Are CFOs’ Trades More Informative Than CEOs’ Trades?
研究了首席财务官（CFO）和首席执行官（CEO）买卖自家公司股票后，哪类高管的交易更能预测未来股价走势。发现CFO买入后获得的超额收益显著高于CEO，且与未来盈利惊喜更相关。
Abstract We investigate whether trades made by chief financial officers (CFOs) reveal more information about future stock returns than those by chief executive officers (CEOs). We find that CFOs earn statistically and economically higher abnormal returns following their purchases of company shares than CEOs. During 1992–2002, CFOs earned an average 12-month excess return that is 5% higher than that by CEOs. The superior performance by CFOs occurs notwithstanding controls for risk factors and persists even after their trades are publicly disclosed. Further analysis shows that CFO purchases are associated with more positive future earnings surprises than CEO purchases, suggesting that CFOs incorporate better information about future earnings.