The role of insider trading in the market reaction to news releases: Evidence from an emerging market. Suraj Srinivasan, December 5, 2016, Paper, "We examine the association between reported insider transactions and news releases in India. More specifically, we test whether Indian corporate insiders trade on forthcoming earnings news, and whether the disclosure of their trades affects the reflection of earnings news in stock prices. We find little evidence that insiders trade on near-term earnings news, except in value stocks. However, insider trades do precede abnormal stock returns, suggesting that Indian insiders trade on ‘fads’ more than on fundamentals."