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IQ and corporate insiders’ decisions to time insider and outsider trading
European Financial Management  ( IF 2.295 ) Pub Date : 2021-02-01 , DOI: 10.1111/eufm.12302
Florian Eugster 1 , Jenni Kallunki 2 , Henrik Nilsson 3 , Hanna Setterberg 1
Affiliation  

We examine how corporate insiders’ cognitive ability (IQ) affects their decisions to time insider and outsider trading before abnormal stock price changes. Our analysis of archival data on male corporate insiders in Sweden shows they are less prone to time their insider selling and to sell in larger amounts, before abnormal stock price declines as IQ increases. We also find that insiders with a higher IQ are better at timing their outsider buying. Taken together, our results show that corporate insiders’ IQ affects their trading decisions differently, depending on whether they are trading in their insider or outsider stocks.

中文翻译:

智商和公司内部人士对内幕交易和外线交易时间的决定

我们研究了公司内部人士的认知能力 (IQ) 如何影响他们在异常股价变化之前对内部和外部交易进行计时的决定。我们对瑞典男性公司内部人士的档案数据的分析表明,在异常股票价格随着 IQ 增加而下降之前,他们不太倾向于安排内部人士出售的时间并大量出售。我们还发现,智商较高的内部人更善于把握外部人的购买时机。综上所述,我们的结果表明,企业内部人士的智商对他们的交易决策有不同的影响,这取决于他们是在交易内部股票还是外部股票。
更新日期:2021-02-01
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