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  • 科學研究
    當前位置:  首頁 科學研究 科研活動 東財?會計與財務論壇(2022年第17期):李煦

    報告題目:Insider Trading before Peers’ M&A Announcements



    報告地點:騰訊會議(會議ID:711 947 990)



    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.


    李煦,香港大學經管學院副教授,EMBA項目主任,亞洲案例研究中心副主任。先后獲得對外經濟貿易大學學士學位、波士頓學院金融學碩士學位和麻省理工學院會計學博士學位。研究方向為資本市場對會計信息的反應、信息中介、內部人交易與信息不對稱、企業信息披露與投資等。研究成果發表于The Accounting Review、Management Science、Journal of Accounting and Economics、Journal of Financial and Quantitative Analysis等國際頂級期刊。



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