臺灣博碩士論文加值系統

本研究旨在探討公司機會豁免法實施後，董事是否會因為法律風險降低而在內幕交易中獲得較多盈利。從2003年至2020年間，美國有七個州前後採用了公司機會豁免法。本研究發現，當公司總部所在的州實施公司機會豁免法，董事在內幕交易中能夠獲得較多的盈利。本研究進一步發現，董事的年齡、性別以及地理位置對其獲取更大盈利的能力有所影響。此外，機構投資人持股比例較高的公司之董事，其從內幕交易中獲得的盈利較少。研究結果表明，當內部人士面臨較低的法律風險時，他們會追求更大的私人利益。

We examine whether the adoption of the Corporate Opportunity Waiver (COW) law enables directors to earn more profits from their informed trading by reducing the legal risk. Using the staggered adoption of the COW law across seven states from 2003 to 2020, we find that when firms’ incorporated states have enacted COW laws, directors earn more profits from their informed trading. We further find that directors’ age, gender, and geographical proximity help them to achieve greater profitability. Furthermore, directors in firms with higher institutional ownership earn less insider profit. Our findings suggest how insiders pursue their private benefits when facing lower legal risk.

摘要 I
Abstract II
Contents III
List of Tables IV
1. Introduction 1
2. Literature Review 5
2.1 Corporate Opportunity Waivers 5
2.2 Insider trading profitability 6
3. Hypothesis development 7
3.1 Relationship between the adoption of the COW law and insider trading profitability 7
3.2 Trading profitability of directors compared to top executives 8
3.3 Trading profitability of directors and COW depending on director characteristics 8
3.3.1 Directors’ age 8
3.3.2 Directors’ gender 9
3.3.3 Local directors 9
3.4 Trading profitability of directors and COW depending on firm characteristics- Firms’ institutional ownership 9
3.5 Trading profitability of directors and COW depending on legal risk 10
4. Research design 10
4.1 Data 10
4.2 Variable description 11
4.2.1 Corporate Opportunity Waivers 11
4.2.2 Insider Trading Profitability 12
4.3 Summary Statistics 12
4.4 Empirical Models 13
5. Results 16
5.1 COW and insider trading profitability: Main evidence 16
5.2 Trading profitability of directors compared to top executives 16
5.3 Trading profitability of directors and COW depending on director characteristics 17
5.4 Trading profitability of directors and COW depending on firm characteristics 18
5.5 Trading profitability of directors and COW depending on legal risk 18
6. Conclusion 19
References 20
Appendix A: Definition of variables 34
Appendix B: State adoption of Corporate Opportunity Waivers law 35

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