科学研究
报告题目：Insider Trading before Peers’ M&A Announcements
报告人：李煦
报告时间：2022年11月18日（周五）15:30
报告地点：腾讯会议（会议ID：711 947 990）
主办单位：东北财经大学会计学院
【报告摘要】
Information spillover across industry peers means that insiders may possess private information before the release of industry-level news. We document that insiders tend to have net sales of their own firms before the public announcement of peer firms’ mergers and acquisitions (M&A). Consistent with the negative product market impact on the focal firm associated with the peer firms’ M&A, such net insider selling is driven by horizontal and vertical M&As and focal firms facing high competition. Subsequent analysis reveals that such trades are informative about future stock returns and operating performance. Overall, the study contributes to the understanding of not only insider trading based on external non-public events, but also the impact of peers’ M&As on focal firm’s valuation.
【报告人简介】
李煦，香港大学经管学院副教授，EMBA项目主任，亚洲案例研究中心副主任。先后获得对外经济贸易大学学士学位、波士顿学院金融学硕士学位和麻省理工学院会计学博士学位。研究方向为资本市场对会计信息的反应、信息中介、内部人交易与信息不对称、企业信息披露与投资等。研究成果发表于The Accounting Review、Management Science、Journal of Accounting and Economics、Journal of Financial and Quantitative Analysis等国际顶级期刊。
【特别提醒】
请与会师生实名参会。未经论文作者和主办方允许，严禁将讲座内容录制并公开传播，违者将有可能被追究法律责任。
