📅 Buying Before the Blackout Window
Pre-earnings buying is triggered when an insider purchases shares 30 to 60 days before a known upcoming earnings date — the window just before most companies impose a self-enforced trading blackout. An executive buying in this compressed window, knowing they will soon be locked out, is taking a deliberate, time-sensitive position.
Live insider transactions with this signal active across 13 European markets.
How it works
Most public companies impose internal trading blackout periods in the 30 days before earnings announcements. This means an insider buying 30–60 days before earnings is buying as close to the blackout as MAR and company policy permit. Research by Seyhun (1998) and Ke, Huddart & Petroni (2003) found that CEO and CFO purchases made 3–9 months before large earnings surprises generate abnormal returns 2–3 times larger than purchases at other times. The pre-earnings window captures insiders who are buying with maximum informational advantage — they know the upcoming results — and maximum urgency — they won't be able to buy once the blackout begins.
Detection methodology
InsidersAlpha cross-references each buy transaction date against our earnings calendar (sourced from Oslo Børs and supplemented where available). If a transaction falls within the 30-to-60-day window before the next known earnings date, the pre-earnings badge is applied. Transactions within 30 days of earnings are excluded as they likely fall inside the blackout window and may be programmatic or plan-based.
Frequently asked questions
Why is the window 30–60 days and not closer to earnings?
Most companies impose a 30-day pre-announcement trading blackout on insiders. A purchase made fewer than 30 days before earnings would likely violate company policy and is excluded. The 30–60 day window captures the last available trading window before insiders are locked out — making each purchase there more deliberate.
How complete is the earnings calendar coverage?
Earnings calendar coverage is currently strongest for Norwegian stocks (via Oslo Børs official data). Coverage for other European markets is incomplete. InsidersAlpha only fires the pre-earnings signal when earnings date data is confirmed — we do not estimate or infer earnings dates.
Does this signal work for sells as well as buys?
No. Insider sells before earnings could reflect simple diversification or contractual obligations. The predictive value documented in academic literature is specific to purchases. InsidersAlpha only fires the pre-earnings badge on buy transactions.
What research supports this signal?
Ke, Huddart & Petroni (2003) — 'What Insiders Know About Future Earnings and How They Use It' — documented that executives who sell shares before negative earnings surprises earn significantly higher abnormal returns. Seyhun (1998) found insider purchases 3–9 months before large earnings surprises generated 2–3× the abnormal returns of purchases at other times.
Other insider signals
InsidersAlpha tracks five distinct insider trading signals. They can fire independently or in combination — co-occurrence of multiple signals on the same transaction is associated with higher conviction.
See our methodology page for a full explanation of how all signals are calculated.