How insiders traded before rules
How insiders traded before rules
复制标题
内部人士如何在规则之前进行交易
DOI：
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发表时间：
2012
期刊：
影响因子：
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通讯作者：
Lyndon Moore
中科院分区：
文献类型：
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作者：
F. Braggion;Lyndon Moore
在1980年《公司法》（companies Act of 1980）出台之前，英国公司内部人士（如董事）在法律上获准交易自己公司的股票。本文研究了1890年至1909年期间英国董事的交易行为。报告发现，利用信息优势的董事相对较少。然而，当他们出售自己的股票时，往往是在盈利能力不佳和股市表现不佳之前。
UK company insiders, such as directors, were legally allowed to trade in the shares of their own companies up until the Companies Act of 1980. This article investigates the trading behaviour of directors over the period 1890 to 1909 in the UK. It finds relatively few instances of directors who exploited their informational advantage. However when they did sell their own shares, it tended to be before a period of poor profitability and poor stock market performance.