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Illegal insider trading profitability and the legal environment
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DOI：10.1016/j.jbankfin.2025.107609.png)
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Abstract
En 中文
• We investigate illegal insider trading in China’s stock market. • We analyse 521 adjudicated insider-trading cases from provincial courts. • Cross-provincial variation in legal quality affects insider-trading profitability and risk. • Stronger legal environments raise regulatory risk and enhance pricing efficiency. • Results show evidence consistent with deterrence in the form of fewer low-return trades. • Lower information efficiency enhances the positive impact of legal quality on insider-trading profitability
Keywords:
China
Cross-sectional stock return
Insider trading
Legal environment
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