Year: 2025
Type: article
Abstract: Insider trading, as an important phenomenon affecting market fairness, market efficiency and investor information in the capital market, has been the focus of research for a long time. Based on the data of all A-share listed companies from 2018 to 2023, this paper deeply discusses the inhibitory effect of institutional investors' Shareholding on insider trading profitability, and analyzes its path through the intermediary variable of information asymmetry. On this basis, the study further distinguishes the differential impact of institutional investors on insider trading profitability under different types of institutional investors (such as funds, securities companies, insurance institutions) and different equity properties (state-owned enterprises and non-state-owned enterprises). At the same time, the results are verified by a series of robustness tests.
DOI: 10.54097/fxfaxd10
Authors: Jingfang Cui, Yihe Wang
Institution: Central University of Finance and Economics
Language: English
Subfield: Finance
Domain: Social Sciences
Open Access status: hybrid
OpenAlex ID: W4411163824