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| Does Margin Trading and Short Selling Promote Insider Trading?Evidence from Listed Companies in China |
| ZHANG Junrui, BAI Xuelian, MENG Xiangzhan
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| School of Management, Xi’an Jiaotong University |
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Abstract Based on the background of margin trading and short selling initiation in China, this paper devotes to test the effect of the new trading mechanism on insider trading activities. The results show that the probability of insider trading turns out to be higher after firms’ initiation of margin trading and short selling, especially among smaller firms or firms with higher institutional ownership. However, good legal environment could restrict such activities. The stimulation effect of margin trading and short selling on insider trading is attenuated for firms located in districts where the level of ruling by law is relatively higher. These results imply that margin trading and short selling stimulates insiders’ arbitrage trading while effective government based on the rule of law has significantly deterrent effect on these trading behaviors.
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Received: 22 September 2015
Published: 13 April 2018
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