Industry Familiarity and Trading: Evidence from the Personal Portfolios of Industry Insiders

Previously circulated as "Trading Skill: Evidence from Trades of Corporate Insiders in Their Personal Portfolios." We benefited from the comments of René Stulz and Michael Weisbach. We thank Terrance Odean for providing the data. The authors appreciate comments received from participants in seminars at Case Western Reserve University, Drexel University, Georgetown University, Ohio University, The Ohio State University, the University of Cincinnati, the University of Illinois, and the U.S. Securities and Exchange Commission. Ben-David and Birru’s research was supported by the Dice Center at the Fisher College of Business. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

• online appendix

• March 24, 2016