一、主題： Loyalty, Cooperation and Perks: Insider Trading in a Harmonious Society

二、主講人：朱筠，美國倫斯勒理工學院（Rensselaer Polytechnic Institute）金融學博士，現執教于紐約聖若望大學（St. John’s University）Tobin商學院，副教授（終身）， 并擔任Review of Business主編。主要的科研方向為政治經濟，金融科技，公司治理及商業倫理等。近期論文發表于Journal of Banking and Finance, Journal of Corporate Finance, The Financial Review, Journal of Empirical Finance等期刊。

三、時間：2020年4月22日星期三，上午9:30 -11:00
四、地點：騰訊會議【具體房間臨時通知】
五、主持人：顧弦，bevictor伟德官网副教授 

Abstract: Based on a comprehensive overview of insider trading and its enforcement in China, this paper explores the relationship between political networks and insider trading. In contrast to Western countries, where political connections encourage insider trading through reducing litigation risk, we find that in China — a “harmonious society” that values loyalty, implicitness, reciprocity, and cooperation — firms with strong political networks are less likely to use insider trading to preserve political favor if it is more lucrative than insider trading. On the other hand, consistent with the literature, when firms do trade on inside information, the information advantages from political connections lead to higher capital gains.