APOG - CFO Insider Trading For July: 7.85% Total Returns Confirm Anomaly Persistence
Introduction
This article continues my monthly analysis of the live testing of the CFO Insider trading anomaly study that began at the start of April 2019. The purpose is to retest highly profitable aspects of peer-reviewed research in the financial literature for the next 12 months. This new anomaly study was intended to replace my prior Russell 2000 Reconstitution Anomaly study. However, I have extended the Russell Index Reconstitution anomaly for a third year, and the portfolio article will be released publicly this week.
Instinctively, we know that corporate insiders have the best information