This paper asks whether algorithm traders (AT) mitigate insider trading profits in the Thai stock market over the period of 2010-2016. We find that in general it does but not in the case of buy side, big trades nor the executive trades. Our findings suggest that, to some extent, AT can take important role to increase an efficiency in stock market by processing the public information and incorporating it into price at ultra-fast speed. Additional robustness checks based on the instrumental variable approach confirm our findings.

中文翻译：

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算法交易员会减少内幕交易利润吗？：来自泰国股市的证据。

本文询问算法交易员 (AT) 是否在 2010-2016 年期间减少了泰国股市的内幕交易利润。我们发现，一般情况下是这样，但在买方、大宗交易或执行交易的情况下不会。我们的研究结果表明，在某种程度上，AT 可以通过处理公开信息并将其以超快的速度纳入价格，从而在提高股票市场效率方面发挥重要作用。基于工具变量方法的额外稳健性检查证实了我们的发现。