【正文】 部信息） ? Accounting Manipulation: Aggressive accounting（會(huì)計(jì)操縱：激進(jìn)會(huì)計(jì)） – Insiders may or may not trade during the manipulation period.（內(nèi)部人在操縱期間可能交易，也可能不交易） ? If price will go up further, they may postpone trades.（如果價(jià)格會(huì)上揚(yáng)，他們可能推遲交易 ） ? If the risk of detection is high, they may not trade during the manipulation period (Agrawal and Cooper, 2021).（如果被發(fā)現(xiàn)的風(fēng)險(xiǎn)很高，他們也可能在操縱期間不交易） ? Investigation of Manipulation: （操縱的調(diào)查） – SEC, auditor or the firm itself.（美國(guó)證券交易委員會(huì)，審計(jì)師，或者公司自身） – A majority of our sample firms announce that they would restate financial statements filed one or two years ago.（我們的大部分樣本公司宣告他們會(huì)重述一年或兩年前存檔的財(cái)務(wù)報(bào)告 6 Yes! (是是是 !) Strong Evidence of Insiders Trading on Privileged Information（有基于特權(quán)信息的內(nèi)幕交易的強(qiáng)烈證據(jù)） ? Insiders sell shares before restatement announcements (之前賣 ). ? Insiders refrain from trading just prior to restatement announcements (靠近停 ). ? Insiders buy shares after restatement announcements (之后買 ). ? The SarbanesOxley Act（薩班斯－奧克斯利法案） of 2021 appears to constrain insider selling before restatement announcements (阻止了內(nèi)部買賣行為 ). ? Insiders make (avoid) a considerable amount of profit (loss) by trading before restatement announcements, especially preSarbanesOxley (內(nèi)部人士獲大利 ). – $ million for the long window and $ million for the short event window. 7 How Do We Test It?（我們?nèi)绾螜z驗(yàn) ?） ? We link insider selling activities (內(nèi)部交易行為 ) to restatement announcement abnormal returns.（重述宣告時(shí)股票的非正常收益） ? The greater the negative announcement returns, the more intense the insider selling activities before announcements. （重述宣告 /公告時(shí)股票負(fù)的收益（或者說損失）越大，宣告之前的內(nèi)部銷售行為越密集） – During Quarters 8 to 2, insider selling is negatively related to announcement abnormal returns.（在 8到 2季度，內(nèi)部銷售行為與宣告時(shí)股票的非正常收益負(fù)相關(guān)） – During Quarters 1 and 0, insider selling is unrelated to announcement abnormal returns. （在 1到 0季度，內(nèi)部銷售行為與宣告時(shí)股票的非正常收益不相關(guān)） – During Quarters 1, 2 and 4, insider selling is positively related to announcement abnormal returns. （在 2和 4季度，內(nèi)部銷售行為與宣告時(shí)股票的非正常收益正相關(guān)） 8 0 . 8 0 0 . 6 0 0 . 4 0 0 . 2 00 . 0 00 . 2 00 . 4 00 . 6 00 . 8 08 7 6 5 4 3 2 1 0 1 2 3 4Q u a r t e rCoefficient on RACARCoefficient 相關(guān)系數(shù) 9 1 . 0 0 0 . 8 0 0 . 6 0 0 . 4 0 0 . 2 00 . 0 00 . 2 00 . 4 00 . 6 00 . 8 01 . 0 01 . 2 08 7 6 5 4 3 2 1 0 1 2 3 4Q u a r t e rCoefficient on RACARP r e S a r b a n e s O x l e y P o s t S a r b a n e s O x l e yCoefficient 相關(guān)系數(shù) 10 Contributions (對(duì)文獻(xiàn)之貢獻(xiàn) ) ? To insider trading and restatement literature（對(duì)內(nèi)幕交易和重述宣告的文獻(xiàn)） – Evidence of insider trading (交易 ) and the timing of their trades (時(shí)間上之作手腳 ) around financial restatement announcements.（提供了圍繞財(cái)務(wù)報(bào)告重述公告，存在內(nèi)幕交易和時(shí)機(jī)選擇的證據(jù)） – To regulators (監(jiān)管方 ) and researchers (研究人員 ) – It is difficult to find evidence of insider trading right before major corporate events.（在重要的公司事件之前短事件窗，找到內(nèi)幕交易的證據(jù)很困難） – The need to look at long windows.（需要從長(zhǎng)時(shí)間窗（或者說長(zhǎng)窗口）觀察 ) ? Very interesting evidence on how the SarbanesOxley Act constrains insider trading activities before restatement announcements.（為薩班斯－奧克斯利法案（可簡(jiǎn)稱為薩奧法案）如何約束重述公告之前的內(nèi)幕交易行為提供了非常有趣的證據(jù)） 11 Why Restatement Announcements? 為何 考察財(cái)務(wù)報(bào)告重述公告 ? ? A salient negative corporate event (非常負(fù)面之公司事件 ). – A decrease in firm value（引起公司價(jià)值降低） (Anderson and Yohn, 2021。 Palmrose, Richardson and Scholz, 2021). – A decrease in future earnings prospect and an increase in the cost of equity capital (導(dǎo)致未來盈利前景下降，公司權(quán)益資本成本增加） (Hribar and Jenkins, 2021). ? Insiders thus have incentives to trade on the advance knowledge of the timing, likelihood and severity of financial restatements.（內(nèi)部人因此有動(dòng)機(jī)進(jìn)行交易，基于他們掌握的財(cái)務(wù)重述時(shí)間、可能性和嚴(yán)重程度的優(yōu)勢(shì)信息） 12 Two Essential Aspects of Insider Trading 內(nèi)幕 (部 )交易之兩個(gè)重要方面 ? Direction and magnitude of trades（交易方向和交易量） – To trade to benefit from material （實(shí)質(zhì)性的） positive private information (to buy before / sell after good events).（基于實(shí)質(zhì)性的正面消息交易從而獲利 (好消息，先買后賣） – To trade to avoid losses from material negative information (to sell before / buy after bad events).(基于實(shí)質(zhì)性的負(fù)面消息交易從而避免虧損 (壞消息，先賣后買） ? Timing of trades（交易時(shí)機(jī) /時(shí)間安排） – Insider trading laws.（內(nèi)部交易法律） – Internal corporate insider trading restrictions (Bettis, Coles and Lemmon, 2021)（公司內(nèi)部關(guān)于內(nèi)部交易的約束） 13 Trading Before the Restatement Announcements 在重述公告之前的交易 ? Restatement announcements are associated with significantly negative abnormal returns （重述公告與負(fù)的非正常收益顯著相關(guān)） (Anderson and Yohn, 2021。 Palmrose, Richardson Scholz, 2021。 – Blackout periods reduce the bidask spread.（凍結(jié)期間減少了買賣價(jià)差） 18 Timing of Trades（交易時(shí)機(jī) ) ? 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(zhǎng)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(cè)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(shí)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(cái)務(wù)報(bào)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 ex