【本期主题】Shadow Trading

U.S. regulations prohibit a firm’s employees from exploiting their private information about the firm for personal gain. We examine whether information leakage from employees at a firm (“source firm”) facilitates profitable trading in a business partner or competitor (“linked firm”), an activity we characterize as “shadow trading.” We find that linked firms experience a 6.4%-19.2% increase in symptoms of informed trading activity prior to a source firm’s release of relevant private information. We also find that shadow trading is lower in source firms that explicitly prohibit their employees from exploiting private information about linked firms. Each typical shadow trading window represents trading profits of up to approximately $678,000. Two distinct exogenous shocks to legal prohibitions against conventional insider trading and employee mobility provide additional evidence on the sources of information leakage. Our study is relevant for legislators and regulators seeking to promote confidence in the integrity of capital markets.

【报告人】赵万里 汉青研究院金融系教授

【时 间】10月17日 上午10:00

【地 点】明德主楼509室

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报告人简介：

赵万里，中国人民大学汉青经济与金融高级研究院金融系教授。2007年博士毕业于美国天普大学。陆续担任Worcester Polytechnic Institute、Southern Illinois University等高校的助理教授、副教授，并获Southern Illinois University终身教职。2017年加盟中国人民大学汉青研究院担任金融系教授。赵万里教授的研究领域包括公司金融，公司治理，董事会，内部交易，会计报告，公司创新，公司兼并，在Accounting Review，Journal of Finance，Journal of Banking & Finance ，Management Science，Journal of Law & Economics，Contemporary Accounting Research，Journal of Accounting and Public Policy，Financial Management，Applied Economics等国际顶尖期刊发表十余篇高水平论文。

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