INVITATION The WU Gutmann Center cordially invites you to the forthcoming WU GUTMANN CENTER PUBLIC LECTURE (apologies for duplicated mails!) Date: December 15 (Tuesday), 2015, 4:00 pm Location: Bank Gutmann, Schwarzenbergplatz 16, A-1010 Vienna Speaker: Prof. Marcin Kacperczyk http://www.imperial.ac.uk/people/m.kacperczyk Title: "Chasing Private Information" Abstract Using a sample of 3,586 illegal insider trades documented by the SEC, we examine whether asset prices and volume reveal firm-specific private information to markets. We find that information embedded in equity markets is a weak signal of private information. In turn, information embedded in option markets offers a strong signal of informed trading. We show that volume is generally more informative about insider trading than are prices. Further, we show that the impact of insider trades persists irrespective of whether insiders trade strategically or not. Finally, we document significant information spillovers from equity to option markets, but not vice versa. Overall, our results provide strong and novel guidance in the search for private information. About Marcin Kacperczyk Marcin Kacperczyk is a Professor of Finance at Imperial College London. He is also a Research Associate at the Center for Economic Policy Research, a former Faculty Research Fellow at the National Bureau of Economic Research, and Associate Editor at the Review of Financial Studies and Review of Finance. His research has been published in leading academic and practitioner journals, including Econometrica, the Quarterly Journal of Economics, Journal of Finance, Journal of Financial Economics, and the Review of Financial Studies. His work has been widely covered by media, such as CNN, CNBC, Bloomberg, WSJ, FT, NYT, Business Week, U.S. News, and Washington Post. Two of his papers have been nominated for the Smith Breeden Prize, and received the Spängler IQAM Prize for the best paper published in the Review of Finance. **Please REGISTER**: Mail: gutmann-center@wu.ac.at<mailto:gutmann-center@wu.ac.at> Phone: +43-1-31336-5238 CONTACT AND FURTHER INFORMATION: WU Gutmann Center for Portfolio Management WU (Wirtschaftsuniversität Wien) Department of Finance, Accounting and Statistics Sabina Krickl www.gutmann-center.at<http://www.gutmann-center.at> Please contact gutmann-center@wu.ac.at<mailto:gutmann-center@wu.ac.at> if you do not wish to receive any further invitations from us!