Figure 8

The figure illustrates the complementary cumulative distribution function of the % of insiders with matched trading accounts over all 153 companies. Here we exclude family members and related company accounts. The percentage for each company is calculated by taking the ratio between the number of company insiders that have their trading accounts matched and the number of all insiders in the company. On average, 37% of a given company’s insiders have their trading accounts identified (dashed red line). The average match ratio is higher than a global match ratio 19% (2711 matched accounts divided by 13,932 investors), because it is calculated as a mean of matching ratios for each company. Matched Connector insiders can be counted multiple times if they are insiders in more than one company