Rebel Jerry P: insider trades

Chief financial officer at Jack IN The BOX Inc. No open-market purchases and 13 sales not made under a pre-set plan, reported from November 29, 2012 to November 29, 2016.

What happened after Rebel Jerry P’s sales?

After their sales, the shares moved +18.5% against the index over 12 months on average (a negative figure means selling was the right call); 39% trailed it.

With 296 insiders tested, some will look skilled or unskilled by chance alone: when we replaced each insider’s stocks with random companies bought on the same days, about 5.7 cleared the bar ahead and 23.3 behind. One record on its own proves little.

Trade by trade

Rebel Jerry P: trades against the S&P 500 afterwards
Measured	Trades counted	Average vs S&P 500	Median	Went the right way	Years	t-statistic	p-value	Evidence
Purchases, 3 months after the report	0	—	—	—	—	—	—	Not enough years
Purchases, 6 months after the report	0	—	—	—	—	—	—	Not enough years
Purchases, 12 months after the report	0	—	—	—	—	—	—	Not enough years
Purchases, 12 months after the trade	0	—	—	—	—	—	—	Not enough years
Sales, 3 months after the report	13	+9.8%	+13.5%	31%	5	0.57	0.60	No reliable evidence
Sales, 12 months after the report	13	+18.5%	+34.1%	39%	5	1.60	0.18	No reliable evidence
Sales, 12 months after the trade	13	+19.3%	+34.9%	31%	5	1.61	0.18	No reliable evidence

“Average vs S&P 500” is the stock’s return including dividends minus the index’s over the same dates, from the close on the first trading day after the report, or from the close on the trade date. Only windows that have finished are counted. For sales, a negative figure means the stock lagged after it was sold, so selling was the right call (green). “Went the right way” is the share of purchases that beat the index, or of sales that trailed it. The t-statistic uses one average per year of reports, because one person’s trades bunch into the same stock and weeks, and needs trades in at least four different years; the p-value comes from the t distribution with that number of years (with four years, a t of 2 has p = 0.14). “Some evidence” means p under 5%, “strong evidence” p under 1% over at least six years.

Companies traded

Company	Title on the latest filing	Purchases	Sales	First report	Latest report
Jack IN The BOX Inc JACK	EXEC VP - CFO	0	13	November 29, 2012	November 29, 2016

Trades and what followed

Moves are against the S&P 500; green means the trade went the insider’s way.

Reported	Traded	Company	Trade	Value	3 months after report	12 months after report	12 months after trade
November 29, 2016	November 29, 2016	JACK	Sale	$768,365	−16.3%	−21.6%	−22.4%
November 27, 2015	November 27, 2015	JACK	Sale	$253,314	−1.6%	+35.6%	+34.9%
November 24, 2015	November 24, 2015	JACK	Sale	$454,251	−2.0%	+35.5%	+37.6%
February 25, 2015	February 24, 2015	JACK	Sale	$1,215,055	−11.8%	−22.4%	−22.3%
November 28, 2014	November 26, 2014	JACK	Sale	$144,152	+27.9%	−4.5%	−0.9%
November 26, 2014	November 25, 2014	JACK	Sale	$2,055,620	+28.3%	−2.3%	+1.7%
November 25, 2014	November 24, 2014	JACK	Sale	$3,234,422	+30.5%	−0.9%	−0.9%
August 19, 2014	August 18, 2014	JACK	Sale	$566,367	+15.9%	+37.2%	+33.3%
August 15, 2014	August 14, 2014	JACK	Sale	$602,100	+13.5%	+33.3%	+37.0%
August 14, 2014	August 13, 2014	JACK	Sale	$612,700	+14.6%	+35.7%	+36.2%
November 27, 2013	November 25, 2013	JACK	Sale	$3,053,008	+19.3%	+42.6%	+39.0%
August 12, 2013	August 9, 2013	JACK	Sale	$2,037,000	+0.2%	+34.1%	+35.3%
November 29, 2012	November 27, 2012	JACK	Sale	$33,648	+8.5%	+38.6%	+41.9%

Open-market purchases and sales of at least $10,000 in companies we cover, from SEC Form 4 filings; sales made under a pre-set Rule 10b5-1 plan are not shown. “Not yet” means the window has not finished or the share price was under $5 at entry. These are the shares’ moves after each trade: they say nothing about why Rebel Jerry P traded and do not suggest the use of non-public information. How every insider compares · the insider trading backtest.