注册 登录  
 加关注
   显示下一条  |  关闭
温馨提示!由于新浪微博认证机制调整,您的新浪微博帐号绑定已过期,请重新绑定!立即重新绑定新浪微博》  |  关闭

割舍不掉的情意结...

念天地之悠悠...

 
 
 

日志

 
 
关于我

本博日志大多即兴偶感,于口语札记方寸之间,随手拈来,不成体例。每有出行游历,必拍拍以登博润文示友。各位博友的评论和留言,本人敬当回复回访。兴趣: 汽车,旅游,阅读,艺术,西洋歌剧,舞台剧 ,历史文化以及时尚潮流. **愿与大家分享**

网易考拉推荐

内幕交易在华盛顿并不违法  

2010-12-09 11:11:20|  分类: 汽车 时尚 资讯 |  标签: |举报 |字号 订阅

  下载LOFTER 我的照片书  |

内幕交易在华盛顿并不违法                                           消息来源:华盛顿时报

加图研究所(Cato Institute)高级研究员和全球经济增长学会(Institute for Global Economic Growth)主席理查德-拉恩(Richard W. Rahn)11月30日在《华盛顿时报》(Washington Times)发表评论文章称,国会议员及工作人员利用其预先获知的信息进行交易并不违法,可以说是不在SEC调查范围之内的一群“内幕交易者”。不过作者援引美国“法与经济学”创始人之一曼尼的观点,称内幕交易既无从明确定义,也无法有效实施监管,甚至没有必要进行限制。

  以下是拉恩的评论文章原文:

  从上世纪60年代早期开始,根据“内幕消息”交易股票或商品就被视为非法。然而有一个群体一直在获得可能极大地影响股价的非公开信息,这些信息可以成就或毁灭一家公司甚至一个行业,然而这些“内部人士”被证交会(SEC)排除在检举的范围之外。我所指的这些内部人士乃是国会议员及其职员。他们可以优先获得下述信息:哪些公司或行业是否将会获得“救援”,它们适用的税率将被调升还是调降,它们是将面临成本高昂的新监管抑或被排除在此类新规之外,以及它们是否会获得政府订单,诸如此类。然而由于国会议员及其雇员获得的信息并非来自相关公司的职员,因此并不包含在内部人士之中。

  最近有很多研究发现,就在大部分美国人净财富缩水时,一般国会议员过去几年却实现了净财富增长。结论显而易见,国会议员们知道许多我们所不知道的东西,并利用这些信息为自己谋利,这本不足为奇。社会科学研究网(SSRN)刚刚出版的一项新研究《从国会山赚钱:对冲基金经理的内幕交易》(Capitalizing on Capitol Hill: Informed Trading by Hedge Fund Managers)证明了这一点。这项研究发现,与议案游说者有联系的对冲基金在政治敏感股票上的收益相比非政治股票每月高出1.6-2.5个百分点。这一数据意味着对冲基金经理在利用其私人信息,这有可能是他们卓越业绩的重要来源之一。

  我们正在试图搞清楚长达2000多页的医疗改革法案和金融改革法案到底写了些什么。这些法案会带来很多赢家和输家——早先只有说客、国会议员及那些拟定具体条款的工作人员知道详情。这也正是为何众议院发言人南希-佩洛西(Nancy Pelosi)说出如下名言:“我们必须通过法案,这样你们才能去发现里面到底有什么。”在这些法案通过的过程中,到底谁曾经利用有效的内幕消息为自己谋取利益,这一点我们永远无从得知,不过你可以打赌,获利的规模应以亿计。

  这届国会曾经提出一个议案,名为《禁止利用国会知识交易法案》(Stop Trading on Congressional Knowledge Act),试图禁止利用从国会议员、雇员或其他联邦雇员获得的信息买卖证券或商品期货。然而这一立法涉及面如此之广,某些点上又难以清晰界定,以至于无法持续有效执行。

  这一议案在处理“内幕消息”时犯了一个与证交会同样的错误,因为它暗含了两个假设:一是有关某公司健康度或前景方面信息的不受控制的散布是有害的,二是信息是可以保密和控制的。

  最近维基揭秘披露五角大楼高度机密的文件,再次证明哪怕是最敏感的信息,要完全控制也是近乎不可能的。一次又一次,美国政府显示自己无法保护敏感信息,从原子弹机密到国税局保存的敏感金融数据。认为美国政府保存的任何信息都是安全的,这不但是极端的傲慢,也是对历史的孤陋寡闻,包括最近几周的新闻。

  长期以来,证交会都不知道什么应该被大家知道(比如安然,比如麦道夫),然而与此同时,它又试图阻止一些上市公司的信息被传播出去,而这些信息对于市场合理运转是必要的。证交会正在想方设法给一批人定罪,这些非公司人员有着更高的研究和建模能力,能够对一家公司的境况作出准确的判断,即便他们没有从真正的内部人士那里获得直接和非公开的信息。证交会这种做法可能会最终谋杀整个证券分析行业。只有证交会的政府雇员才会幻想出一个让所有人一无所知的机制并将其称之为“进展”。

