Journal Article Investment and Insider Trading Get access Dan Bernhardt, Dan Bernhardt Queen's University Address correspondence to Burton Hollifield, Faculty of Commerce and Business Administration, University of British Columbia, 2053 Main Mail, Vancouver, BC, V6T-1Z2. Search for other works by this author on: Oxford Academic Google Scholar Burton Hollifield, Burton Hollifield University of British Columbia and Carnegie Mellon University Search for other works by this author on: Oxford Academic Google Scholar Eric Hughson Eric Hughson University of British Columbia California Insitute of Technology Search for other works by this author on: Oxford Academic Google Scholar The Review of Financial Studies, Volume 8, Issue 2, April 1995, Pages 501–543, https://doi.org/10.1093/rfs/8.2.501 Published: 28 May 2015