Insider trading in multinational firms
研究发现跨国公司内部人交易规模更大，交易后异常收益更高，他们利用难以处理的外国信息进行有利可图的交易，尤其当外国销售区域与美国文化语言差异大时。
Abstract We explore insider trading at multinational firms and find multinational firm insiders make larger trades followed by larger abnormal returns relative to those at domestic firms. Multinational firm insiders profitably purchase underpriced, value stocks with low past returns. They trade more profitably, not only because of market pricing opportunities, but also because of the advantageous timing of informed trades before earnings announcements. Insider trading profits are highest at multinational firms with foreign sales in regions culturally and linguistically distinct from the United States. These findings are consistent with opportunistic insiders strategically profiting from difficult to process foreign information.