Informed Trading through the Accounts of Children
研究发现未成年人账户的监护人擅长选股，并倾向于通过子女账户进行最佳交易，尤其在重大公告前。据此提出BABYPIN指标，作为衡量股票信息交易概率的有效代理变量，且投资者对高BABYPIN股票要求更高回报。
ABSTRACT This study shows that the guardians behind underaged accounts are successful at picking stocks. Moreover, they tend to channel their best trades through the accounts of children, especially when they trade just before major earnings announcements, large price changes, and takeover announcements. Building on these results, we argue that the proportion of total trading activity through underaged accounts (labeled BABYPIN ) should serve as an effective proxy for the probability of information trading in a stock. Consistent with this claim, we show that investors demand a higher return for holding stocks with a greater likelihood of private information, proxied by BABYPIN .