The purposes of this study is to verify whether insider trader get the excess return using inside information. For this we divide inside traders into four groups according to their ownership: maximum shareholder, main shareholders, 5% sharehoders and executives. Also we categorize inside traders into three groups: personal investor, foreign investor and institutional investors. After insiders trade their stock, excess return is reported for 20days and the size of excess return of executives and institutional investor is larger than that of other groups. It means more strict monitoring system is needed in the domestic stock market.

Abstract
 1. 서론
 2. 선행연구
 3. 분석자료 및 연구방법론
  3.1. 분석자료
  3.2. 연구모형
 4. 실증결과
  4.1. 지분율 수준에 따른 초과수익성 검증
  4.2. 주주형태에 따른 초과수익성 검증
 5. 결론 및 정책적 함의
 6. 참고문헌

• 고혁진 | Hyuk-Jin Ko