COVID期间的内幕交易模式

IF 5.3 2区经济学 Q1 BUSINESS, FINANCE

Pacific-Basin Finance Journal Pub Date : 2025-09-29 DOI:10.1016/j.pacfin.2025.102957

George J. Jiang , Xiaoli Ma , Yun Ma

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引用次数: 0

摘要

我们调查了COVID期间的内幕交易模式，并记录了采购和销售中的不同行为。从2020年2月底到4月初，内幕交易大幅增加，全年内幕交易增长了四倍。我们发现内幕交易和市场表现之间有很强的联系。回归分析显示，内部人士的行为与投资者相反，他们买入估值过低的股票，卖出估值过高的股票。这种反向行为主要是由机会主义的内部人士驱动的，而常规交易似乎对过去的回报反应较弱。此外，COVID期间的内幕交易显著预测了未来的股票回报，强调了在市场极度不确定时期内幕活动的信息含量增强。

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Insider trading patterns during the COVID period

We investigate insider trading patterns during the COVID period and document distinct behaviors in purchases and sales. A significant increase in insider purchases occurred from late February to early April 2020, alongside a fourfold increase in insider sales throughout the year. We find a strong link between insider trading and market performance. Regression analysis shows that insiders act as contrarians, buying undervalued and selling overvalued stocks. This contrarian behavior is primarily driven by opportunistic insiders, while routine trades appear less responsive to past returns. Moreover, insider trading during the COVID period significantly predicts future stock returns, underscoring the enhanced informational content of insider activity during periods of extreme market uncertainty.

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来源期刊

Pacific-Basin Finance Journal BUSINESS, FINANCE-

CiteScore

6.80

自引率

6.50%

发文量

157

期刊介绍： The Pacific-Basin Finance Journal is aimed at providing a specialized forum for the publication of academic research on capital markets of the Asia-Pacific countries. Primary emphasis will be placed on the highest quality empirical and theoretical research in the following areas: • Market Micro-structure; • Investment and Portfolio Management; • Theories of Market Equilibrium; • Valuation of Financial and Real Assets; • Behavior of Asset Prices in Financial Sectors; • Normative Theory of Financial Management; • Capital Markets of Development; • Market Mechanisms.