Benos, EvangelosJochec, Marek2016-04-202016-04-202007-02-17http://nur.nu.edu.kz/handle/123456789/1419This paper puts the PIN variable (Probability of INformation-based trading) to test. We ¯nd that for a large set of stocks, the PIN vari- able is lower (albeit insigni¯cantly) in the periods before earnings an- nouncements dates than in the periods after earnings announcements dates. This is inconsistent with the idea of PIN capturing the proba- bility of informed trading.enAttribution-NonCommercial-ShareAlike 3.0 United Statestesting the PIN variablePIN variableArticle