题目：Do Insider Trading Laws Reduce Stock Price Crash Risk?
报告人：厦门大学管理学院张文瑞助理教授
时间：2013年9月17日（周二）下午13:30-15:00
地点：会计学院二楼报告厅（206）
Abstract
Using a large sample of 48 countries over the period of 1982-2006, we document empirical evidence that initial enforcement of insider trading laws in a country significantly reduces stock price crash risk. We find that the negative effect of the insider trading law enforcement on stock price crash risk is more pronounced in countries with poor quality of institutional infrastructures in terms of investor protection, financial disclosure requirements, financial market liberalization, or product market competition. Our findings are in line with the following view: the enforcement of insider trading laws makes their trading on private information costly and risky. This in turn constrains corporate insiders’ incentives and abilities to conceal adverse information and/or engage in suboptimal over-investments (e.g., empire building), thereby reducing stock price crash risk. .
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