Fragmented Securities Regulation, Information-Processing Costs, and Insider Trading

内幕交易 知情人 收益 佣金 业务 会计 电子交易 另类交易系统 私人信息检索 算法交易 财务 计算机科学 法学 计算机安全 政治学
作者
S. Thomas Kim,Seil Kim
出处
期刊:Management Science [Institute for Operations Research and the Management Sciences]
卷期号:70 (7): 4407-4428 被引量:9
标识
DOI:10.1287/mnsc.2023.4903
摘要

Using a unique setting where stand-alone banks submit filings to bank regulators instead of the U.S. Securities and Exchange Commission (SEC), we examine the consequences of fragmented securities regulation for information-processing costs and opportunistic insider trading. We find the market reaction to insider-trading filings on FDICconnect is less timely than to those on SEC’s Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system, suggesting FDICconnect generates higher information-processing costs. We also find only large investors trade more on insider-trading filings on FDICconnect than on insider-trading filings on SEC EDGAR, thus extracting benefits from the delayed market reaction to insider-trading filings on FDICconnect. Finally, we find increased insider selling in stand-alone banks prior to negative earnings news, suggesting insiders’ opportunistic use of private information. These findings collectively suggest regulatory fragmentation undermines market efficiency and distorts the level playing field. This paper was accepted by Suraj Srinivasan, accounting. Funding: This work was supported by the Eugene Lang Junior Faculty Fellowship. Supplemental Material: The data files and online appendix are available at https://doi.org/10.1287/mnsc.2023.4903 .
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