Other Directors
Other directors and executives: the layer below the top job
A broad bucket by construction
This hub holds executives other than the CEO and CFO: chief operating, technology, marketing, legal and human resources officers, deputy chief executives (directeur général adjoint), members of management boards and executive committees (Vorstand, directoire, comex), executive and senior vice presidents, heads of division, key managerial personnel in Indian filings, and officers or PDMR filers listed without a more precise title.
It also takes every filing whose title is just director or directeur with no qualifier. In US, UK and other common-law filings, Director on its own usually means a board member, so check the original title on the insider page before you treat the person as an executive.
What the research says about this layer
In the information hierarchy attributed to Seyhun (1986, Journal of Financial Economics), officers below the top executives sit in the middle. Jeng, Metrick and Zeckhauser (Review of Economics and Statistics, 2003) found that insider purchases earn abnormal returns while sales do not, and their working paper found no significant return advantage for top executives over other insiders. Cohen, Malloy and Pomorski (Journal of Finance, 2012) separate routine traders, whose trades carry little information, from opportunistic ones. These are historical averages, not a reading of any single trade. The site's measured results are on the performance page.