4363 
4404文章以信号传递理论为基础，将年报语调（管理层的“言”）与内部人交易（管理层的“行”）视作同一主体发送的两个传递公司未来价值的信号，检验了投资者能否甄别两个信号的不一致程度。结果表明，若年报公布后发生了内部人减持行为，则年报语调的积极程度与内部人减持后的短期市场反应显著负相关。这说明前后信号相左时，市场会利用内部人交易信号去修正之前年报语调信号所形成的错误预期，即市场能够甄别管理层的“靖言庸违”。
市场能够甄别管理层的“靖言庸违”吗？——来自年报语调与内部人交易的经验证据
摘要
参考文献
摘要
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引用本文
张程, 曾庆生, 梁思源. 市场能够甄别管理层的“靖言庸违”吗？——来自年报语调与内部人交易的经验证据[J]. 财经研究, 2021, 47(4): 154-168.
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