Do an insider's wealth and income matter in the decision to engage in insider trading?

Kallunki Jenni; Kallunki Juha-Pekka; Nilsson Henrik; Puhakka Mikko

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Do an insider's wealth and income matter in the decision to engage in insider trading?

机译：进行内幕交易的决定中内幕人士的财富和收入是否重要？

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摘要

We explore why insiders engage in informed trading, given the surprisingly small average insider returns reported in the literature and the potential costs involved. We begin by proposing a model of an insider's decision to engage in insider trading. We then empirically test the model's predictions using archival data of corporate insiders in Sweden. Consistent with the model, we find that less wealthy insiders are more likely to time their insider selling, and to sell in greater magnitudes, prior to abnormal price declines than wealthy insiders. We also find that less wealthy insiders with lower risk aversion as measured by their criminal behavior are particularly prone to timing their selling to avoid price declines. (C) 2018 Elsevier B.V. All rights reserved.

机译：考虑到文献中报道的内部人平均回报极低且涉及潜在成本，我们将探讨内部人为何从事知情交易。我们首先提出一个内部人决定从事内部人交易的模型。然后，我们使用瑞典公司内部人员的档案数据对模型的预测进行经验检验。与该模型一致，我们发现，与富裕的内部人相比，较少的富裕内部人更有可能在不正常的价格下跌之前安排内部人的卖出时机，并以更大的幅度卖出。我们还发现，以犯罪行为来衡量，较不富有的内幕人士具有较低的风险规避性，因此他们特别倾向于选择时机进行出售以避免价格下跌。（C）2018 Elsevier B.V.保留所有权利。

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来源
《Journal of financial economics》 |2018年第1期|135-165|共31页
作者
Kallunki Jenni; Kallunki Juha-Pekka; Nilsson Henrik; Puhakka Mikko;
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作者单位

Univ Oulu, Oulu Business Sch, Pentti Kaiteran Katu 1,POB 8000, FIN-90014 Oulu, Finland;

Univ Oulu, Oulu Business Sch, Pentti Kaiteran Katu 1,POB 8000, FIN-90014 Oulu, Finland|Aalto Univ, Sch Business, Espoo, Finland|Stockholm Sch Econ, Sveavagen 65,POB 6501, SE-11383 Stockholm, Sweden;

Stockholm Sch Econ, Sveavagen 65,POB 6501, SE-11383 Stockholm, Sweden;

Univ Oulu, Oulu Business Sch, Pentti Kaiteran Katu 1,POB 8000, FIN-90014 Oulu, Finland;

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原文格式 PDF
正文语种 eng
中图分类
关键词
Insider trading; Wealth, Income;

机译：内幕交易;财富;收入;

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Do an insider's wealth and income matter in the decision to engage in insider trading?

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