Comprehensive Overview of Wharton Research Data Services for Insider Trading Analysis
Wharton Research Data Services (WRDS) offers a detailed and comprehensive coverage for insider trading analysis, executive compensation, and various transactional data. The platform compares favorably with competitors like 2iQ and Thomson Reuters, providing in-depth insights into various aspects such as matching problems, indirect holdings, Form 5 prior to SOX, Form 4 after, and more. Despite some issues with coverage and transaction matching, WRDS remains a valuable resource for researchers and analysts in the financial industry.
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Presentation Transcript
WHARTON RESEARCH DATASERVICES Using WRDS Insiders
Summary Coverage Compares favorably over same sample to 2iQ and Thomson Reuters Matching problems & data issues Transactions Insider trading & executive compensation Miscellaneous trades and footnotes Indirect holdings Symmetric trading Form 5 prior to SOX, Form 4 after Ecosystem Rule 10b5-1 Blackout periods & firm trading policies Power of Attorney signatories 2 Wharton Research Data Services
1 Issues in the Coverage of WRDS Insiders 2 Issues with Transactions in Insider Trading 3 Issues in the Ecosystem of Insider Trading 3 Wharton Research Data Services
Coverage Coverage more comprehensive than Thomson-Reuters and 2IQ Insider Trading products 4 Wharton Research Data Services
Coverage Matching trades more difficult Dates do not align with SEC filings Prices and shares are adjusted in TR data Still inaccurate (Yermack, 2009) Date overlap with Thomson Date overlap with 2iQ 5 Wharton Research Data Services
1 Issues in the Coverage of WRDS Insiders 2 Issues with Transactions in Insider Trading 3 Issues in the Ecosystem of Insider Trading 6 Wharton Research Data Services
Transactions Insider trading & executive compensation Equity and options portion of compensation risen from ~55% in 2006 to ~70% in 2018 (ExecuComp) 11,000 301,900 10,000 251,900 9,000 201,900 8,000 151,900 7,000 101,900 6,000 51,900 5,000 1,900 4,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Average CEO Insider Sale Value Average CEO Equity Grant Value 7 Wharton Research Data Services
Transactions Miscellaneous trades and footnotes 8 Wharton Research Data Services
Transactions Indirect holdings 9 Wharton Research Data Services
Transactions Symmetric trading Form 5 prior to SOX, Form 4 post-SOX 10 Wharton Research Data Services
1 Issues in the Coverage of WRDS Insiders 2 Issues with Transactions in Insider Trading 3 Issues in the Ecosystem of Insider Trading 11 Wharton Research Data Services
Ecosystem Rule 10b5-1 Insider trading plan 12 Wharton Research Data Services
Ecosystem Firm Trading Policies Blackout periods Exceptions Special blackout periods 13 Wharton Research Data Services
Ecosystem Power of Attorney Signatories 14 Wharton Research Data Services
Summary Coverage compares favorably to other insider trading databases Insider trading transactions are related to Compensation Holdings of family and friends Movement of funds/shares and option exercise Miscellaneous trades Insider trading data exists within a regulatory ecosystem Including Rule 10b5-1, trading policies, blackout periods, and powers of attorney Academic work meant to parse out informed trading among these issues 15 Wharton Research Data Services
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