日本金融商品交易法述评

2006年日本通过了修改证券交易法的两项重要法律,将证券交易法更名为《金融商品交易法》。金融商品交易法为证券投资者提供了总括、横断性的保护,构筑了结构灵活、公正透明的法制框架,加强了对不公正交易行为的惩罚力度。考察日本这次修法过程和内容,可以为我国金融法制的建设与完善提供许多有益的启示和借鉴。     

金融风险的法律防范——以日本金融交易法修正为例

文章以日本金融交易法的修正为样本,分析了日本应对金融危机的法律性策略。日本在强制推行清算机构和加强金融商品交易监管的基础上,对金融风险进行了有效的防控。为了有效防控金融风险,需要加强清算机构的机能和实效性,对重点金融机构进行集团性监管,并从市场刺激政策转向为市场改善措施。     

从"行为—效果标准"到"交易标准"——美国证券交易法域外适用最新判例评介

2010年6月美国联邦最高法院＂莫里森诉澳大利亚国民银行证券欺诈案＂就1934年《证券交易法》域外适用问题,对判例法四十多年实践形成的＂行为-效果标准＂弃而不用,采用了新的＂交易标准＂。本文拟评析该案在证券欺诈行为的跨国金融监管等方面的深远影响。     

对金融衍生品市场内幕交易的一些新思考--澳大利亚现行的反内幕交易法及其带给我们的若干启示

本文着眼于澳大利亚在治理金融衍生品市场内幕交易中积累的丰富经验,针对一个崭新的前瞻性课题,即金融衍生品市场的内幕交易问题展开研究。作者认为,由于内幕交易与信息非对称性之间存在的内在冲突,实际上反内幕交易法规很难有效地阻止金融衍生品的内幕交易行为,过于复杂的反内幕交易法规会对市场产生一些负面影响,而放松内幕交易监管这一新思维将对市场的良性发展更为有益,应该让市场来决定内幕交易行为的“存亡”。但目前最为现实、温和的选择仍然是修改现行反内幕交易法,以维护市场的公平性和有效性。最后,笔者对如何缓解中国目前内幕交易猖獗的现状提出建议。     

对金融衍生品市场内幕交易的一些新思考——澳大利亚现行的反内幕交易法及其带给我们的若干启示

本文着眼于澳大利亚在治理金融衍生品市场内幕交易中积累的丰富经验，针对一个崭新的前瞻性课题，即金融衍生品市场的内幕交易问题展开研究。作者认为，由于内幕交易与信息非对称性之间存在的内在冲突，实际上反内幕交易法规很难有效地阻止金融衍生品的内幕交易行为，过于复杂的反内幕交易法规会对市场产生一些负面影响，而放松内幕交易监管这一新思维将对市场的良性发展更为有益，应该让市场来决定内幕交易行为的“存亡”。但目前最为现实、温和的选择仍然是修改现行反内幕交易法，以维护市场的公平性和有效性。最后，笔者对如何缓解中国目前内幕交易猖獗的现状提出建议。     

惊鸿一瞥——美国就是美国

老美的赌场挺和谐拉斯维加斯,是沙漠里的赌城,也是全世界赌徒向往的圣地。博彩业是拉斯维加斯的支柱产业之一,赌场是这里的独特风景。一说到赌场,我们中国人不免会联想到昏暗吵杂的环境,各色赌徒们吆三喝四,输红了眼的倒霉蛋卖房卖地卖儿卖     

美国

美联储前主席格林斯潘：美经济衰退可能性为1/3；美联储：美国部分地区经济放缓；美出狠招限制外资收购 专家称新举措有些过头；美国贫富悬殊日趋严重 赤贫人口数创30年新高；美政府拟对次级抵押贷款商采取行动。     

美国

经济学家预测飓风灾害将使美经济增长放慢；油价飚升 美国航空业今年预计亏损将达百亿美元；美国2005财年联邦赤字预计下降至3310亿美元；格林斯潘明年1月将卸任而舆论认为任期可能延长；外资持美元机构债中国独大一旦抛售影响广泛；毕马威险遭遇灭顶之灾以4．56亿美元换延期起诉。[编按]     

Insider Trading and Voluntary Disclosures

We hypothesize that insiders strategically choose disclosure policies and the timing of their equity trades to maximize trading profits, subject to the litigation costs associated with disclosure and insider trading. Accounting for endogeneity between disclosures and trading, we find that when managers plan to purchase shares, they increase the number of bad news forecasts to reduce the purchase price. In addition, this relation is stronger for trades initiated by chief executive officers than for those initiated by other executives. Confirming this strategic behavior, we find that managers successfully time their trades around bad news forecasts, buying fewer shares beforehand and more afterwards. We do not find that managers adjust their forecasting activity when they are selling shares, consistent with higher litigation concerns associated with insider sales. Overall, our evidence suggests that insiders do exploit voluntary disclosure opportunities for personal gain, but only selectively, when litigation risk is sufficiently low.     

