Political Connections and the Informativeness of Insider Trades
研究了2007-2009年金融危机期间金融机构内幕交易，发现政治关联与知情交易显著相关，尤其在TARP资金发放前30天有异常交易，表明政治关联助长了内幕人的机会主义行为。
ABSTRACT We analyze the trading of corporate insiders at leading financial institutions during the 2007 to 2009 financial crisis. We find strong evidence of a relation between political connections and informed trading during the period in which Troubled Asset Relief Program (TARP) funds were disbursed, and that the relation is most pronounced among corporate insiders with recent direct connections. Notably, we find evidence of abnormal trading by politically connected insiders 30 days in advance of TARP infusions, and that these trades anticipate the market reaction to the infusion. Our results suggest that political connections can facilitate opportunistic behavior by corporate insiders.