| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22115 |
| 来源ID | Working Paper 22115 |
| Industry Familiarity and Trading: Evidence from the Personal Portfolios of Industry Insiders | |
| Itzhak Ben-David; Justin Birru; Andrea Rossi | |
| 发表日期 | 2016-03-28 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | We study whether industry familiarity is an advantage in stock trading by exploring the trading patterns of industry insiders in their own personal portfolios. To do so, we identify accounts of industry insiders in a large dataset provided by a retail discount broker. We find that insiders trade firms from their own industry more frequently. Furthermore, they earn abnormal returns exclusively when trading own-industry stocks, especially obscure stocks (small, low analyst coverage, high volatility). In a battery of tests, we find no evidence of the use of private information. The results are most consistent with the interpretation that industry familiarity is an advantage in stock trading. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets |
| URL | https://www.nber.org/papers/w22115 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/579789 |
| 推荐引用方式 GB/T 7714 | Itzhak Ben-David,Justin Birru,Andrea Rossi. Industry Familiarity and Trading: Evidence from the Personal Portfolios of Industry Insiders. 2016. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w22115.pdf（494KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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