Strategic trading by insiders in the presence of institutional investors

被引：3
|
作者：
Hoang, Lai T. [1 ]
Wee, Marvin [2 ]
Yang, Joey Wenling [3 ]
机构：
[1] Monash Univ, Monash Business Sch, Monash Ctr Financial Studies, Level 13,30 Collins St, Melbourne, Vic 3000, Australia
[2] Australian Natl Univ, Coll Econ & Business, Res Sch Accounting, 26C Kingsley St, Acton, ACT 2601, Australia
[3] Univ Western Australia, UWA Business Sch, 35 Stirling Highway, Crawley, WA 6009, Australia
来源：
JOURNAL OF FINANCIAL MARKETS | 2023年 / 64卷
关键词：
Insider trading; Institutional trading; Information competition; Liquidity competition; Broker channel; Proximity channel; SHORT-SELLERS; IMPERFECT COMPETITION; STOCK RETURNS; CROSS-SECTION; INFORMATION; MARKET; LIQUIDITY; EARNINGS; PERFORMANCE; TRADES;
D O I：
10.1016/j.finmar.2022.100802
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We examine how competition to trade on information with institutional traders affects insider trading. We find insiders complete their trades quicker when trading on the same side as in-stitutions, and this effect is more pronounced when insiders are more informed. These findings support information-based models, suggesting that insiders accelerate their trading as institu-tional traders are likely to become privy to the private information and compete with them. We identify two possible channels by which institutional investors acquire private information: when insiders and institutional traders share the same broker, and when firms' headquarters are in the same city as institutional traders.
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页数：23
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