内部交易法规的安慰剂效应
Luca Enriques1, Yoon-Ho Alex Lee, Alessandro Romano
1Bocconi University, ECGI and EBI.
概括
企业内部人士通过传统和影子交易利用非公开信息,同样影响市场. 然而,目前的法规只能制传统的内部交易,允许影子交易继续存在,使内部人士受益于外部投资者.
科学领域:
- 财政问题
- 公司治理
- 市场监管
背景情况:
- 内部信息交易包括利用非公开的重要信息.
- 传统的内部交易涉及公司自己的股票,而影子交易涉及相关公司的股票.
- 现有的监管框架主要针对传统的内部交易.
研究的目的:
- 分析传统和影子交易的市场和公司治理后果.
- 调查当前内部交易法规在保护外部投资者的有效性.
- 探索现有监管安排的潜在效率,尽管存在缺陷.
主要方法:
- 对传统和影子交易的影响进行比较分析.
- 审查欧盟,英国和美国的监管方法.
- 调查了200名零售投资者,以衡量他们的看法和经验.
主要成果:
- 传统和影子交易对金融市场和公司治理产生了类似的后果.
- 监管机构专注于传统的内部交易, 忽视了影子交易.
- 通过只针对传统内幕交易的法规, 散户投资者可能会陷入虚假的安全感.
结论:
- 当前的内部交易法规可能无法充分保护外部投资者,因为影子交易仍然是内部人士可行的利途径.
- 传统内部交易禁令的安慰剂效应可能无意中促进内部交易的利.
- 尽管对投资者保护存在担忧,但目前的监管环境可能具有一定程度的经济效率.
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