讲座题目：
Off-the-job Managerial Indiscretion and Insider Trading
非工作期间高管言行失检与内幕交易
时间：2024年12月12日14:30
地点：广东外语外贸大学大学城校区院系办公楼401会议室
主讲人：14:30熊昊洋（蒙大拿州立大学金融学助理教授）
讲座内容简介
We study whether and how personal off-the-job managerial indiscretions impact corporate insiders’ trading behavior. We find that executives accused of personal indiscretions earn significantly higher abnormal returns from their insider purchases and sales in a 15-day window around each trade. The results are robust to matched sample analyses. Further, corporate culture has less explanatory power than personal attributes. We also document that exposure of these indiscretions to the public provides a disciplinary effect, as insider trading profits significantly drop following the announcement of an indiscretion, despite this drop being temporary. Corporate governance mechanisms, such as blackout policies, significantly reduce abnormal returns earned by indiscretion executives. Lastly, indiscretion insiders’ post announcement trading activities enhance market efficiency and price accuracy.
报告人介绍
熊昊洋，蒙大拿州立大学金融学助理教授。他的研究兴趣包括内幕交易、金融监管、文化研究、公司不当行为与公司治理、代理问题以及国际金融。他的研究成果发表于《公司金融杂志》（Journal of Corporate Finance）、《公共选择》（Public Choice）和《实证金融杂志》（Journal of Empirical Finance）。他在密西西比州立大学获得金融学博士学位。在进入密西西比州立大学之前，他曾在安永会计师事务所（Ernst and Young, EY）担任咨询顾问。他分别在纽约州立大学布法罗分校获得硕士学位，并在广东外语外贸大学获得学士学位。
图文：顾哲瑜
排版：唐玮蔓 余江鹏
初审：顾哲瑜 屈凡恺
复审：邓超 张璇
终审：徐昶斌
