Doctoral Dissertation Research: The Rise of an Insider Trading Network, 1979-1986: A Network Analysis

博士论文研究：内幕交易网络的兴起，1979-1986：网络分析

• 批准号: 0307953
• 负责人: Robert Hanneman
• 金额: $ 0.38万
• 依托单位: University of California-Riverside
• 依托单位国家: 美国
• 项目类别: Standard Grant
• 财政年份: 2003
• 资助国家: 美国
• 起止时间: 2003-05-01 至 2004-04-30
• 项目状态: 已结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=0307953&HistoricalAwards=false
• 关键词: Doctoral; Dissertation; Research; Rise; Insider

Focusing on the phenomenon of insider trading in the U.S. during the period from 1979-1986, this project examines the utility of theories of criminology and social networks to develop a model of how the dynamics of a legitimate business network might differ from an illegitimate network embedded within it. Learning theories (differential association, differential opportunity) tend to forget that subcultures can and do develop within upper class elites. The solution lies in theory building that includes formation of social networks within an elite class, in this case financial bankers, and the effects of environmental opportunities (deregulation) on the network characteristics of trust and embeddedness. The dependent variable of this study is the changing structure of the deviant network based on the degree of embeddedness and trust, under the conditions of the independent variables of micro and macro environmental factors, including SEC deregulation. Hypotheses include embeddedness, a network concept based on the degree of redundancy of ties; trust which is defined by the reciprocity of trust as well as clique formation and opportunity based on the rate of tie formation dependent on deregulation. The expectation is that there will be more tie formation activity within the illegal network as compared to the larger, legitimate network. N is approximated to be 125 actors in the legitimate network, 15 in the illegitimate network. Research methods include profiling the network actors for religion and educational background, network interview of SEC elites employed in the 1980s, secondary content analysis of SEC investigations (1979-1986) and secondary content analysis of Stewart's (1992) chronology of the illegal trading activities in the 1980s triangulated with other journalistic sources such as The Wall Street Journal. Additional procedures include the creation of matrices of legitimate and illegitimate networks to test the variability of the networks as well as to conduct network regression (QAP) to determine if there is any relationship between embeddedness, trust, and opportunity from year to year. It is anticipated that this dissertation will offer several benefits to the scientific community and policy makers by including the understanding of how deviance is not a solitary occupation but takes place within networks and overtime. Additional benefits to the scientific community are 1) introduction of network analysis to criminology and 2) further understanding of how networks do not operate within a structural void, rather are regulated by internal and external characteristics. Finally, there is optimism that with the completion of this study, there is the potential to contribute to policy making in the form of preventative and predictive capacity to aid in the control of insider trading.

本课题以1979年至1986年美国的内幕交易为研究对象，探讨犯罪学和社交网络理论的实用性，并建立一个模型，说明合法的商业网络和非法的商业网络之间的动态变化。学习理论（差别协会，差别机会）往往忘记亚文化可以而且确实在上层精英中发展。 解决方案在于理论建设，包括精英阶层（在这种情况下是金融银行家）内部社交网络的形成，以及环境机会（放松管制）对信任和嵌入性网络特征的影响。本研究的因变量是在微观和宏观环境因素（包括SEC放松管制）作为自变量的条件下，基于嵌入度和信任度的偏离网络结构的变化。 假设包括嵌入性，一个网络概念的基础上的冗余度的关系，信任的互惠性的信任以及小集团的形成和机会的基础上，领带的形成依赖于放松管制的速度。 预计与更大的合法网络相比，非法网络中将有更多的关系形成活动。N在合法网络中近似为125个参与者，在非法网络中近似为15个参与者。 研究方法包括对网络参与者的宗教和教育背景进行剖析，对20世纪80年代雇用的SEC精英进行网络访谈，对SEC调查（1979-1986）进行二级内容分析，并对Stewart（1992）的20世纪80年代非法交易活动年表进行二级内容分析，并与其他新闻来源（如华尔街日报）进行三角分析。 其他程序包括创建合法和非法网络的矩阵，以测试网络的可变性，并进行网络回归（QAP），以确定每年嵌入性，信任和机会之间是否存在任何关系。 预计本论文将为科学界和政策制定者提供一些好处，包括了解越轨行为如何不是一个单独的职业，而是发生在网络和加班中。 对科学界的其他好处是：1）将网络分析引入犯罪学; 2）进一步了解网络如何不在结构性空白中运作，而是受内部和外部特征的调节。 最后，人们乐观地认为，随着这项研究的完成，有可能以预防和预测能力的形式为决策做出贡献，以帮助控制内幕交易。