The Stock Trading Behavior of Insider Relatives
研究中国深圳股市内部人亲属的股票交易数据，发现其交易次数远超内部人本人，且存在大量短线交易和敏感期交易，能获得异常收益，建议监管机构关注这一规避监管的途径。
The Securities Law of China prohibits insiders from short-swing trading or trading in specified sensitive period,but the relatives of insiders are free from the statues.The paper finds the following results after analyzing the stock trading data of insider relatives in Shenzhen Stock Market from May 2007 to May 2010.First, the number of transactions of insider relatives is far more than that of insider itself.Second,there are many short swing trading and sensitivity time windows trading of insider relatives.Third,insider relatives get abnormal returns from trading stocks.Fourth,short-swing trading and sensitivity time windows trading help insider relatives get abnormal returns.Fifth,the relatives of chairs and CEO get more profit from trading than other insider relatives.Thus,the authors recommend the securities regulation authorities pay more attention to stock trading of insider relatives,which may be the way of insiders to avoid regulations.