JOURNAL OF CORPORATE FINANCE, VOL 47，DECEMBER 2017

家族企业信息泄漏：围绕内幕交易的卖空证据

作者：Hanwen Sun (University of Essex)

Shuxing Yin (University of Sheffield)

摘要：根据香港联交所（HKEx）的内幕交易和卖空数据，我们研究了企业内部人员向卖空交易者泄露消息的潜在问题，尤其是在家族企业中的问题。在港交所，即使没有做市商，我们仍然发现在内部交易信息向公众发布之前，卖空量大幅增加。卖空强度与家族控制之间的非单调关系有助于探讨家族企业的存在是否会促进或抑制信息泄露。此外，与家族内部人士相比，非家族内部人的交易行为更有可能传达私人信息。

关键词：信息泄露，内部交易，卖空，家族企业

Information Leakage in Family Firms: Evidence from Short Selling Around Insider Sales

Hanwen Sun (University of Essex)，Shuxing Yin (University of Sheffield)

ABSTRACT

Using a novel insider trading and short selling dataset from the Hong Kong Stock Exchange (HKEx), we investigate potential information leakage from corporate insiders to short sellers, particularly in family firms. Even without the presence of market makers in the HKEx, we document a significant increase in short selling volume before insider trades are released to the public. The non-monotonic relationship between the short selling intensity and family control contributes to the debate on whether family presence facilitates or limits information leakage. In addition, trading by non-family insiders is more likely to convey private information, as compared to family insiders.

Keywords: Information Leakage, Insider Trading, Short Selling, Family Firms

原文链接：http://www.sciencedirect.com/science/article/pii/S092911991630308X#!

翻译：王秭越