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题目：Do Overconfident Insiders Always Overreact?

主讲人：Xia, Chun Assistant Professor, University of Hong Kong

Abstract

We study the dynamic trading behavior of corporate insiders who are required to publicly disclose their stock trades after the fact. We show that overconfident insiders always underreact to their private information in trading prior to the disclosure: the higher the degree of insider’s overconfidence, the lower their trading volume. When disclosure requirement is ineffective in the final round of trading, overconfident insiders always overreact relative to rational insiders, but there always exists some underconfident insiders who trade more than the overconfident insiders. The result stands in contrast to existing findings that overconfidence always breeds overreaction.