Qing He

" Quand la peinture atteint son état divin et merveilleux, il y a nécessairement le souffle silencieux. Car, quand on a balayé toutes les manières extravagantes et les traces artificielles, un souffle silencieux se condense de lui-même entre le papier et l'encre... Quand la peinture est parvenue au silence, elle atteint son sommet de la perfection. " Silencieusement, la peinture de paysage en Chine nous ouvre un univers infiniment calme et serein. Elle reflète la sagesse la plus profonde de la culture chinoise. Dans son espace, nous pouvons nous imaginer un vieux sage chinois, avec un cœur comparable à l'eau d'un puits ancien, contemplant le Silence-Repos fondamental du cosmos, à travers les mouvements apparents entre le ciel et la terre. Son regard est au loin, son esprit confondu avec l'espace-temps infini...

In this paper, we examine the information content of insider transactions in China and analyze how ownership structures shape market reaction to these transactions. We find that the cumulative abnormal return to insider purchases is a convex function of the percentage of shares owned by the largest shareholder. Further, the CAR to insider purchases is lower when the largest shareholder is government-related, or when the control rights of the largest shareholder exceed its cash flow rights. We also find that the market reaction to insider purchases is more positive for firms audited by Big4 auditors. However, we do not find a significant relationship between an ownership structure and the market reaction to insider sales. Our results are remarkably robust to alternative model specifications, corporate insider identities, and recent corporate news releases on price-sensitive events. Finally, we show that market reaction to insider purchases is larger for firms with less severe expropriations, as captured by the use of other receivables.