Based on the data of China's A-share listed companies from 2010 to 2020,this paper investigates the impact of institutional common ownership on insider trading gains.The study finds that institutional common ownership can influ-ence insider trading by reducing the information advantage of insiders,intensifying external supervision and reducing the volatility risk of stock price.Further research shows that institutional common ownership can reduce insider trading gains more effectively in firms with higher degree of information asymmetry,less investor attention and higher insider ownership.
关键词
机构投资者共同持股/内部人交易收益/信息优势/外部监督/股价波动风险
Key words
institutional common ownership/insider trading gains/information advantage/external supervision/stock price volatility risk
维普
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