Insider Trading, Risk Aversion, and Gender

44 Pages Posted: 25 Oct 2019 Last revised: 10 Dec 2020

See all articles by B. Espen Eckbo

B. Espen Eckbo

Tuck School of Business at Dartmouth; European Corporate Governance Institute (ECGI)

Bernt Arne Ødegaard

University of Stavanger

Date Written: July 20, 2020


We analyze three decades of primary insiders' non-routine trades on the Oslo Stock Exchange and test for gender-based differences in risk-aversion and access to inside information. Long-run returns-based and holdings-based performance measures are statistically insignificant. However, there is some evidence of a positive female-specific director network information effect of Norway's board gender-balancing law, which significantly increased female director networks. Female insider purchases increased significantly immediately after the financial crisis, both absolutely and in relative terms, suggesting that these female directors and executives are no more risk-averse than their male colleagues.

Keywords: insider trading, gender, risk aversion, portfolio performance, director network, board gender-balancing

JEL Classification: G14, M14

Suggested Citation

Eckbo, B. Espen and Ødegaard, Bernt Arne, Insider Trading, Risk Aversion, and Gender (July 20, 2020). Tuck School of Business Working Paper No. 3475061, Proceedings of Paris December 2020 Finance Meeting EUROFIDAI - ESSEC, Available at SSRN: or

B. Espen Eckbo (Contact Author)

Tuck School of Business at Dartmouth ( email )

Hanover, NH 03755
United States
603-646-3953 (Phone)
603-646-3805 (Fax)


European Corporate Governance Institute (ECGI)

c/o the Royal Academies of Belgium
Rue Ducale 1 Hertogsstraat
1000 Brussels

Bernt Arne Ødegaard

University of Stavanger ( email )

UiS Business School
Stavanger, NO-4036


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