Insider Trading and Pay‐Performance Sensitivity: An Empirical Analysis
研究高管内幕交易是否影响薪酬与绩效的挂钩程度，发现内幕交易越多，薪酬绩效敏感性越低，说明内幕交易利润被视为一种替代薪酬。
Abstract: We examine whether the sensitivity of pay to performance is associated with the amount of insider trading that managers undertake. Because insider trading profits represent an alternative form of compensation, we expect that firms will consider the compensation component provided by insider trading when designing remuneration contracts. Employing a proxy for insider trading that captures the degree to which managers trade on private information, we find evidence that an increased (a decreased) level of insider trading is associated with a decreased (an increased) pay‐performance sensitivity.