Insider Trading B-Side: Relevance, Timeliness and Position Influence

Corporate Governance: Internal Governance Pub Date : 2015-12-21 DOI:10.7819/RBGN.V17I58.2347

F. Pontes, Orleans Silva Martins, Edilson Paulo

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引用次数: 2

Abstract

Objective – Our main objective is to analyze the impacto f insider trading on stock investments’ decision. Design/methodology/approach – We used an online survey, obtaining 271 valid answers. To analyze our data, we used some parametric (t and F Anova), and non-parametric techniques (Mann-Whitney and Kruskal-Wallis). Findings – We find that insider tradings are relevant to investment decisions, and the timeliness also exert an influence to this kind of decision, especially abnormal trades. Practical implications – In practical terms, our results suggests that the Brazilian Securities and Exchange Commission (CVM) must update the Brazilian insider trading regulation to achieve the objective to protect investors. In the investors point of view, this possible update could improve investors’ ability to control insiders and follow his activities as well as to mimic his trades. Originality/value – The originality of our paper is an analysis of relevance, timeliness and influence of position in a firm as “determinants” of investment decisions. We use these three specific characteristics to criticize the Brazilian insider trading regulation.

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内幕交易b面:相关性、时效性和仓位影响

我们的主要目标是分析内幕交易对股票投资决策的影响。设计/方法/方法-我们使用在线调查，获得271个有效答案。为了分析我们的数据，我们使用了一些参数(t和F方差分析)和非参数技术(Mann-Whitney和Kruskal-Wallis)。研究结果-我们发现内幕交易与投资决策相关，及时性也对这类决策产生影响，尤其是异常交易。实际意义-实际上，我们的研究结果表明，巴西证券交易委员会(CVM)必须更新巴西内幕交易法规，以实现保护投资者的目标。在投资者看来，这种可能的更新可以提高投资者控制内幕人士、跟踪他的活动以及模仿他的交易的能力。原创性/价值-我们论文的原创性是对公司职位作为投资决策“决定因素”的相关性、及时性和影响的分析。我们用这三个具体特征来批判巴西的内幕交易监管。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Corporate Governance: Internal Governance

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