内幕交易监管与监管困境研究综述

各国对内幕交易的监管基本采取立法的形式，许多学者都探讨了实施内幕交易监管的有效性以及监管效率问题。本文对相关文献进行了梳理，发现从内幕交易监管有效性的纵向比较分析，内幕交易监管并不能达到预期的效果；从横向比较分析，内幕交易监管越严格，越有利于降低内幕交易程度。总体而言，内幕交易监管是必要与相对有效的。因交易者策略与量价甄别指标的主观性而产生了监管困境，降低了监管效率。但是监管总体上可以带给市场的效益高于成本，那么内幕交易监管的实施与不断完善是非常有必要的。     

Insider Trading and Earnings Management

Abstract:  This paper analyzes the relationship between earnings management and insider trading, specifically investigating whether discretionary accruals are related to insider trading and valuation. We find strong evidence of insiders managing earnings downward when buying and managing earnings upward when selling. On the marginal basis, value (high book-to-market value) firms manage their earnings upward compared to growth (low book-to-market value) firms, consistent with a signaling hypothesis. However, the opposite is true on the average basis, consistent with an opportunistic hypothesis.     

Insider Trading in the OTC Market

In this paper, we examine the profitability of insider trading in firms whose securities trade in the OTC/NASDAQ market. Although the evidence suggests timing and forecasting ability on the part of insiders, high transaction costs (especially bid-ask spreads) appear to eliminate the potential for positive abnormal returns from active trading. By implication, outside investors who mimic the trading of insiders are also precluded from earning abnormal profits. In addition, we provide evidence on the determinants of insiders' profits. The data suggest that insiders closer to the firm trade on more valuable information than insiders removed from the firm.     

内幕交易理论的普通法基础

本文以美国最高法院的重要判例为主线,讨论内幕交易的"特定事实"学说、经典理论和盗用理论,分析这些理论的普通法基础及其演变过程,以图说明内幕交易法的移植是一件非常困难的事,各国(地区)只有以自己的基本法律、执法机制和司法体制为依归,才能发展出合用的内幕交易法.     

The Persistence of Opportunistic Insider Trading

We study the drivers of persistent insider trading profitability by examining the trades of insiders whose past trades have been profitable. We find that the current transactions of these persistently profitable (PP) insiders better predict firm performance than those of other insiders. The relative abnormal performance is more pronounced for trades of insiders who are managers rather than large shareholders or unaffiliated insiders and for trades in firms with weaker governance and greater information asymmetry. The trades of PP insiders also better predict earnings surprises, major corporate news, and analyst revisions. Collectively, these results indicate that PP insider transactions provide valid signals regarding future firm performance and that persistence in profitability is driven by informational advantages.     

The World Price of Insider Trading

The existence and the enforcement of insider trading laws in stock markets is a phenomenon of the 1990s. A study of the 103 countries that have stock markets reveals that insider trading laws exist in 87 of them, but enforcement—as evidenced by prosecutions—has taken place in only 38 of them. Before 1990, the respective numbers were 34 and 9. We find that the cost of equity in a country, after controlling for a number of other variables, does not change after the introduction of insider trading laws, but decreases significantly after the first prosecution.     

Optimal Contracting and Insider Trading Restrictions

Restrictions on trading by insider agents are analyzed using an optimal contracting framework. Prohibition of insider trading is shown to be Pareto preferred if, and only if, a revelation or moral hazard problem exists. If prohibition of insider trading is valuable, then trade registration with a delay is shown to be as valuable as complete prohibition. Short selling restrictions, however, are generally of less value than complete prohibition. Finally, regulation of insider agent trading by governmental institutions and/or professional associations is discussed.     

Insider Trading in Financial Signaling Models

We study the impact of voluntary trade by the manager. We find that, in contrast to standard signaling models, an action is good news for some firms and bad news for others, depending on observable characteristics of the firm, its managers, and their compensation plans. Further, voluntary trade eliminates separating equilibria and thus the possibility of exactly inferring the manager's private information. This may cause the manager to take inefficient actions so as to earn trading profits. Such undesirable behavior can be more effectively constrained by compensation contracts based on phantom shares or nontradeable options instead of large stockholdings.     

上市公司内部人亲属股票交易行为研究

中国的《证券法》等法律法规禁止内部人短线交易,并设置了内部人禁止股票买卖的敏感期,但内部人亲属不受此限制。本文对深圳证券交易所2007年5月至2010年5月的内部人亲属股票交易数据分析发现:(1)上市公司的内部人亲属对内部人任职企业的股票交易次数已经远远多于内部人自身的交易次数;(2)内部人亲属的交易存在很多的短线交易行为与敏感期交易行为;(3)内部人亲属股票交易整体而言能够获得超额收益;(4)短线交易与敏感期交易有助于内部人亲属获得超额收益;(5)董事长或总经理的亲属获得的收益比其他内部人亲属更高。据此,本文认为证券交易监管机构需要关注内部人亲属股票交易行为,尤其警惕内部人亲属交易可能成为规避内部人交易管制的替代方式。