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In this paper I analyze the relationship between insider trading and corporate governance characteristics. Despite, the widely held view that insider trading significantly affects stock prices; little is known about what causes such market inefficiency and whether firm characteristics matters. This paper focuses on the impact of board structure towards insider trading and stock price efficiency. Using an event study methodology, this paper analyzes the influence of different boarddoi:10.12691/jfe-5-1-3 fatcat:ivofoao25jbatf7m4eshreqgse