社交媒体是内幕交易利润的放大器

IF 5.4 2区经济学 Q1 BUSINESS, FINANCE

Journal of International Financial Markets Institutions & Money Pub Date : 2024-09-25 DOI:10.1016/j.intfin.2024.102059

Yi Li , Wei Zhang , Pengfei Wang , John W. Goodell

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引用次数: 0

摘要

我们的研究调查了股票论坛帖子与内幕交易盈利能力之间的关系。通过回归分析，我们发现公司股票论坛上的帖子数量与内幕交易盈利能力之间存在正相关关系，尤其是在销售交易方面。基于股票论坛移动应用程序发布时间的差异分析进一步证实了这些结果。股票论坛帖子的利润放大效应很可能是由于社交媒体上普遍存在的噪音造成的，因为在旨在净化互联网信息环境的法规出台后，这种效应会减弱。此外，我们还观察到围绕内幕交易的帖子基调有所不同，在信息高度不对称、大量散户持股和外资持股较少的公司中，利润放大效应更为明显。总之，我们的研究凸显了社交媒体在放大内幕交易利润方面潜在的阴暗面，强调了采取监管措施的必要性。

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Social media as an amplifier of insider trading profits

Our study investigates the relationship between stock forum posts and insider trading profitability. Using regression analysis, we find a positive relationship between the number of posts on a firm’s stock forum and insider trading profitability, particularly for sales transactions. A difference-in-differences analysis based on the launch of the mobile app for stock forums further confirms these results. This profit-amplifying effect of stock forum posts is likely due to the pervasive noise on social media, as it weakens following the introduction of regulations aimed at cleaning up the internet’s information environment. Additionally, we observe distinctions in post tone around insider trades, with the profit-amplifying effect more pronounced in firms with high information asymmetry, substantial retail holdings, and less foreign ownership. Overall, our study highlights a potential dark side of social media in amplifying insider trading profits, emphasizing the need for regulatory measures.

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来源期刊

Journal of International Financial Markets Institutions & Money Multiple-

CiteScore

6.60

自引率

10.00%

发文量

142

期刊介绍： International trade, financing and investments, and the related cash and credit transactions, have grown at an extremely rapid pace in recent years. The international monetary system has continued to evolve to accommodate the need for foreign-currency denominated transactions and in the process has provided opportunities for its ongoing observation and study. The purpose of the Journal of International Financial Markets, Institutions & Money is to publish rigorous, original articles dealing with the international aspects of financial markets, institutions and money. Theoretical/conceptual and empirical papers providing meaningful insights into the subject areas will be considered. The following topic areas, although not exhaustive, are representative of the coverage in this Journal. • International financial markets • International securities markets • Foreign exchange markets • Eurocurrency markets • International syndications • Term structures of Eurocurrency rates • Determination of exchange rates • Information, speculation and parity • Forward rates and swaps • International payment mechanisms • International commercial banking; • International investment banking • Central bank intervention • International monetary systems • Balance of payments.