Insider Trading, Abnormal Returns, and Intangible Resources

內部人交易、異常報酬與企業無形資源之關聯性分析

顏子瑜(Tze-Yu Yen) ； 周淑卿(Shu-Ching Chou) ； 張敏蕾(Ming-Lei Chang) ； 趙桓健(Huan-Jian Jau)

《財務金融學刊》 25卷1期 (2017/03) Pp. 39-82

https://doi.org/10.6545/JFS.2017.25(1).2

摘要

This study examines whether insiders’ trading strategy relates to earnings announcement. Results show that favorable stock trading by corporate insiders before earnings reversal announcement leads to abnormal returns, particularly for increased earnings that turn to decreased ones. Further investigation shows that firms with intangible resources are prone to insider trading. The findings indicate that intangible resources may increase information asymmetry and trigger insider trading through earnings announcement.

關鍵字

Insider trading ； abnormal returns ； intangible resources

並列摘要

本研究檢視企業內部人是否利用內部資訊優勢，在盈餘宣告前進行持股操作，並觀察此持股變動是否與企業的無形資產相關。結果顯示內部人在盈餘反轉訊息－尤其是反轉為衰退－公開前，進行持股有利操作，在日後盈餘宣告期間有機會獲取異常報酬。另外發現無形資產提高盈餘資訊不對稱性，提供了內部人進行持股操作的空間。

並列關鍵字

內部人交易 ； 異常報酬 ； 無形資源

參考文獻

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