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【12月28日】Monitoring from Afar: Do Foreign Institutional Investors Deter Insider Trading?

[发表时间]:2018-12-24 [来源]:中国金融发展研究院 [浏览次数]:

  CAFD SEMINAR SERIES 223

  SPEAKER: Weikai Li

  李伟凯现在是新加坡管理大学李光前商990.com金融学助理教授。他 2017 年博士毕业于香港科技大学,本科毕业于浙江大学,博士期间曾在美国普林斯顿大学访问交流。他的研究领域包括实证资产定价,行为金融,内幕交易和国际金融市场。他的论文已经或者即将发表于Journal of Financial and Quantitative Analysis, the Journal of Econometrics and Review of Asset Pricing Studies. 他曾经在各大学术会议包括美国金融学年会,西部金融 学年会,欧洲金融学年会和中国国际金融学年会上宣讲自己的论文。他也曾在投行举办的业界金融会议包括美银美林,麦格里,芝加哥量化金融会议上演讲论文。李伟凯的论文曾获得中国国际金融学年会和亚洲金融学年会最佳论文奖,以及芝加哥量化金融协会学术论文二等奖。

  TOPIC: Monitoring from Afar: Do Foreign Institutional Investors Deter Insider Trading?

  Abstract:

  This paper examines the disciplinary effect of foreign institutional investors on opportunistic insider trading. Using a novel global insider trading data set containing 35,557 firms from 26 countries over the period 2000-2015, we find that greater foreign institutional ownership significantly reduces the profitability of insider trading, above and beyond the effect of domestic institutional ownership. Using the exogenous variation in foreign institutional ownership induced by MSCI index inclusion, we show that the effect is causal. The impact of foreign investors is stronger in countries with weak insider trading regulations and poor institutional environments, and operates mainly through the monitoringchannel, rather than the channel of improved information environments.

  Time: December 28, 2018, Friday, 14:00 - 15:30 pm

  举办时间:2018年12月28日(本周五)下午14:00-15:30

  活动场地:学术会堂702

  请在海报注明:获得2018年9927.com专题学术讲座项目资助

  


[编辑]:张萌