Board Gender-Balancing and Insider Trading Performance

Board Gender-Balancing and Insider Trading Performance

B. Espen Eckbo, Bernt Arne Odegaard

Series number :

Serial Number: 

Date posted :

September 02 2021

Last revised :

September 02 2021
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  • Board gender-balancing • 
  • director network • 
  • insider holdings • 
  • trading performance • 
  • risk aversion

Using holdings-based performance measures, we test whether Norway’s doubling of its female director network through board gender-balancing has increased female insider trading performance. We find that the gender-based insider performance has remained statistically indistinguishable from zero.

However, consistent with a positive network information effect, the immediate market reaction to non-routine purchases by primary female insiders (executives and directors) has become positive and significant and of a magnitude equal to that of male insiders. Also, increased gender-based insider-trading propensities during the financial crisis suggest that female directors are no more risk averse than males


Real name:
Bernt Arne Odegaard
Norwegian School of Management