IQ and corporate insiders' decisions to time insider and outsider trading

被引：1

作者：

Eugster, Florian ^{[1
]}

Kallunki, Jenni ^{[2
]}

Nilsson, Henrik ^{[3
]}

Setterberg, Hanna ^{[1
]}

机构：

[1] Stockholm Sch Econ, Dept Accounting, Mistra Ctr Sustainable Markets, POB 6501, SE-11383 Stockholm, Sweden

[2] Univ Oulu, Dept Econ Accounting & Finance, Oulu, Finland

[3] Stockholm Sch Econ, Dept Accounting, Stockholm, Sweden

来源：

EUROPEAN FINANCIAL MANAGEMENT | 2021年 / 27卷 / 05期

基金：

瑞典研究理事会;

关键词：

Insider trading; IQ; abnormal returns; reputational risk; GOVERNANCE; MANAGERS; ACQUISITIONS; EARNINGS; STOCK;

D O I：

10.1111/eufm.12302

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We examine how corporate insiders' cognitive ability (IQ) affects their decisions to time insider and outsider trading before abnormal stock price changes. Our analysis of archival data on male corporate insiders in Sweden shows they are less prone to time their insider selling and to sell in larger amounts, before abnormal stock price declines as IQ increases. We also find that insiders with a higher IQ are better at timing their outsider buying. Taken together, our results show that corporate insiders' IQ affects their trading decisions differently, depending on whether they are trading in their insider or outsider stocks.

引用

页码：814 / 840

页数：27

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