Institutional Common Ownership and Insider Trading Gains
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.
institutional common ownershipinsider trading gainsinformation advantageexternal supervisionstock price volatility risk
万方数据
维普
