Insider Trading in the Hong Kong Stock Market |
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| Authors: | Michael C. S. Wong Yan-Leung Cheung Lifan Wu |
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| Affiliation: | (1) Department of Economics and Finance, City University of Hong Kong, Hong Kong, China;(2) Department of Finance and Law, California State University, Los Angeles, U.S.A. |
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| Abstract: | Many previous studies on insider trading are based ondata in the U.S. capital market and conclude thatinsiders can earn abnormal profits. This paperexamines abnormal price performance associated withinsider trading in the Hong Kong stock market. We findthat abnormal profits associated with insider tradingare all concentrated on small firms. Trading volumedoes matter in determining the magnitude of thoseabnormal profits. Our results show that insiders ofmedium-sized and large firms do not earn abnormalprofits. Finally, it is found that outsiders who mimicthe information of insider trades associated withmedium-sized and large firms cannot earn abnormalprofits. |
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| Keywords: | Hong Kong stock market insider trading market efficiency |
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