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We examine insider trading activities around financial restatement announcements and find strong evidence of informed trading by insiders. Focusing on the association between net insider selling and restatement announcement abnormal returns, we provide evidence of net insider selling before the restatement announcements, little net insider selling immediately around the announcements, and net insider buying after the announcements. The passage of the Sarbanes-Oxley Act constrains informeddoi:10.2139/ssrn.929539 fatcat:ga7ilzjrnrdstoaqfyrotctrii