IQ and corporate insiders’ decisions to time insider and outsider trading
研究了瑞典男性企业内部人的智商如何影响他们在股价异常变动前择时进行内部人卖出和外部人买入的决策，发现高智商者更少在股价下跌前卖出内部股，但更善于择时买入外部股。
Abstract We examine how corporate insiders’ cognitive ability (IQ) affects their decisions to time insider and outsider trading before abnormal stock price changes. Our analysis of archival data on male corporate insiders in Sweden shows they are less prone to time their insider selling and to sell in larger amounts, before abnormal stock price declines as IQ increases. We also find that insiders with a higher IQ are better at timing their outsider buying. Taken together, our results show that corporate insiders’ IQ affects their trading decisions differently, depending on whether they are trading in their insider or outsider stocks.