Opportunistic insider trading

被引：7

作者：

Tirapat, Sunti ^{[1
]}

Visaltanachoti, Nuttawat ^{[2
]}

机构：

[1] Chulalongkorn Univ, Dept Banking & Finance, Fac Commerce & Accountancy, Bangkok 10330, Thailand

[2] Massey Univ, Sch Econ & Finance, Auckland, New Zealand

来源：

PACIFIC-BASIN FINANCE JOURNAL | 2013年 / 21卷 / 01期

关键词：

Insiders; Opportunistic-trade; Probability of informed trading; Market efficiency; MARKET-EFFICIENCY; INFORMATION; PERFORMANCE; LIQUIDITY; RETURNS; STOCKS; TRADES; WORLD;

D O I：

10.1016/j.pacfin.2012.07.006

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study proposes a simple framework to disentangle insiders' opportunistic trade from liquidity trade. An opportunistic trade occurs when the probability of informed trading and the speed of convergence to market efficiency increase in a month of an insider transaction. Using Thailand Securities Exchange Commission (SEC) insider filing reports during 2002 to 2008 we find an average insider achieves merely 0.64% and 032% in a month after an insider purchase and sell but an opportunistic portfolio yields approximately 2%. (C) 2012 Elsevier B.V. All rights reserved.

引用

页码：1046 / 1061

页数：16

共 50 条

[21] Does social trust mitigate insiders' opportunistic behaviors? Evidence from insider trading
Tian, Yonggang
Ang, James S.
Fu, Panpan
Ma, Chaoqun
Wang, Xiuhua
GLOBAL FINANCE JOURNAL, 2024, 59
[22] Effects of opportunistic behaviors on security markets: an experimental approach to insider trading and earnings management
Del Brio, Esther B.
Lopes-e-Silva, Ilidio
Perote, Javier
ECONOMIA POLITICA, 2016, 33 (03) : 379 - 402
[23] Profits to opportunistic insider trading before and after the Dodd-Frank act of 2010
Gangopadhyay, Partha
Yook, Ken
JOURNAL OF FINANCIAL REGULATION AND COMPLIANCE, 2022, 30 (01) : 43 - 59
[24] A Case Study of Illegal Insider Trading - The Scandal of Vultures' Insider Trading
Huang, Yu Chuan
Chan, Shu Hui
REVIEW OF PACIFIC BASIN FINANCIAL MARKETS AND POLICIES, 2011, 14 (01) : 81 - 99
[25] Insider trading and the algorithmic trading environment
Chang, Millicent
Gould, John
Huang, Yuyun
Treepongkaruna, Sirimon
Yang, Joey Wenling
INTERNATIONAL REVIEW OF FINANCE, 2022, 22 (04) : 725 - 750
[26] Indirect Insider Trading
Goldie, Brad
Jiang, Chao
Koch, Paul
Wintoki, M. Babajide
JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS, 2023, 58 (06) : 2327 - 2364
[27] IS INSIDER TRADING THEFT
KARLBLOM, RS
FORTUNE, 1981, 104 (03) : 89 - 89
[28] The Cultures of Insider Trading
Statman, Meir
JOURNAL OF BUSINESS ETHICS, 2009, 89 : 51 - 58
[29] REFLECTIONS ON INSIDER TRADING
CRUSTO, MF
SLOAN MANAGEMENT REVIEW, 1987, 29 (01): : 5 - 5
[30] THE ETHICS OF INSIDER TRADING
WERHANE, PH
JOURNAL OF BUSINESS ETHICS, 1989, 8 (11) : 841 - 845

← 1 2 3 4 5 →