Have been analyzing US insider trading data from 2009 – 2024 to identify types of insider trades that correlate with market outperformance.
Small-caps outperforming large-caps is a well-studied phenomenon ("size premium"), and it holds up in insider purchasing data as well. Companies valued at less than $2B outperform the S&P after an insider buys the stock, but those over $2B underperform. Forward returns decrease as company size increases.
Raw data is from SEC Form 4 filings from the EDGAR database. The raw data is enhanced with Point-in-Time data from CapIQ. Visualization is just python (matplotlib)
by CEOWatcher