应用金融Seminar:海外学者系列讲座2021-04:魏国强(香港理工大学)

2021.04.30

报告题目:Insider Sales under the Threat of Short Sellers: New Hypothesis and New Tests

报 告 人:魏国强(John Wei)

报告时间:2021年5月5日(周三)10:00-11:30

报告地点:ZOOM平台在线交流(会议ID:919 4888 4614 ;会议密码:288120)

ZOOM App下载链接:https://zoom.us/download, 亦可点击以下链接直接参加会议:https://hawaii.zoom.us/j/91948884614

主办单位:应用金融与行为科学学院

【报告人简介】

Professor John Wei is currently Associate Dean (Research and Postgraduate Studies) and Chair Professor of Financial Economics at The Hong Kong Polytechnic University (PolyU) and Independent Director at Haitong International Securities Group Ltd. He also serves as Co-Editor-in-Chief at Pacific-Basin Finance Journal. He received his PhD in Finance from the University of Illinois, Champaign-Urbana. He previously taught at University of Mississippi, University of Miami, and Indiana University. Before joining PolyU, he served as Chair Professor of Finance at the Hong Kong University of Science and Technology (HKUST) and had worked there for 24 years. He previously served as Director of Value Partners Center for Investing and Director of the Center for Asian Financial Markets and Director of Master of Science (Financial Analysis)/(Investment Management) Programs at the HKUST for many years. He served as Acting Head in the Department of Finance at HKUST during the period of January 2000-August 2002, February-June 2003, and June 2015. Moreover, he assisted to develop wealth management and investment models for, among others, Hang Seng Bank Limited, HSBC Corporation Limited, and Fidelity Investments Management (Hong Kong) Limited.

Professor Wei’s research interests are mainly in the areas of empirical asset pricing, behavioral finance, international finance, and corporate governance. He has published more than 80 articles in leading finance and accounting journals, including Journal of Finance, Journal of Financial Economics, The Accounting Review, Management Science, Journal of Financial and Quantitative Analysis, and Journal of Business, among others.

Professor Wei is best known for his extensive research on the cross-section of stock returns in the U.S. and international markets. He has won more than 30 conference best paper/research awards. Some of these papers have been cited by 2013 Economic Nobel Prize Laureate, Eugene Fama. Most of his papers are well cited. Many of his papers are associated with the foundation of those factors in the Fama and French (2015) five-factor model and the Hou, Xue, and Zhang (2015) q-factor model. As of 2021-4-30, John Wei has Google Scholar citations of 11,278 (h-index = 41). 

【内容摘要】

Using the Regulation SHO program as a quasi-experiment, we document that the threat of short selling has a negative effect on the volume of opportunistic insider selling and a positive effect on its profitability for each transaction. These effects are stronger among firms with higher litigation risk, greater media coverage, and executives who have more of their firms’ stock-related holdings. We further find robust evidence when we extend the analyses to short selling deregulations in the Chinese and Hong Kong stock exchanges. Overall, our findings suggest that short sellers play a disciplinary role in opportunistic insider selling.