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Abstract: This paper addresses the multi-objective portfolio selection model with fuzzy random returns for investors by studying three criteria: return, risk and liquidity. In addition, securities historical data, experts’ opinions and judgements and investors’ different attitudes are considered in the portfolio selection process, such that the investor’s individual preference is reflected by an optimistic–pessimistic parameter λ. To avoid the difficulty of evaluating a large set of efficient solutions and to ensure the selection of the best solution, a compromise approach-based genetic algorithm has been designed to solve the proposed model. In addition, a numerical example is presented to illustrate the proposed algorithm. [Copyright &y& Elsevier]

Abstract: Over the past decade, numerous studies have debated the usefulness of insider trading. One particularly important study relates to the informational role that insiders’ transaction volumes have on trading activity in the equity market. In our paper, we examine whether insiders’ purchases (sales) indicate positive (negative) earnings announcements. We argue that if insiders have early access to publicly announced information, then the issuance of good (bad) news should be preceded by insider buying (selling) activities. The results reveal that insiders’ trading volume play an important role in the dissemination of private information to the investing public. In particular, insiders’ purchases (sales) are found to be a good indication of good (bad) news. The information content in insiders’ trades may be exploited, provided investors are able to realize returns within one, and at most two months, after the announcement date. [Copyright &y& Elsevier]