盈利能力指数
内幕交易
知情人
业务
自然实验
质量(理念)
会计
另类交易系统
货币经济学
作者
Xia Chen,Qiang Cheng,Ting Luo,Heng Yue
标识
DOI:10.1016/j.jaccpubpol.2021.106936
摘要
We examine the impact of short sellers on insider trading profitability using a natural experiment of a pilot program which relaxed short-selling constraints for randomly selected pilot stocks. We find that pilot firms experienced a significant decrease in insider trading profitability during the pilot program. The results are more pronounced for the pilot firms with poor information quality, and for the pilot firms without corporate restrictions on insider trading. Our evidence suggests that short sellers serve an important market disciplinary role by reducing insider trading profitability.
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