题目：Trading in Broad Daylight: Insider Trading in Connected Firms during Trading Bans

嘉宾：Marc Goergen | Professor of finance at IE Business School

时间：2026年6月22日（周一）09:30-11:00

地点：徐汇校区包图A409

内容简介:

Insiders are subjected to trading bans or close periods before earnings announcements. However, directors with multiple board seats can still trade in their other firms in "broad daylight," assuming these other firms are not subject to trading bans. We find evidence that private information about one firm can generate insider trading profits in other firms, evidenced by a positive correlation between the stock market reactions in the close and traded firms. In turn, this link is stronger for firms that are in a friendly relationship. Importantly, we find that institutional investors observe the trades and then mimic these trades in the connected firms that are subject to trading bans. This newly documented type of insider trading calls for regulators to extend trading bans to all firms on whose boards a director sits.

演讲人简介: Marc Goergen | Professor of finance at IE Business School. Research Interests: the intersection of corporate finance and corporate governance. He is an associate editor of the British Accounting Review, the British Journal of Management, European Financial Management, the European Journal of Finance, and the Journal of International Financial Management & Accounting. He has published in journals such as Entrepreneurship Theory and Practice, the Harvard Business Review, the Journal of Business Ethics, the Journal of Finance, the Journal of Financial Intermediation, and the Journal of Corporate Finance

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