 when when SCONJ cblr-1734 576 18 they they PRON cblr-1734 576 19 modify modify VERB cblr-1734 576 20 10b5 10b5 NUM cblr-1734 576 21 - - SYM cblr-1734 576 22 1 1 NUM cblr-1734 576 23 plans plan NOUN cblr-1734 576 24 . . PUNCT cblr-1734 577 1 to to PART cblr-1734 577 2 prevent prevent VERB cblr-1734 577 3 further further ADJ cblr-1734 577 4 abuse abuse NOUN cblr-1734 577 5 of of ADP cblr-1734 577 6 10b5 10b5 NUM cblr-1734 577 7 - - SYM cblr-1734 577 8 1 1 NUM cblr-1734 577 9 rules rule NOUN cblr-1734 577 10 , , PUNCT cblr-1734 577 11 we we PRON cblr-1734 577 12 propose propose VERB cblr-1734 577 13 that that SCONJ cblr-1734 577 14 the the DET cblr-1734 577 15 sec sec PROPN cblr-1734 577 16 institute institute NOUN cblr-1734 577 17 four four NUM cblr-1734 577 18 additional additional ADJ cblr-1734 577 19 requirements requirement NOUN cblr-1734 577 20 to to PART cblr-1734 577 21 qualify qualify VERB cblr-1734 577 22 under under ADP cblr-1734 577 23 the the DET cblr-1734 577 24 safe safe ADJ cblr-1734 577 25 harbor harbor NOUN cblr-1734 577 26 . . PUNCT cblr-1734 578 1 first first ADV cblr-1734 578 2 , , PUNCT cblr-1734 578 3 any any DET cblr-1734 578 4 planned plan VERB cblr-1734 578 5 trades trade NOUN cblr-1734 578 6 must must AUX cblr-1734 578 7 have have VERB cblr-1734 578 8 a a DET cblr-1734 578 9 minimum minimum ADJ cblr-1734 578 10 six six NUM cblr-1734 578 11 - - PUNCT cblr-1734 578 12 month month NOUN cblr-1734 578 13 required require VERB cblr-1734 578 14 delay delay NOUN cblr-1734 578 15 after after SCONJ cblr-1734 578 16 the the DET cblr-1734 578 17 plan plan NOUN cblr-1734 578 18 is be AUX cblr-1734 578 19 filed file VERB cblr-1734 578 20 . . PUNCT cblr-1734 579 1 second second ADJ cblr-1734 579 2 , , PUNCT cblr-1734 579 3 any any DET cblr-1734 579 4 subsequent subsequent ADJ cblr-1734 579 5 modifications modification NOUN cblr-1734 579 6 to to ADP cblr-1734 579 7 the the DET cblr-1734 579 8 plan plan NOUN cblr-1734 579 9 will will AUX cblr-1734 579 10 trigger trigger VERB cblr-1734 579 11 a a DET cblr-1734 579 12 new new ADJ cblr-1734 579 13 sixmonth sixmonth ADJ cblr-1734 579 14 delay delay NOUN cblr-1734 579 15 period period NOUN cblr-1734 579 16 . . PUNCT cblr-1734 580 1 third third ADV cblr-1734 580 2 , , PUNCT cblr-1734 580 3 the the DET cblr-1734 580 4 sec sec PROPN cblr-1734 580 5 must must AUX cblr-1734 580 6 repeal repeal VERB cblr-1734 580 7 its its PRON cblr-1734 580 8 permission permission NOUN cblr-1734 580 9 of of ADP cblr-1734 580 10 trades trade NOUN cblr-1734 580 11 based base VERB cblr-1734 580 12 on on ADP cblr-1734 580 13 prices price NOUN cblr-1734 580 14 , , PUNCT cblr-1734 580 15 formulas formula NOUN cblr-1734 580 16 , , PUNCT cblr-1734 580 17 and and CCONJ cblr-1734 580 18 computer computer NOUN cblr-1734 580 19 programs program NOUN cblr-1734 580 20 and and CCONJ cblr-1734 580 21 insist insist VERB cblr-1734 580 22 that that SCONJ cblr-1734 580 23 safe safe ADJ cblr-1734 580 24 harbor harbor NOUN cblr-1734 580 25 plans plan NOUN cblr-1734 580 26 should should AUX cblr-1734 580 27 only only ADV cblr-1734 580 28 contain contain VERB cblr-1734 580 29 two two NUM cblr-1734 580 30 elements element NOUN cblr-1734 580 31 : : PUNCT cblr-1734 580 32 trading trading NOUN cblr-1734 580 33 quantities quantity NOUN cblr-1734 580 34 and and CCONJ cblr-1734 580 35 dates date NOUN cblr-1734 580 36 of of ADP cblr-1734 580 37 trade trade NOUN cblr-1734 580 38 . . PUNCT cblr-1734 581 1 fourth fourth ADJ cblr-1734 581 2 , , PUNCT cblr-1734 581 3 the the DET cblr-1734 581 4 details detail NOUN cblr-1734 581 5 of of ADP cblr-1734 581 6 the the DET cblr-1734 581 7 initial initial ADJ cblr-1734 581 8 plan plan NOUN cblr-1734 581 9 must must AUX cblr-1734 581 10 be be AUX cblr-1734 581 11 publicly publicly ADV cblr-1734 581 12 disclosed disclose VERB cblr-1734 581 13 to to PART cblr-1734 581 14 enable enable VERB cblr-1734 581 15 investors investor NOUN cblr-1734 581 16 to to PART cblr-1734 581 17 verify verify VERB cblr-1734 581 18 that that SCONJ cblr-1734 581 19 insiders insider NOUN cblr-1734 581 20 are be AUX cblr-1734 581 21 abiding abide VERB cblr-1734 581 22 by by ADP cblr-1734 581 23 their their PRON cblr-1734 581 24 own own ADJ cblr-1734 581 25 requirements requirement NOUN cblr-1734 581 26 . . PUNCT cblr-1734 582 1 similarly similarly ADV cblr-1734 582 2 , , PUNCT cblr-1734 582 3 any any DET cblr-1734 582 4 subsequent subsequent ADJ cblr-1734 582 5 modifications modification NOUN cblr-1734 582 6 or or CCONJ cblr-1734 582 7 cancellation cancellation NOUN cblr-1734 582 8 of of ADP cblr-1734 582 9 the the DET cblr-1734 582 10 plans plan NOUN cblr-1734 582 11 must must AUX cblr-1734 582 12 also also ADV cblr-1734 582 13 be be AUX cblr-1734 582 14 publicly publicly ADV cblr-1734 582 15 disclosed disclose VERB cblr-1734 582 16 to to PART cblr-1734 582 17 increase increase VERB cblr-1734 582 18 attention attention NOUN cblr-1734 582 19 to to ADP cblr-1734 582 20 changes change NOUN cblr-1734 582 21 in in ADP cblr-1734 582 22 these these DET cblr-1734 582 23 planned plan VERB cblr-1734 582 24 transactions transaction NOUN cblr-1734 582 25 . . PUNCT