期刊
INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS
卷 74, 期 -, 页码 -出版社
ELSEVIER SCIENCE INC
DOI: 10.1016/j.irfa.2021.101710
关键词
Insider trade; Gender; Business ethics; Corporate fraud and misconduct
资金
- Social Sciences and Humanities Research Council of Canada [435-2018-1510]
The study found that female insiders trade less profitably in insider trading, which can be attributed to their higher ethical values. This relationship is robust for various profitability measures and holds after addressing potential endogeneity bias.
We provide the evidence of ethical differences between female and male top managers and insiders in conducting profitable trades with their own company stocks. Using a large sample of Chinese insider trading activities, we find that female insiders trade less profitably, which can be attributed to their higher ethical values. This relationship is robust for various profitability measures and holds after addressing potential endogeneity bias. We also provide evidence that our findings are not explained by female insiders' informational disadvantage, risk aversion, managerial ability, trading experience or concerns for differential legal consequences. Our study provides a more direct evidence on the ethical differences in gender in the context of insider trading.
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