報告題目：Disclosing and Cooling-Off: An Analysis of Insider Trading Rules
報告摘要：We analyze two insider-trading regulations recently introduced by the U.S. Securities and Exchange Commission: advance disclosure and ''cooling-off period.'' The former requires an insider to disclose trading plans at adoption, while the latter mandates a delay period before execution. Disclosure increases price efficiency but has mixed welfare implications. If the insider has large liquidity needs, in contrast to the conventional wisdom from ''sunshine trading,'' disclosure can even reduce the welfare of all investors. A longer cooling-off period increases outside investors' welfare but decreases price efficiency. Its implication for the insider's welfare depends on whether the disclosure policy is already in place.
報告人：鄧軍（副教授），對外經濟貿易大學
主持人：許韜
時 間：2023年05月19日（星期五）下午14: 40 – 15: 40
地 點：三教212 + 騰訊會議 946-814-724
報告人簡介：鄧軍，副教授, 博士生導師，對外經濟貿易大學金融學院金融工程系主任。2014年獲得阿爾伯塔大學數理金融博士學位, 于2007年、2010年分別獲得中國石油大學(北京)和中國人民大學本科和碩士學位。研究領域涉及資產定價、數字貨幣等。在《Journal of Financial Markets》、《Finance and Stochastics》、《Stochastic Processes and their Applications》、 《Annals of Operations Research》、以及《國際金融研究》等期刊發表論文多篇。主講課程包括應用隨機過程、金融工程學、金融數學等。擔任多本國際期刊審稿人，主持和參與多項國家自科項目和橫向課題。
