Matching Items (2)
Filtering by

Clear all filters

155350-Thumbnail Image.png

Do Proprietary Costs Deter Insider Trading?

Description
Insider trading potentially reveals proprietary information, allowing rivals to compete more effectively against the insiders' firm. This paper examines whether proprietary costs are associated with insiders' trading decisions and the profitability of their trades. Using a variety of approaches to identify proprietary information risk, I find proprietary costs significantly deter…

Insider trading potentially reveals proprietary information, allowing rivals to compete more effectively against the insiders' firm. This paper examines whether proprietary costs are associated with insiders' trading decisions and the profitability of their trades. Using a variety of approaches to identify proprietary information risk, I find proprietary costs significantly deter insiders' trading activities. The deterrence effect is more pronounced when insider trading is likely to be more informative to rivals. Specifically, trades by top executives, non-routine trades, and trades at low complexity firms are curbed to a greater extent by proprietary costs. Examining the mechanisms of this deterrence effect, I find firms with higher proprietary costs are more likely to impose insider trading restrictions, and insiders' trading decisions are more sensitive to proprietary costs when they have higher share ownership of the company. These results suggest insiders reduce trading activities not only due to firm policies, but also due to incentive alignment. Finally, when insiders trade despite higher proprietary costs, they earn significantly higher abnormal profits from their purchase transactions. Overall, this study suggests product market considerations are an important factor associated with insiders' trading decisions and profitability of their trades. These findings are likely to be of interest to regulators and corporate boards in setting insider trading policies, and help investors make investment decisions using insider trading signals.
ContributorsChoi, Lyungmae (Author) / Hillegeist, Stephen (Thesis advisor) / Faurel, Lucile (Thesis advisor) / Hugon, Jean (Committee member) / Huang, Xiaochuan (Committee member) / Arizona State University (Publisher)
Created2017
158041-Thumbnail Image.png

中国工程机械企业并购绩效研究 — 以中联重科为例

Description为适应我国经济的快速发展以及经济的全球化，我国企业借助日益成长完善的资本市场，从主要依靠技术与产品的引进、消化和吸收转向了技术与产品的引进和输出并举的发展道路，企业并购成为了企业快速发展壮大的利器之一。我国的工程机械类企业凭借并购使全行业规模上升到世界第一位，成为了经济发展的支柱之一，并已形成三一重工、中联重科、徐工集团等一批行业领军企业，行业竞争力得到了提高，同时行业中企业之间竞争的加剧促使了我国工程机械企业在全球范围内整合产业价值链，进行了大量并购。

中联重科自成立以来，通过一系列的并购实现了快速规模发展，这一系列并购案例也为研究工程机械类企业并购研究和并购绩效分析提供了极好的素材。本文通过对中联重科从2001年到2018年并购案例进行详细分析和归纳总结，采用案例研究法对中联重科并购案例的短期绩效进行了研究，采用主成分分析法对中联重科主要并购案例的长期财务绩效进行了分析，同时就并购中的企业绩效和行业绩效进行了分析说明，认为并购行为是我国工程机械类企业发展和竞争的重要方式，是我国工程机械行业发展壮大的必然结果；短期绩效具有不确定性，不能成为判断并购成功与否的决定因素，长期的财务绩效也因指标影响差异明显，不一定能达到预期的效果，但并购对于我国工程机械企业的发展壮大又是有目共睹的。

因此在并购绩效评价中，要考虑并购所产生的溢出效应对于行业整体发展和国家经济综合发展的影响，要考虑并购所带来的先进技术和管理方法本身所引起的企业整体技术和管理水平的提升对企业成长的重要性。充分考量全球宏观环境，协整企业战略，放长并购绩效评价时间线，选择合适并购对像，合理估价，加强并购后资源整合，不失为企业发展的可选之策。

关键词：企业并购； 绩效评价；中联重科； 工程机械行业
ContributorsZhang, Ru (Author) / Huang, Xiaochuan (Thesis advisor) / Li, Xiaoyang (Thesis advisor) / Wang, Yimin (Committee member) / Arizona State University (Publisher)
Created2020