Chief Executive Officers (CEOs) have incentives to communicate with their investors after news releases if the market misinterprets the news. I examine how CEOs communicate with the market through their trading patterns. I find that CEOs are more likely to purchase shares after positive and negative news releases, suggesting that they want to confirm their positive news if the market underreacts to it and want to mitigate the market overreaction to their negative news by purchasing shares. These patterns vary conditional on the information environment and news categories. My results suggest that CEOs can make the news salient via their trading pattern. 

Keywords: Communication, Investor Relations, Insider Trading, Information Asymmetry
JEL Classification: G14, G30, D82, D83​