If you backtest anything involving insider trades, there's a quiet bug waiting for you: Form 4 data is timestamped twice . Every filing carries a transaction date (when the insider actually traded) and a filing date (when EDGAR disseminated the form). If your backtest joins on the transaction d...
Source: [Dev.to](https://dev.to/itsraxzey/how-late-is-form-4-real-time-data-measuring-filing-delay-on-11241-insider-filings-2e9j)