Indirect Insider Trading
研究发现，内幕人员通过其控制的账户（如家庭、信托、退休和基金会账户）进行的间接交易比直接交易更有利可图，且更可能由机会主义内幕人员执行，这些交易对盈利意外和价格变化有更强的预测能力。
Abstract Insiders must disclose indirect trades made through accounts they control, including family, trust, retirement, and foundation accounts. Indirect trades through these accounts are more profitable than direct trades in the insider’s own account. They are also more likely to be made by “opportunistic” insiders who make nonroutine trades, or who trade profitably before earnings announcements, or who have a short investment horizon. These trades contain more predictive information about earnings surprises and large price changes, and they tend to be made by insiders at firms with high information asymmetry. Insiders also make fewer indirect trades following periods of intense regulatory scrutiny.