主讲人：
Shiyang Huang (Professor of Finance at the University of Hong Kong)
主持老师：
（北大经院）李少然
参与老师：
（北大经院）王一鸣、王熙、刘蕴霆、王法、巩爱博
（北大国发院）黄卓、沈艳、张俊妮
时间：
2026年4月24日（周五）
10：00-11:30
地点（线下）：
北京大学经济学院107会议室
主讲人简介：
Shiyang Huang is a Professor of Finance at the University of Hong Kong and Deputy Head of the Department of Finance at HKU Business School. He is a recipient of the National Science Fund for Distinguished Young Scholars (Category A) and the University of Hong Kong Outstanding Young Scholar Award. He also serves as an Associate Editor of the internationally renowned journals Journal of Financial Markets and Journal of Economic Dynamics and Control. He has published papers in leading international journals , including Journal of Financial Economics, Review of Financial Studies, Management Science, Journal of Economic Theory, and Journal of Financial and Quantitative Analysis.
报告摘要：
In this paper, we argue that insiders could access and even exchange nonpublic material information through professional networks and conduct cross-stock trading to exploit it, which we term “cross-insider trading”. We use two novel datasets—a proprietary administrative transaction-level data from India and LinkedIn profiles–and provide strong evidence consistent with this argument. Specifically, we find that insiders trade more frequently on stocks where their former colleagues currently work, and such trading is not due to industry/local familiarity. We also find that these cross-insider trading can significantly predict future stock returns without reversal, whereas the trades of the same group of insiders have no such predictability on stocks in the same industry. More importantly, we use exogenous “moving-out” of linked insiders as quasi-exogenous shocks to address causality issues. Cross-insider trading constitutes a distinct form of insider trading and challenges the current regulatory framework.
