【正文】 * 0 . 1 6 2 0 . 9 0 8 * 1 292 (4 8 % ) 5 6 6 9 3 4 9 9 9 ** 0 . 1 5 3 *** 0 . 9 2 7 *** 0 277 (4 9 % ) 5 3 0 3 3 2 0 7 5 0 . 0 7 6 0 . 7 0 0 1 251 (5 0 % ) *** 4 1 5 6 3 *** 2 0 0 0 * * * 0 . 0 9 9 *** 0 . 8 1 8 *** 2 229 (5 0 % ) 6 1 1 6 5 1 4 0 0 * * * 0 . 0 8 3 *** 0 . 6 5 0 *** 3 180 (4 7 % ) 6 3 9 4 3 140 *** 0 . 0 0 8 *** 0 . 1 3 7 *** 4 162 (4 6 % ) 4 0 9 0 1 ** 281 *** 0 . 0 2 1 *** 0 . 0 4 9 *** Pa n e l C: Po st S a r ba n e s O x ley Qu a rte r N NIS S NIS Me a n Me d ian Me a n Me d ian 8 68 ( 5 2 % ) 3 1 5 4 7 6 8 5 0 . 0 9 4 0 . 9 8 4 7 86 ( 4 6 % ) 2 6 8 3 8 1 6 2 5 0 . 0 8 9 0 . 7 0 2 6 123 (4 8 % ) 4 3 7 7 3 1 8 5 4 0 . 1 0 6 0 . 9 7 9 5 142 (4 9 % ) 4 9 2 8 2 1 0 2 8 8 0 . 3 2 6 1 . 0 0 0 4 173 (5 2 % ) 7 7 2 4 1 1 4 2 0 0 0 . 3 7 6 1 . 0 0 0 3 205 (5 2 % ) 8 7 7 9 7 1 4 9 5 9 0 . 3 3 9 1 . 0 0 0 2 238 (5 1 % ) 5 9 7 1 0 8 5 0 1 0 . 2 7 0 1 . 0 0 0 1 225 (4 4 % ) 5 8 2 6 0 1 0 5 0 0 0 . 4 4 7 1 . 0 0 0 0 263 (4 5 % ) 6 2 4 9 4 6 0 0 0 0 . 1 7 7 0 . 9 3 3 1 257 (4 2 % ) 8 5 0 0 9 1 0 3 6 3 0 . 3 1 3 1 . 0 0 0 2 304 (4 6 % ) 6 8 8 8 7 1 3 6 7 2 0 . 3 9 5 1 . 0 0 0 3 315 (4 6 % ) 5 7 1 9 8 1 1 1 7 0 0 . 4 0 8 1 . 0 0 0 4 332 (4 6 % ) 6 9 1 9 1 1 4 7 3 1 0 . 4 6 7 1 . 0 0 0 45 Table 3 Net insider selling conditional on abnormal returns around restatement announcements（按非正常收益分類（高中低三組）的內部銷售 Pa n e l A : A ll O b s e r v a ti o n s Q u a rte r N Mea n t tes t Med ian W il c o x o n t e s t L o w Med iu m H ig h L o w Med iu m H ig h L o w Med iu m H ig h 8 209 206 226 0 .2 2 1 0 .2 0 7 0 .1 4 8 0 .8 2 0 .9 7 3 0 .9 7 6 0 .9 4 1 0 .7 5 7 229 205 226 0 .2 5 9 0 .1 7 1 0 .1 3 8 1 .3 8 0 .9 8 8 0 .9 5 1 0 .8 5 2 1 .5 1 6 210 240 216 0 .1 4 0 0 .1 8 6 0 .0 9 8 0 .4 5 0 .9 3 6 0 .9 7 7 0 .8 2 5 0 .5 1 5 223 206 202 0 .2 4 4 0 .1 8 8 0 .1 3 0 1 .2 5 0 .9 9 2 0 .9 6 6 0 .8 9 1 1 .3 1 4 227 213 229 0 .3 0 5 0 .2 2 7 0 .2 1 9 1 .0 0 1 .0 0 0 0. 9 9 2 0 .9 7 8 1 .0 5 3 214 221 224 0 .2 6 0 0 .2 7 4 0 .0 8 2 1 .9 7 * * 0 .9 8 1 0 .9 9 9 0 .6 5 6 1 .6 4 * 2 225 217 201 0 .1 7 2 0 .2 3 8 0 .1 6 2 0 .1 1 0 .9 5 6 0 .9 8 0 0 .9 1 3 0 .2 6 1 174 191 191 0 .2 0 7 0 .3 9 3 0 .2 1 6 0 .1 0 0 .9 8 5 1 .0 0 0 0 .9 9 9 0 .3 6 0 157 200 201 0 .1 9 1 0 .3 1 9 0 .1 6 9 3 .5 9 * ** 1 .0 0 0 1 .0 0 0 0 .9 5 9 3 .6 2 * * * 1 141 187 204 0 .0 9 3 