What Do Bankers Know?

delete Pub Date : 2012-12-26 DOI:10.2139/ssrn.2193986
Renée B. Adams, Yanhui Wu, Qiaoqiao Zhu
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引用次数: 7

Abstract

We examine insider trades of bankers as a measure of how much they know relative to outsiders. In contrast to trades of insiders in non-financial firms, trades by bankers are less informative. Although bankers are relatively better at timing their sales, they earn negative long-run abnormal returns on their purchases. This is in marked contrast to insiders in non-financial firms. Even though banks are supposedly more opaque during the crisis, bank insider trades are still relatively uninformative during this period. These results are not driven by differences in idiosyncratic volatility, firm size, governance and compensation structures or routine versus opportunistic trades. Our results suggest that even if banks are transparent according to many standard measures, they are difficult to understand — even for insiders.
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银行家都知道些什么?
我们考察了银行家的内幕交易,以衡量他们相对于外部人士知道多少。与非金融公司内部人士的交易相比,银行家的交易信息较少。尽管银行家在选择出售时机方面相对较好,但他们的购买获得了负的长期异常回报。这与非金融公司的内部人员形成鲜明对比。尽管银行在危机期间理应更加不透明,但在此期间,银行内幕交易仍相对缺乏信息。这些结果不是由特殊波动性、公司规模、治理和薪酬结构或常规交易与机会主义交易的差异所驱动的。我们的研究结果表明,即使银行按照许多标准衡量是透明的,它们也很难被理解——即使对内部人士也是如此。
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