공매도 거래가 내부자 거래에 미치는 영향

The purpose of this study is to examine the impact of short selling-commonly regarded as informed trading-on the trading behavior of corporate insiders, who are considered another class of informed market participants with privileged access to firm-specific information. This study investigates the effect of short-selling activity on insider sales through regression analysis. For the empirical analysis, precise daily short-selling data disaggregated by investor type were constructed. Also, insiders are classified into subgroups based on differences in information access and trading motives. Overall, short selling shows a significant negative effect on insider sales, suggesting that short sellers may play a disciplinary role by monitoring or deterring insiders’ information-based trading. However, the results vary when short sellers and insiders are categorized into subgroups, indicating that caution should be taken in generalizing the findings. This study provides academic value by examining the effect of short-selling activity on insider sales using detailed daily short-selling data disaggregated by investor type-foreign, institutional, and individual investors-and by categorizing insiders into large shareholders, executives, and major shareholders.