Fraudulently Misstated Financial Statements and Insider Trading: An Empirical Analysis.
研究发现，当公司存在财务欺诈时，内部人通过大量卖出股票来减少持股，且结合内幕交易变量和财务特征的模型能区分欺诈与非欺诈公司。
Abstract This study investigates the relationship between insider trading and fraud. We find that in the presence of fraud, insiders reduce their holdings of company stock through high levels of selling activity as measured by either the number of transactions, the number of shares sold, or the dollar amount of shares sold. Moreover, we present evidence that a cascaded logit model, incorporating insider trading variables and firm-specific financial characteristics, differentiates companies with fraud from companies without fraud.