论文部分内容阅读
本文借鉴John和Narayanan(1997)的模型,试图研究在允许我国上市公司“内部人”交易的前提下,当“内部人”按照“交易信息披露规则”进行信息披露时,可能产生的市场操纵问题。进而指出“戒绝短线交易规则”对于减少“内部人”的操纵行为具有积极、有益的作用。二个规则的结合将有利于“内部人”交易实现价格发现功能。
This paper draws lessons from John and Narayanan (1997) model and tries to study how to disclose information when “insiders ” according to the “Rules of Disclosure of Trading Information ” under the premise of allowing the transaction of “insiders Possible market manipulation issues. Furthermore, it points out that ”abstinence short-term trading rules “ has a positive and beneficial effect on reducing ”insider “ manipulation. The combination of the two rules will help the ”insiders" trade realize price discovery.