Industry familiarity and trading: Evidence from the personal portfolios of industry insiders

Ben-David Itzhak; Birru Justin; Rossi Andrea

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Industry familiarity and trading: Evidence from the personal portfolios of industry insiders

机译：行业熟悉度和交易：来自行业内幕人士个人投资组合的证据

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We study whether industry familiarity is an advantage in stock trading by exploring the trading patterns of industry insiders in their own personal portfolios. To do so, we identify accounts of industry insiders in a large data set provided by a retail discount broker. We find that insiders trade firms from their own industry more frequently. Furthermore, they earn abnormal returns exclusively when trading own-industry stocks, especially obscure stocks (small, low analyst coverage, high volatility). In a battery of tests, we find no evidence of the use of private information. The results are most consistent with the interpretation that industry familiarity is an advantage in stock trading. (C) 2018 Elsevier B.V. All rights reserved.

机译：我们通过探索行业内幕人士在其个人投资组合中的交易模式，研究行业熟悉度是否在股票交易中占优势。为此，我们在零售折扣经纪人提供的大数据集中识别行业内部人士的账目。我们发现内部人士更经常地从他们自己的行业交易公司。此外，他们只在交易自己的行业股票，特别是晦涩的股票（规模小，分析师覆盖率低，波动性大）时才获得异常收益。在一系列测试中，我们找不到使用私人信息的证据。结果与以下事实最一致：行业熟悉是股票交易的优势。（C）2018 Elsevier B.V.保留所有权利。

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来源
《Journal of financial economics》 |2019年第1期|49-75|共27页
作者
Ben-David Itzhak; Birru Justin; Rossi Andrea;
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作者单位

Ohio State Univ, Fisher Coll Business, Columbus, OH 43210 USA|Natl Bur Econ Res, Cambridge, MA 02138 USA;

Ohio State Univ, Fisher Coll Business, Columbus, OH 43210 USA;

Univ Arizona, Eller Coll Management, Tucson, AZ 85721 USA;

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原文格式 PDF
正文语种 eng
中图分类
关键词
Retail trading; Insiders; Officers and directors; Investor experience;

机译：零售交易;内部人员;办公室主任和董事;投资者经验;

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1. Industry familiarity and trading: Evidence from the personal portfolios of industry insiders [J] . Ben-David Itzhak, Birru Justin, Rossi Andrea Journal of financial economics . 2019,第1期

机译：行业熟悉和交易：来自行业内部人士个人投资组合的证据
2. Insider Information: The Ethicality of the High Frequency Trading Industry [J] . Sobolev Daphne British Journal of Management . 2020,第1期

机译：内幕信息：高频交易行业的伦理性
3. Insider Trading in Supervised Industries [J] . Reeb David M., Zhang Yuzhao, Zhao Wanli The Journal of Law and Economics . 2014,第3aPta1期

机译：监管行业内幕交易
4. An Integrated Patent Indicator System for Patent Portfolios: Evidence from the Telecommunication Manufacturing Industry [C] . Lei Guo, Marina Zhang, Mark Dodgson, R and D Management Conference . 2014

机译：专利投资组合的一体化专利指标系统：来自电信制造业的证据
5. Is 'not-trading' informative? Evidence from corporate insiders' portfolios. [D] . DeVault, Luke. 2016

机译：“不交易”有信息吗？来自公司内部人员投资组合的证据。
6. Personal resources and personal demands for work engagement: Evidence from employees in the service industry [O] . I-Shuo Chen, Martin R. Fellenz -1

机译：个人资源和个人对工作投入的需求：来自服务行业员工的证据
7. Proposal for a Council directive on freedom of establishment and freedom to supply services in a self-employed capacity in forestry. Proposal for an amendment of the General Programme for the removal of restrictions on freedom of establishment. Proposal for a Council directive on freedom of establishment and freedom to supply services in a self-employed capacity in personal services:1. Restaurants, cafes, taverns and other drinking and eating places (Group 852 ISIC). 2. Hotels, rooming houses, camps and other lodging places (Group 853 ISIC).Proposal for a Council directive on procedures for transitional measures concerning self-employed activities in personal services: 1. Restaurants, cafes, taverns and other drinking and eating places (Group 852 ISIC). 2. Hotels, rooming houses, camps and other lodging places (Group 853 ISIC). Proposal for a Council directive on freedom of establishment and freedom to supply services in a self-employed capacity in retail trade (Group ex 612 ISIC). Proposal for a Council directive on transitional measures affecting self-employment in retail trade (Group ex 612 ISIC). Proposal for a Council directive on freedom of establishment and freedom to supply services in a self-employed capacity in the food and beverage industries (ISIC Major Groups 20 and 21). Proposal for a Council directive on detailed transitional measures applicable to self-employed activities in the food and beverage industries (Major Groups 20 and 21 ISIC). Supplement to Bulletin of the European Economic Community No. 6, 1965 [O] . 1965

机译：关于理事会关于建立自由和自由提供林业自营职业服务的指示的提案。关于取消对建立自由限制的一般方案的修正案的提案。关于关于个人服务的自雇能力的建立自由和自由提供服务的理事会指令的提案：1.餐馆，咖啡馆，酒馆和其他饮酒场所（852组IsIC）。 2.酒店，房屋，营地和其他住宿场所（853组IsIC）。关于关于个人服务中自雇活动的过渡措施程序的理事会指令的提案：1。餐馆，咖啡馆，小酒馆和其他饮酒和饮食场所（第852组IsIC）。 2.酒店，房屋，营地和其他住宿场所（853组IsIC）。关于理事会关于在零售业自营职业中建立自由和提供服务自由的指令的提案（团体ex 612 IsIC）。关于影响零售业自营职业的过渡措施的理事会指令的提案（团体ex 612 IsIC）。关于食品和饮料行业自营职业的自由建立和自由供应的理事会指令的提案（IsIC主要组别20和21）。关于适用于食品和饮料行业自营活动的详细过渡措施的理事会指令的提案（主要组别20和21 IsIC）。 1965年欧洲经济共同体公报第6号补编
8. Economic Census 2002: Retail Trade, Industry Series. Health and Personal Care Stores [R] . 2004

机译：2002年经济普查：零售业，行业系列。健康和个人护理商店

Industry familiarity and trading: Evidence from the personal portfolios of industry insiders

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