主题: Insider Trading After the 2022 Rule 10b5-1 Amendment 2022 年《美国证券交易委员会内幕交易认定规则10b5-1》修订后的内幕交易
主讲人: 纽约城市大学巴鲁学院 Seil Kim 副教授
主持人: 会计学院 代婧 教授
时间:2025-10-09 10:00-11:30
会议地点:西南财经大学柳林校区诚正楼650
主办单位:新时代中国特色财务与会计理论创新与方法体系研究团队 数字经济重大基础理论与实践创新研究团队 会计学院 科研处
主讲人简介:
Seil Kim 获纽约大学会计博士学位,目前是纽约城市大学巴鲁学院大学会计学副教授。Kim教授的研究曾在TAR、MS、RAST、CAR等国际顶级期刊上发表。Kim教授的研究兴趣覆盖内部人交易、公司治理、信用风险等领域。
内容简介:
本次讲座主要是针对研究备受争议的 2022 年对 美国证券交易委员会内幕交易认定规则10b5-1(后简称10b5-1) 的修订,该修订对事先安排的内幕交易引入了冷静期,并限制了重叠计划和单次交易计划。研究发现,该修订使内幕人出现以下变化:(i) 在 10b5-1 计划下执行股票出售时采用了更长的冷静期;(ii) 在股价下跌或盈利未达预期之前,通过 10b5-1 计划进行机会性出售的行为明显减少;(iii) 限制了股票赠与的追溯定价;(iv) 在重大信息事件前后减少了期权授予。进一步证据表明,这些变化主要反映为机会性 10b5-1 交易的减少,而不是转向非 10b5-1 的出售方式。然而,我们发现受规则修订影响较大的公司在修订后经历了较低的价格效率,这意味着限制内幕交易信息流动可能带来一定成本。此外,终止 10b5-1 计划与后续股价上涨相关,暗示内幕人在预期有利消息时会避免出售股票。总体而言,我们的研究表明,尽管修订大幅遏制了 10b5-1 计划的机会性使用,但也增加了 10b5-1 计划的成本,并降低了股票价格效率。
The lecture focuses that investigate the impact of the controversial 2022 amendment to Rule 10b5-1, which imposed a cooling-off period and restricted overlapping and single-trade plans on prearranged insider transactions. The amendment led insiders to (i) execute stock sales under 10b5-1 plans with longer cooling-off periods; (ii) curtail opportunistic sales under 10b5-1 plans prior to stock price drops or earnings misses; (iii) limit the backdating of stock gifts; and (iv) decrease the granting of options around material information events. Further evidence suggests a reduction in opportunistic 10b5-1 trades rather than a migration toward non-10b5-1 sales. However, we find that firms more affected by the rule amendment experience lower price efficiency after the amendment, implying a potential cost of restricting the flow of information through insider trading. In addition, terminations of 10b5-1 plans are associated with positive subsequent stock returns, suggesting that insiders avoid selling when they expect favorable news. Overall, our findings indicate that while the amendment substantially curtailed the opportunistic use of 10b5-1 plans, it increased the costs of 10b5-1 plans and lowered stock price efficiency.