財金系擬於3/2(五) 邀請Prof. Inmoo Lee至本所進行專題演講，相關訊息如下：

時間:3/2 (五) 10:30-12:00

地點: 台大管理學院一號館 冠德講堂

演講人: Inmoo Lee  http://www.business.kaist.ac.kr/faculty/inmoo/

學校: KAIST Business School

講題: Corporate Governance and Insider Trading

另外，系上有安排office hour 於3/2演講當天下午14:00-17:00 於管院二館七樓研究室

欲與演講者安排meeting的同學請填寫適合時間後回傳，以方便安排。

請見本次演講摘要:

Abstract

This paper examines whether the informativeness of insider trading is associated with corporate governance. By using Institutional Shareholder Services (ISS) score as a measure of corporate governance, we find that insiders of firms with good corporate governance earn significantly lower abnormal returns from their sales transactions, especially when litigation risk is high.  However, the results do not hold for their purchase transactions. Our results are robust to alternative model specifications, different sample periods, different examination windows, and alternative proxies of information content of insider trading. The results seem to be driven by the fact that better governed firms try to reduce their legal risk by effectively prohibiting insiders from exploiting negative private information, which is likely to attract more legal troubles.