摘要
建立"内部人"交易信息披露制度是规制"内幕交易"的有效防范措施之一。本文以Kyle两阶段批量交易模型和Steven,John,Carolyn事后信息披露模型为基准,分析采用"内部人"交易事后和事前信息披露制度对其交易行为产生的影响。研究表明,实施"内部人"交易事后和事前披露制度将会提高证券市场价格发现效率,并且事前披露比事后披露更有助于降低"内部人"交易对投资者可能产生的损害。
We analyze mainly the influence on security market about the 'insider' trade information disclosure. On the base of Kyle's two-stage batch trade model and ex post pattern of the trade information disclosure model of Steven, John and Carolyn, we study ex post and ante post pattern of the trade information disclosure, and prove that ante disclosure pattern is helpful to reduce 'insider' dominance of private information.
出处
《预测》
CSSCI
2004年第6期59-61,共3页
Forecasting
基金
国家社会科学基金资助项目(01BJY090)
关键词
“内部人”交易
信息披露
规制
经济分析
'insider' trade
information disclosure
regulation
economic analysis
