Figure 9

Daily number of company insiders, matched insiders, board members, and matched board members. Solid lines represent insiders, while the dashed lines mark company board members. Grey bands mark two periods of SIRE data set. The difference between the blue and the orange solid (dashed) curves indicates the number of insiders (board members) that did not trade shares of their own securities during the observed period, i.e. the number of insiders and board members for which we had no data in order to match them with a trading account from the SRD data set. The difference is smaller when looking only at board members. This means that there are fewer unmatched board members than other kinds of unmatched insiders