They Chose to Not Tell You

TL;DR

This paper highlights a persistent, unexplained pattern of suspicious overnight and intraday stock market returns that market insiders are aware of but have chosen not to disclose, raising concerns about transparency.

Contribution

It uncovers and documents the existence of suspicious return patterns in stock markets and reveals that informed parties are aware but opt to remain silent.

Findings

Persistent suspicious return patterns identified

Market insiders acknowledge the issue but do not disclose

No plausible explanation for the silence

Abstract

The world's stock markets display a strikingly suspicious, decades long pattern of overnight and intraday returns that nobody (other than us) has plausibly explained and that nobody (other than us) has clearly and persistently alerted you to. We use correspondence on this topic over the past five years to show that the silence of others on this issue does not arise from their having a good reason to believe this pattern is fine. Separately, and regardless of whether this pattern turns out to be fine, we have documented that people in a position to alert you to the presence of strikingly suspicious return patterns in the world's stock markets that nobody can innocuously explain are aware of this issue, have no good reason to believe it is not a problem, and chose to not tell you.