信息不对称、交易窗口与上市公司内部人交易回报

发布时间：2018-02-09 10:03

本文关键词： 信息不对称交易窗口中小板公司内部人交易回报　出处：《金融研究》2012年12期 　论文类型：期刊论文

【摘要】：从信息不对称角度出发,通过比较定期财务报告披露前窗口与其他窗口内的内部人交易短期和中期超常回报差异,以检验内部人在报告披露前窗口的交易是否利用了非公开信息。证据表明,中小板公司内部人在定期报告披露前窗口利用信息优势获取了短期和中期相对超常回报,而主板公司内部人交易不存在此现象。与法律监管效应一致,中小板公司内部人亲属在报告披露前窗口利用信息优势交易赚取短期回报的动机强于内部人本人,内部人本人在报告前窗口的锁定期交易未利用信息优势,而在非锁定期交易利用了信息优势。
[Abstract]:From the point of view of information asymmetry, by comparing the differences between the front window of regular financial report disclosure and the insiders in other windows, the difference between short-term and medium-term abnormal returns is compared. In order to test whether the insider's transactions in the front window of the report disclosure make use of the non-public information. The evidence shows that the insiders of the small and medium-sized board companies have used the advantage of information to obtain relatively exceptional returns in the short and medium term in the front window of the regular report disclosure. In line with the effect of legal supervision, relatives of small and medium-sized board companies are more motivated than the insiders to make short-term returns by trading with information advantage in the window before the disclosure of the report. The insiders themselves did not take advantage of the information advantage in the lock term trading in the window before reporting, while the information advantage was utilized in the non-lock term transactions.
【作者单位】：上海财经大学;南京审计学院;
【基金】：上海市社会科学规划课题(2007EJB008) 全国优秀博士学位论文作者专项(2007B75) 2012上海市浦江人才计划教育部重点研究基地重大项目(11JJD790008) 国家自然科学基金项目(70702009)资助
【分类号】：F830.91

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