百年中大·创新创业与经济高质量发展大讲坛第7期暨前沿学术讲座第19期 | 孙汉文

 

 

　　讲座主题

　　Cost Uncertainty, Supply Chain and Insider Trading

　　讲座嘉宾

　　孙汉文

　　讲座时间

　　2024年9月19日（周四）10:00-11:30

　　讲座地点

　　中山大学（深圳校区）文学园1栋202会议室

　　

　　

　　讲座嘉宾介绍

　　孙汉文，英国巴斯大学管理学院会计金融系长聘副教授。研究方向集中于公司金融和资本市场，包括内幕交易，卖空，公司创新以及信息中介等。研究结果发表于 Research Policy, Journal of Corporate Finance, Journal of Empirical Finance, 以及Journal of Accounting and Public Policy等国际期刊。其内幕交易研究项目获得英国国家科学院等资助。

　　

　　

　　讲座摘要

　　We analyze the interplay between upstream and downstream production cost uncertainty (PCU) and managerial trading behavior. Our theoretic work shows managers have incentives to manipulate production to maximize personal trading gains. The manipulative activities and the resulting uncertainties are transmitted through the supply chain, affecting the production decisions and insider trading activities. Our empirical findings confirm that higher PCU in supply chains increases both focal firms’ insider trading profitability and firm value. We employ instrumental variables (IV) analysis, leveraging industry-level merger and acquisition (M&A) intensity as an exogenous shock to customer and supplier uncertainties. Our study contributes to the understanding of how supply chain dynamics and managerial incentives interact through the lens of cost information.