主题：Do Managers Put Their Money Where Their Mouths Are？Evidence from Insider Trading after Conference Calls

主讲人：李煦副教授，香港大学经济管理学院会计系

主持人：崔学刚教授，北京师范大学经济与工商管理学院

时间：2013年12月25日15：00—17：00

地点：后主楼1610

主讲人简介：

李煦，香港大学经济管理学院会计系副教授，美国注册财务分析师，美国会计学会会员。先后在对外经贸大学（中国），Boston College和,Massachusetts Institute of Technology获学士、硕士和博士学位，曾在University of Texas和Lehigh University任职会计学副教授。李博士研究成果颇丰，其学术论文分别发表在 Journal of Financial and Quantitative Analysis 等金融学顶尖杂志，以及The Accounting Review 和  Journal of Accounting and Economics等会计与经济学顶尖杂志上。目前兼任The Accounting Review, Journal of Accounting and Economics, Review of Accounting Studies, Journal of Accounting, Auditing and Finance, Journal of Accounting and Public Policy, Journal of Banking and Finance, Review of Quantitative Finance and Accounting, International Journal of Accounting, International Journal of Accounting Information System, China Accounting and Finance Review等杂志的审稿人。

内容简介：

We examine the relation between the tone of conference calls presented by company executives and their subsequent insider trading behavior.  Our findings reveal a significant discrepancy between word and deed – simply stated, managers do not appear to put their money where their mouths are.  We find that positive conference call tones predict net insider selling, and negative conference call tones predict net insider buying.  We show that this inverse tone-insider trading pattern is unlikely to be the consequence of simple contrarian trading strategies on the part of insiders.  Additional tests reveal stronger inverse tone-insider trading patterns for CEOs, the executives most responsible for setting conference call tones, than for non-CEO executives.  We also find a significantly stronger inverse relation for small firms than for large firms, consistent with expectations that a weaker information environment makes it easier for CEOs to trade against the tone of their conference call.