论文标题
内幕交易与合并公告的竞争。 2012年英国金融服务法之前和之后
Insider trading in the run-up to merger announcements. Before and after the UK's Financial Services Act 2012
论文作者
论文摘要
在2007/2008年的金融危机之后，英国政府决定，需要改变法规以修改对金融市场的不良控制。因此，制定了2012年《金融服务法》，以便为金融市场的监管机构提供更多的控制权和权力。因此，金融行为管理局（FCA）继承了金融服务管理局（FSA）。需要改善监管的领域是内部交易。我们的研究研究了FCA通过利用事件研究方法来评估合并首次宣布的正常收益来评估异常收益的责任，以调节内部人员交易的责任。在FSA或FCA的调节下，检查了异常回报的样本。实际上，研究了2008 - 2012年和2015 - 2019年伦敦证券交易所的股价数据。这项研究的结果确定在2012年《金融服务法》实施后，异常收益降低了；在2012年法案之前，价格也更加嘈杂。在2015 - 2019年期间首次宣布合并的过程中发现了微不足道的异常回报。这得出的结论是，FCA在调节内部交易方面有效。
After the 2007/2008 financial crisis, the UK government decided that a change in regulation was required to amend the poor control of financial markets. The Financial Services Act 2012 was developed as a result in order to give more control and authority to the regulators of financial markets. Thus, the Financial Conduct Authority (FCA) succeeded the Financial Services Authority (FSA). An area requiring an improvement in regulation was insider trading. Our study examines the effectiveness of the FCA in its duty of regulating insider trading through utilising the event study methodology to assess abnormal returns in the run-up to the first announcement of mergers. Samples of abnormal returns are examined on periods, under regulation either by the FSA or by the FCA. Practically, stock price data on the London Stock Exchange from 2008-2012 and 2015-2019 is investigated. The results from this study determine that abnormal returns are reduced after the implementation of the Financial Services Act 2012; prices are also found to be noisier in the period before the 2012 Act. Insignificant abnormal returns are found in the run-up to the first announcement of mergers in the 2015-2019 period. This concludes that the FCA is efficient in regulating insider trading.
