讲座题目：The Effect of Pre-trade Disclosure Regulation on Insider Trading and Stock Market Efficiency

主讲人：郭凯  上海交通大学  助理教授

讲座时间：2022年6月9日(周四)10：00

讲座地点：腾讯会议182 863 342

内容摘要：

We test the impact of a pre-trade disclosure regulation in China, which requires corporate insiders to disclose their stock sale (but not stock purchase) plans prior to trade execution, on insider trading and stock market efficiency. The regulation significantly reduces information-driven insider sales. The stock market reacts negatively to observed insider stock sale plans, leading to a higher likelihood of insiders’canceling such stock sale plans. Despite the reduction of informed insider sales, stock price informativeness actually increases following the regulation, partially due to increased analyst following in stocks with negative future performance.

主讲人简介：

郭凯，上海交通大学安泰经济与管理学院会计系助理教授。2021年毕业于新加坡国立大学商学院并取得博士学位。他的研究方向是资本市场相关领域，包括公司披露、公司治理、内部人交易等。