【正文】 質(zhì)性非公共信息的交易） The “manipulative and deceptive devices“ prohibited by Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b5 there under include, among other things, （ 1934年的證券交易法案 10(b)部分：禁止操縱和欺詐行為10b5包括如下規(guī)定： the purchase or sale of a security of any issuer（任何發(fā)行人的購買或出售行為） , on the basis of material nonpublic information about that security or issuer, ? in breach of a duty of trust or confidence that is owed directly, indirectly, or derivatively（直接、間接或者衍生性地違背守信或保密義務(wù)） to the issuer of that security or the shareholders of that issuer, or to any other person who is the source of the material nonpublic information. （證券的發(fā)行人或者股東，或者任何擁有實質(zhì)性非公共信息的人） 16 Effect of the Law（法律效應(yīng)） ? Garfinkel (1997) – The passage of the Insider Trading and Securities Fraud Enforcement Act of 1988 (ITSFEA)（ 1988年內(nèi)部交易和證券欺詐實施法案的通過） ? Increase maximum penalty to $ million and 10 year in prison.（增加懲罰力度至最高罰款 100百萬美元和牢獄 10年） ? Bounty program for informants.（對舉報人 /通告人的獎勵） – Insiders significantly alter their trading pattern by postponing liquidity sales until after negative earnings announcements.（內(nèi)部人顯著地改變了交易方式，他們一直延遲到負(fù)的盈利公告之后出售） – Earnings announcements also appear to bee more informative postITSFEA.（ ITSFEA后的盈利公告似乎信息含量更高） 17 Internal Corporate Restrictions 內(nèi)部的公司約束 ? Internal corporate insider trading restrictions （內(nèi)部的公司內(nèi)幕交易約束） (Bettis, Coles and Lemmon, 2021) – A lot of firms have blackout periods relative to earnings announcements or other important corporate events. （圍繞著盈利公告或者其他重要的公司事件，大量公司都會有一個凍結(jié)期間） – Trading window opens 3 through 12 days after the earnings announcement . (交易窗在盈利公告中后 312天內(nèi)開放 ) – Blackout periods successfully suppress insider buys and sells.凍結(jié)期間成功地抑制了內(nèi)部買賣行為。 – Blackout periods reduce the bidask spread.（凍結(jié)期間減少了買賣價差） 18 Timing of Trades（交易時機 ) ? To avoid insider trading allegations or violating internal corporate insider trading restrictions(為了避免內(nèi)部交易敏感性或者違背內(nèi)部的公司內(nèi)部交易約束） – Insiders avoid trading very close, and especially just prior, to major corporate events.（內(nèi)部人避免在主要的公司事件發(fā)生日附近交易，尤其避免在該日期之前） ? Two years before the break of a string of positive earnings increases (Ke, Huddart and Petroni, 2021).（正的盈利增長中斷前兩年） ? Five years before bankruptcy (Seyhun and Bradley, 1997).（破產(chǎn)前五年） ? No trades before management earnings forecasts（在管理層盈利預(yù)測之前不交易） (Noe, 1999). ? Scant relation between insider trades and announcement returns in a short window before earnings announcements (Huddart, Ke and Shi, 2021).（在盈利公告之前的短時窗內(nèi)，內(nèi)部交易和公告收益的聯(lián)系不足） 19 Hypothesis 2（假設(shè) 2） Insiders mence trading well in advance of the financial restatement announcements and they avoid trading very close to the financial restatement announcements.（內(nèi)部人在財務(wù)報告重述公告之前開始交易，并且他們避免距離重述公告很近） 20 Dollar General（一元店） ? On April 5, 2021, CFO Brian Burr exercised（行權(quán)） Dollar General options at $, and immediately sold （立即出售） 126,597 Dollar General shares at sales prices ranging from $ to $. （在 ） ? On April 27, 2021, Burr exercised additional Dollar General options, selling 5,000 Dollar General shares at prices from $24 to $. ? After the Company?s April 30, 2021, press release announcing accounting irregularities ($ million import freight expenses) and the necessity for a restatement, Dollar General?s stock price dropped from its Friday, April 27, 2021, closing price of $ to a Tuesday, May 1, 2021, closing price of $. （在 2021年 4月 30號后，媒體報告了公司會計違規(guī)的公告（ 1340萬進(jìn)口運費的支出）和財務(wù)報告必須重述， Dollar General的股價從 4月 27號（周五） 23美元的收盤價，跌到 5月 1號（周二）收盤價 。 ? Burr avoided losses by his sale of Dollar General securities.（ Burr通過出售避免了虧損） ? In the current agreement (April 14, 2021), without admitting or denying the SEC?s allegations,（在 2021年 4月 14號的協(xié)定中，不考慮證券交易委員會的、允許或者否決主張的情況下）， Burr agreed to pay roughly $ million, including disgement, civil penalties, and interest. （ Burr 同意支付大概 120萬美元，包括利潤吐出、民事處罰和利息） 21 Enron（安然公司） ? Jeffery Skilling sold $ million Enron stocks in 2021 and 2021.（賣了 6260萬美元安然股票） – On May 25, 2021, Skilling was found guilty of 19 out of 28 counts against him,（ 28項控告， 19項成立 /有罪） including one count of conspiracy（包括：一項是共謀罪） , one count of inside trading (although he was acquittedof the other nine counts of this particular charge （盡管這個特定的指控中其他九項罪名不成立） , five counts of making false statements to auditors（ 5項罪狀是向?qū)徲嫀熖峁┨摷賵蟾妫?, and twelve counts of security fraud.（ 12項罪狀是證券欺詐） ? Other Enron executives sold $ billion from 1999 to mid2021.（其他安然高管在 9901年出售了 11億美元的股票） 22 Skilling?s Insider Trading Charge: “On the Basis of” versus “Possession of”（ Skilling的內(nèi)部交易指控：“基于“與 “持有”） ? The jury instruction specifically required the jury to find beyond a reasonable doubt that Skilling traded not just while possessing but also on the basis of material nonpublic information. （陪審團(tuán)的說明明確要求陪審團(tuán)找到超過合理懷疑的證據(jù)： skilling不僅是持有，而且是根據(jù)這個信息進(jìn)行交易的 ） ? The jury instructions further explained that this meant that the government had to prove beyond a reasonable doubt that Skilling “used the material, nonpublic information in making his decision to sell Enron stock.” （陪審團(tuán)的說明進(jìn)一步解釋，這意味著政府必須找到證據(jù)而不是理性的懷疑，即 skilling在做出賣掉安然股票的決策時，確實使用了這個實質(zhì)性非公共信息） ? Skilling might have a sufficiently plausible explanation for most of the trades. （ Skilling可能對絕大部分的交易都有一個足夠說得上臺面的解釋） 23 It Is All About Timing! 全是一個時機問題 24 Trading After Restatement Announcements（重述公告之后的交易） ? Insiders likely start buying after restatement announcements.（內(nèi)部人似乎在重述公告后開始買入） – Possible market overreaction to restatement announcements (Seyhun, 1990) （市場對于重述公告的過度反應(yīng)） – Rebalancing of portfolios after selling of restating firms（在出售了重述公司的股票后，需要股票組合的再平衡） – Passive insider trading (Huddart, Ke and Shi, 2021).（被動的內(nèi)幕交易） 25 Buying After Restatements（重述后的購買行為） ? In August 2021, with the stock of Tyco International Ltd. dipping after the