| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11302 |
| DP11302 Anticipating the Financial Crisis: Evidence from Insider Trading in Banks | |
| José-Luis Peydró; Ozlem Akin; José M Marín | |
| 发表日期 | 2020-03-18 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Banking crises are recurrent phenomena, often induced by ex-ante excessive bank risk-taking, which may be due to behavioral reasons (over- optimistic banks neglecting risks) and to agency problems between bank shareholders with debt-holders and taxpayers (banks understand high risk-taking). We test whether US banks’ stock returns in the 2007-08 crisis are related to bank insiders’ sale of their own bank shares in the period prior to 2006:Q2 (the peak and reversal in real estate prices). We find that top-five executives’ ex-ante sales of shares predicts the cross-section of banks returns during the crisis; interestingly, effects are insignificant for independent directors’ and other officers’ sale of shares. Moreover, the top-five executives’ significant impact is stronger for banks with higher ex-ante exposure to the real estate bubble, where an increase of one standard deviation of insider sales is associated with a 13.33 percentage point drop in stock returns during the crisis period. The informational content of bank insider trading before the crisis suggests that insiders understood the risk-taking in their banks, which has important implications for theory, public policy and the understanding of crises. |
| 主题 | Financial Economics |
| 关键词 | Financial crises Insider trading Banking Risk-taking Agency problems in firms |
| URL | https://cepr.org/publications/dp11302-0 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/543397 |
| 推荐引用方式 GB/T 7714 | José-Luis Peydró,Ozlem Akin,José M Marín. DP11302 Anticipating the Financial Crisis: Evidence from Insider Trading in Banks. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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