内幕交易与气候灾害

IF 5.5 2区 经济学 Q1 BUSINESS, FINANCE Global Finance Journal Pub Date : 2024-08-02 DOI:10.1016/j.gfj.2024.101024
Rui Ma , Ben R. Marshall , Hung T. Nguyen , Nhut H. Nguyen , Nuttawat Visaltanachoti
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引用次数: 0

摘要

气候灾害日益频繁和严重。虽然大量研究表明极端气候会影响各种经济决策,但气候事件如何影响投资决策在很大程度上仍未得到充分研究。本文研究了气候灾害是否以及在多大程度上影响了内幕交易,内幕交易是重要的投资决策,越来越受到企业管理层和政策制定者的关注。我们发现,总部位于发生气候灾害地区的公司,其内幕交易的月价值会明显增加。气候灾害引发的内幕交易普遍存在,但当投资者分心时,内幕交易更为活跃,而当内幕交易者面临更高的诉讼风险时,内幕交易则不那么普遍。气候灾害引发了公司短期基本面的不确定性,内部人通过在这种不确定性被定价之前卖出而获益。生活在受灾县的内部人的交易量并不比未受灾县的内部人多,这并不支持个人流动性动机。我们的论文记录了气候影响投资者行为和金融市场的一种新方式。
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Insider trading and climate disasters

Climate disasters are increasing in frequency and severity. While a large body of research has shown that extreme climate affects various economic decisions, how climate events influence investment decisions remains largely under-investigated. This paper examines whether, and to what extent, climate disasters influence insider transactions, which are important investment decisions that attract increasing attention from both corporate management and policymakers. We find that the monthly value of insider trades increases markedly in firms headquartered in counties with a climate disaster. Climate-induced insider trading holds in general but is stronger when investors are distracted and less prevalent when insiders face higher litigation risk. Climate disasters trigger uncertainty about short-term firm fundamentals, and insiders benefit by selling prior to this being priced. Insiders living in disaster counties do not trade more than those in unaffected counties, which does not support a personal liquidity motivation. Our paper documents a new way through which climate impacts investor behavior and financial markets.

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来源期刊
Global Finance Journal
Global Finance Journal BUSINESS, FINANCE-
CiteScore
7.30
自引率
13.50%
发文量
106
审稿时长
53 days
期刊介绍: Global Finance Journal provides a forum for the exchange of ideas and techniques among academicians and practitioners and, thereby, advances applied research in global financial management. Global Finance Journal publishes original, creative, scholarly research that integrates theory and practice and addresses a readership in both business and academia. Articles reflecting pragmatic research are sought in areas such as financial management, investment, banking and financial services, accounting, and taxation. Global Finance Journal welcomes contributions from scholars in both the business and academic community and encourages collaborative research from this broad base worldwide.
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