0 .3 4 3 0 .2 6 1 3 .4 1 * * * 0 .8 5 7 1 .0 0 0 1 .0 0 0 3 .4 9 * * * 2 156 189 209 0 .1 0 3 0 .3 6 0 0 .3 3 2 2 .3 4 * * 0 .8 7 3 1 .0 0 0 1 .0 0 0 1 .9 0 * * 3 152 197 172 0 .1 7 0 0 .3 4 8 0 .2 5 9 0 .8 5 0 .9 3 8 1 .0 0 0 1 .0 0 0 0 .8 0 4 144 186 18 6 0 .0 6 9 0 .4 3 9 0 .3 3 3 2 .5 4 * * 0 .7 0 1 1 .0 0 0 1 .0 0 0 2 .8 1 * * * 46 Table 3 Net insider selling conditional on abnormal returns around restatement announcements Pa n e l B : Pre S a r b a n e s O x ley Q u a rte r N Mea n t tes t Med ian W il c o x o n t e s t L o w Med iu m Hi gh L o w Med iu m H ig h L o w Med iu m H ig h 8 175 177 193 0 .2 3 0 0 .1 9 3 0 .2 3 4 0 .0 4 0 .9 7 3 0 .9 5 1 0 .9 6 8 0 .0 2 7 182 166 183 0 .3 0 0 0 .1 8 0 0 .1 7 0 1 .3 4 1 .0 0 0 0 .8 9 8 0 .8 8 2 1 .7 7 * 6 164 190 171 0 .2 0 1 0 .1 4 5 0 .1 1 5 0 .8 3 0 .9 7 8 0 .9 2 2 0 .8 3 2 0 .9 5 5 166 151 155 0 .2 8 8 0 .0 7 9 0 .1 0 7 1 .7 4 * 0 .9 9 9 0 .6 6 3 0 .8 1 8 1 .7 5 * 4 161 147 161 0 .2 7 1 0 .1 8 2 0 .1 9 0 0 .7 8 0 .9 9 1 0 .9 8 1 0 .9 2 8 0 .9 7 3 139 139 133 0 .3 1 4 0 .1 2 4 0 .0 6 3 3 .3 3 * * * 1 .0 0 0 0 .8 4 5 0 .1 6 2 3 .1 8 * * * 2 131 128 123 0 .2 0 6 0 .1 9 1 0. 0 8 2 1 .0 6 0 .9 6 8 0 .9 5 2 0 .5 3 5 1 .4 6 1 104 87 103 0 .1 8 1 0 .1 0 3 0 .1 6 4 0 .1 3 0 .9 0 6 0 .8 3 0 0 .9 8 4 0 .0 5 0 81 98 102 0 .1 1 4 0 .1 7 3 0 .1 3 1 1 .7 4 * 0 .6 9 9 0 .9 8 2 0 .8 9 4 1 .6 6 * 1 63 91 98 0 .0 8 0 0 .1 2 5 0 .1 8 8 1 .7 3 * 0 .6 6 3 0 .8 9 0 0 .9 7 5 1 .8 9 * 2 65 70 94 0 .0 9 0 0 .1 0 4 0 .1 8 6 1 .8 1 * 0 .2 7 4 0 .8 2 1 0 .9 9 3 1 .6 4 3 55 62 64 0 .1 0 2 0 .0 4 3 0 .1 5 1 1 .4 2 0 .8 5 2 0 .1 7 6 1 .0 0 0 1 .5 1 4 43 61 60 0 .3 3 1 0 .1 6 6 0 .0 1 1 1 .8 0 * 1 .0 0 0 0 .8 0 9 0 .1 4 5 2 .0 1 * * 47 Table 3 Net insider selling conditional on abnormal returns around restatement announcements Pa n e l C : Po s t S a r b a n e s O x ley Q u a rte r N Mea n t tes t Med ian W il c o x o n t e s t L o w Med iu m H ig h L o w Med iu m H ig h L o w Med iu m H ig h 8 23 22 23 0 .3 3 4 0 .2 0 3 0 .2 5 0 2 .0 8 * * 1 .0 0 0 0 .9 9 7 1 .0 0 0 1 .9 4 * * 7 27 32 28 0 .1 8 0 0 .0 5 0 0 .0 4 2 0 .5 3 0 .9 5 8 0 .4 7 6 0 .6 1 7 0 .4 4 6 40 46 37 0 .0 7 2 0 .3 5 6 0 .0 1 2 0 .2 7 0 .4 7 6 1 .0 0 0 0 .3 0 6 0 .0 3 5 49 52 41 0 .3 1 7 0 .4 4 1 0 .1 8 9 0 .6 7 1 .0 0 0 1 .0 0 0 0 .9 4 1 1 .0 0 4 59