经济政策的不确定性和内幕交易

IF 1.5 3区经济学 Q3 BUSINESS, FINANCE

Journal of Financial Research Pub Date : 2022-08-28 DOI:10.1111/jfir.12299

Sadok El Ghoul, Omrane Guedhami, Robert Nash, He (Helen) Wang

{"title":"经济政策的不确定性和内幕交易","authors":"Sadok El Ghoul, Omrane Guedhami, Robert Nash, He (Helen) Wang","doi":"10.1111/jfir.12299","DOIUrl":null,"url":null,"abstract":"<p>In this article, we examine the effects of economic policy uncertainty (EPU) on insider trading. Two hypotheses predict that EPU is positively related to insider trading volume and profitability: (1) the private benefits hypothesis, which states that insiders exploit their information advantage to realize abnormal profits, and (2) the signaling hypothesis, which states that insiders trade to signal private information to stock market participants. We find that EPU is positively and significantly related to the profitability of insider purchases, and that insiders purchase more frequently during high-EPU periods. Additional analysis provides strong support for the signaling hypothesis but no support for the private benefits hypothesis.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"45 4","pages":"817-854"},"PeriodicalIF":1.5000,"publicationDate":"2022-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"6","resultStr":"{\"title\":\"Economic policy uncertainty and insider trading\",\"authors\":\"Sadok El Ghoul, Omrane Guedhami, Robert Nash, He (Helen) Wang\",\"doi\":\"10.1111/jfir.12299\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<p>In this article, we examine the effects of economic policy uncertainty (EPU) on insider trading. Two hypotheses predict that EPU is positively related to insider trading volume and profitability: (1) the private benefits hypothesis, which states that insiders exploit their information advantage to realize abnormal profits, and (2) the signaling hypothesis, which states that insiders trade to signal private information to stock market participants. We find that EPU is positively and significantly related to the profitability of insider purchases, and that insiders purchase more frequently during high-EPU periods. Additional analysis provides strong support for the signaling hypothesis but no support for the private benefits hypothesis.</p>\",\"PeriodicalId\":47584,\"journal\":{\"name\":\"Journal of Financial Research\",\"volume\":\"45 4\",\"pages\":\"817-854\"},\"PeriodicalIF\":1.5000,\"publicationDate\":\"2022-08-28\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"6\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Financial Research\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://onlinelibrary.wiley.com/doi/10.1111/jfir.12299\",\"RegionNum\":3,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q3\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Financial Research","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/jfir.12299","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 6

摘要

本文研究了经济政策不确定性对内幕交易的影响。两个假设预测EPU与内幕交易量和盈利能力呈正相关:(1)私人利益假设，即内部人利用其信息优势实现异常利润;(2)信号假设，即内部人交易向股票市场参与者发出私人信息信号。我们发现EPU与内部人购买的盈利能力存在显著正相关，且在EPU高的时期内部人购买的频率更高。附加分析有力地支持了信号假说，但不支持私人利益假说。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Economic policy uncertainty and insider trading

In this article, we examine the effects of economic policy uncertainty (EPU) on insider trading. Two hypotheses predict that EPU is positively related to insider trading volume and profitability: (1) the private benefits hypothesis, which states that insiders exploit their information advantage to realize abnormal profits, and (2) the signaling hypothesis, which states that insiders trade to signal private information to stock market participants. We find that EPU is positively and significantly related to the profitability of insider purchases, and that insiders purchase more frequently during high-EPU periods. Additional analysis provides strong support for the signaling hypothesis but no support for the private benefits hypothesis.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Journal of Financial Research BUSINESS, FINANCE-

CiteScore

1.70

自引率

0.00%

发文量

期刊介绍： The Journal of Financial Research(JFR) is a quarterly academic journal sponsored by the Southern Finance Association (SFA) and the Southwestern Finance Association (SWFA). It has been continuously published since 1978 and focuses on the publication of original scholarly research in various areas of finance such as investment and portfolio management, capital markets and institutions, corporate finance, corporate governance, and capital investment. The JFR, also known as the Journal of Financial Research, provides a platform for researchers to contribute to the advancement of knowledge in the field of finance.