主題：Intermediating Insider Trades: Evidence from Over-the-Counter China Block Sales

主講人：Sheridan Titman，得克薩斯大學奧斯汀分校麥庫姆斯商學院教授

時間：6月12日（周三）上午10:00-11:30

地點：4-101教室

語言：英文

摘要：

Using proprietary individualized trade and account data on block trades from the Shanghai Stock Exchange, we study how dealers intermediate large sales by corporate insiders. We find that dealers require larger discounts and liquidate their positions in the secondary market more quickly when the seller is an insider. Indirect evidence indicates that dealers acquire private information in the process of negotiating the block sale and use the information when the blocks are sold. The secondary market buyers of the shares from the insider blocks, which tend to decline in price, tend to be small retail investors.

主講人介紹：

Sheridan Titman is a professor in the Department of Finance who holds the Walter W. McAllister Centennial Chair in Financial Services. He is also the director of the Energy Management and Innovation Center at UT. Dr. Titman took his Ph.D. at Carnegie Mellon University. His research interests include both investments and corporate finance.