主题：Enrich the Rich: Do Insiders Trade on Corporate Welfare?

　　主讲人：Hanwen Sun，Assistant Professor from the University of Bath

　　时间：7月2日（周二）下午4:20

　　地点：A208

　　主办单位：999策略白菜手机论坛会计系，999策略白菜手机论坛财务与会计研究所

　　主讲人简介：

　　Dr Hanwen Sun is an Assistant Professor of Finance from University of Bath, UK. Her primary research field is in corporate finance and corporate governance, especially related to insider trading, ownership structure and institutional investors. Her work has been published in Journal of Corporate Finance.

　　讲座主要内容：

　　Activists seeking to rein in corporate welfare have long argued that the government attempts to enrich large corporations using tax payers’ money. Relatively little is known about which group of individuals within a firm has, in effect, benefited from the corporate welfare. Using a novel dataset from China, we find that insider trading intensity significantly increases over the subsidy receipt month and insiders earn positive abnormal returns through their informed trading, whereas outsiders cannot exploit this trading opportunity. The positive relation between subsidy and insider trading is, however, attenuated among firms with higher public attention, as measured by media coverage and analyst following, suggesting that public visibility weakens insiders’ trading incentives. Notably, the mitigation effect of public attention on insider trading is more pronounced among firms covered by more credible news outlets. Our results have policy implications on government subsidies through the lens of corporate insiders.

　　Your participation is warmly welcomed!