Separating insider and informed behavior: Evidence from a natural setting

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2024-04-03 DOI:10.1002/soej.12690

Tadgh Hegarty

引用次数: 0

Abstract

Previous literature has established the need to separate insider from expert trading in both financial and betting markets. This type of separation proves difficult to achieve because experts and insiders co‐exist in most market settings. Utilizing novel betting markets in which expert skill bettors are unable to use their expert knowledge, this study uncouples insider from expert betting, and allows more direct measurement of insider trading than in previous empirical tests. Evidence is presented in favor of some predictions from the highly cited Shin model of insider trading. Price setters charge an extra premium in markets with high proportions of insiders when compared to equivalent markets. The insiders accurately predict event outcomes, and their presence exacerbates a well known bias in betting market prices whereby returns on betting favorites is higher than for bets on longshots.

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区分内幕行为和知情行为：来自自然环境的证据

以往的文献已经证明，有必要在金融市场和博彩市场中将内部交易与专家交易分开。但这种分离很难实现，因为在大多数市场环境中，专家和内部人是共存的。在新颖的博彩市场中，专家技能博彩者无法使用他们的专家知识，因此本研究将内部人与专家博彩分离开来，从而比以往的实证测试更直接地衡量内部人交易。有证据表明，内幕交易的申模型（Shin model）的一些预测是正确的。与同等市场相比，在内部人比例较高的市场中，价格制定者会收取额外的溢价。内幕交易者能准确预测事件结果，他们的存在加剧了众所周知的投注市场价格偏差，即投注热门股的收益高于投注冷门股的收益。

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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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.