光華講壇——社會(huì)名流與企業(yè)家論壇第6797期
主題：Insider Trading After the 2022 Rule 10b5-1 Amendment2022年《美國(guó)證券交易委員會(huì)內(nèi)幕交易認(rèn)定規(guī)則10b5-1》修訂后的內(nèi)幕交易
主講人：紐約城市大學(xué)巴魯學(xué)院 Seil Kim副教授
主持人：會(huì)計(jì)學(xué)院 代婧教授
時(shí)間：10月9日10:00-11:30
地點(diǎn)：柳林校區(qū)誠(chéng)正樓650
主辦單位：會(huì)計(jì)學(xué)院 科研處
主講人簡(jiǎn)介：
Seil Kim 獲紐約大學(xué)會(huì)計(jì)博士學(xué)位，目前是紐約城市大學(xué)巴魯學(xué)院大學(xué)會(huì)計(jì)學(xué)副教授。Kim教授的研究曾在TAR、MS、RAST、CAR等國(guó)際頂級(jí)期刊上發(fā)表。Kim教授的研究興趣覆蓋內(nèi)部人交易、公司治理、信用風(fēng)險(xiǎn)等領(lǐng)域。
內(nèi)容提要：
The lecture focuses that investigate the impact of the controversial 2022 amendment to Rule 10b5-1, which imposed a cooling-off period and restricted overlapping and single-trade plans on prearranged insider transactions. The amendment led insiders to (i) execute stock sales under 10b5-1 plans with longer cooling-off periods; (ii) curtail opportunistic sales under 10b5-1 plans prior to stock price drops or earnings misses; (iii) limit the backdating of stock gifts; and (iv) decrease the granting of options around material information events. Further evidence suggests a reduction in opportunistic 10b5-1 trades rather than a migration toward non-10b5-1 sales. However, we find that firms more affected by the rule amendment experience lower price efficiency after the amendment, implying a potential cost of restricting the flow of information through insider trading. In addition, terminations of 10b5-1 plans are associated with positive subsequent stock returns, suggesting that insiders avoid selling when they expect favorable news. Overall, our findings indicate that while the amendment substantially curtailed the opportunistic use of 10b5-1 plans, it increased the costs of 10b5-1 plans and lowered stock price efficiency.
本次講座主要是針對(duì)研究備受爭(zhēng)議的2022年對(duì)美國(guó)證券交易委員會(huì)內(nèi)幕交易認(rèn)定規(guī)則10b5-1（后簡(jiǎn)稱(chēng)10b5-1）的修訂，該修訂對(duì)事先安排的內(nèi)幕交易引入了冷靜期，并限制了重疊計(jì)劃和單次交易計(jì)劃。研究發(fā)現(xiàn)，該修訂使內(nèi)幕人出現(xiàn)以下變化：(i)在10b5-1計(jì)劃下執(zhí)行股票出售時(shí)采用了更長(zhǎng)的冷靜期；(ii)在股價(jià)下跌或盈利未達(dá)預(yù)期之前，通過(guò)10b5-1計(jì)劃進(jìn)行機(jī)會(huì)性出售的行為明顯減少；(iii)限制了股票贈(zèng)與的追溯定價(jià)；(iv)在重大信息事件前后減少了期權(quán)授予。進(jìn)一步證據(jù)表明，這些變化主要反映為機(jī)會(huì)性10b5-1交易的減少，而不是轉(zhuǎn)向非10b5-1的出售方式。然而，我們發(fā)現(xiàn)受規(guī)則修訂影響較大的公司在修訂后經(jīng)歷了較低的價(jià)格效率，這意味著限制內(nèi)幕交易信息流動(dòng)可能帶來(lái)一定成本。此外，終止10b5-1計(jì)劃與后續(xù)股價(jià)上漲相關(guān)，暗示內(nèi)幕人在預(yù)期有利消息時(shí)會(huì)避免出售股票?？傮w而言，我們的研究表明，盡管修訂大幅遏制了10b5-1計(jì)劃的機(jī)會(huì)性使用，但也增加了10b5-1計(jì)劃的成本，并降低了股票價(jià)格效率。