  乔治-梅森大学法学院荣休院长亨利-曼尼(Henry Manne)是美国“法与经济学”领域的创始人之一,可以说是“内幕交易”方面最权威的学者。他提出,证交会几十年来的失败证明内幕交易法是难以执行的,而且往往是反生产的。另外,无论是国会还是证交会,从未对内幕交易作出过明确定义。曼尼提出,现在应该“对任何基于排除消息最灵通交易者的定价观的现行政策作出重新考量”,因为内幕交易“明显可以让市场运作更有效率,可以支持资本配置决定,并通过市场价格反馈的方式让企业管理者知晓对其新计划价值的最佳预测”。

  如果关于一家公司的所有信息都已反映在股价当中,哪怕这些信息来自内部人员,公司外部人员也可以更好地作出买入和卖出决定。至于国会及其员工,考虑到禁止使用内部信息几乎不可能,努力的方向应该是致力于提高立法的透明度。部分而言,这意味着立法应该以小型的、可理解的增量出现,这样外部人员就能够在立法或规定被提议时判断出谁将受益谁将受损。

内幕交易在华盛顿并不违法 - 老虎大叔 - 活在过去

RAHN: The ultimate insiders

Is Congress making money off advance economic knowledge?

By Richard W. Rahn -The Washington Times    November 30, 2010

,

Stock or commodity trading on "inside information" has been illegal since the early 1960s. Yet there is one group that frequently has access to nonpublic information that can greatly affect stock prices, to the extent of making or breaking a company or even an industry, and these "insiders" are considered exempt from prosecution by the Securities and Exchange Commission (SEC). The insiders I refer to are members of Congress and their staffs. They have prior knowledge about which companies or industries will or will not be "bailed out," have their taxes raised or lowered, be subject to costly new regulations or exempted from such regulations, receive government contracts, etc. However, because the members of Congress and their staffs do not obtain their information from employees of the companies affected, they are not considered insiders.

内幕交易在华盛顿并不违法 - 老虎大叔 - 活在过去There have been a number of recent news stories about how the average member of Congress showed an increase in net wealth over the past couple of years, while the average American was losing net wealth. The obvious conclusion is that members of Congress knew things the rest of us did not and acted on this knowledge to their own advantage - no surprise. A new study that empirically demonstrates this, "Capitalizing on Capitol Hill: Informed Trading by Hedge Fund Managers," has just been published by the Social Science Research Network. The authors of the study, Jiekun Huang and Meng Gao, found that hedge funds connected with lobbyists, relative to non-connected ones, outperform by 1.6 percent to 2.5 percent per month in politically sensitive stocks compared to nonpolitical stocks. These results suggest that hedge-fund managers exploit private information, which can be an important source of their superior performance.

We are in the process of finding out what actually was in the 2,000-page-plus health care bill and financial "reform" bill. Those bills have many winners and losers - which previously were known only to the lobbyists and the members of Congress and their staffs who put in the specific deals. This is why House Speaker Nancy Pelosi famously said, "We have to pass the bill so that you can find out what is in it." It will never be known who gained financially from the inside information that was acted on as these bills were being passed, but you can bet the gain was in the hundreds of millions of dollars.

A bill was introduced early in this current Congress (H.R. 682: Stop Trading on Congressional Knowledge Act) which would prohibit the sale and purchase of securities or commodities' futures based on knowledge gained from a member of Congress, an employee of Congress or other federal employees. The proposed legislation is so broad and at points so vague as to be unenforceable in a consistent manner.

This proposed act makes the same mistake that the SEC often makes in dealing with "inside information," in that there is an underlying assumption that the uncontrolled dispersal of information about the health or prospects of companies is bad and that known information can be controlled.

The recent release of highly classified information from Pentagon sources by WikiLeaks again shows the near impossibility of controlling even the most sensitive information. Time and time again, the U.S. government has shown that it cannot protect sensitive information, from atomic secrets to sensitive financial data held by the Internal Revenue Service. Those who tell us that any information is safe when held by the U.S. government are both supremely arrogant and ignorant of history, including the news of recent weeks.

The SEC has a long history of not knowing what it should have known (e.g., Enron, Bernard Madoff) and at the same time trying to stop the dispersal of information about companies that is necessary for markets to operate properly. The SEC is in the process of trying to find ways to criminalize those who (outside a firm) find better ways of doing research or modeling what they think is going on in a firm, even though they have received no direct, nonpublic information from real insiders. This approach eventually could kill the whole field of securities analysis. Only government employees at the SEC could dream up a scheme to try to keep everyone ignorant and call it "progress."

Professor Henry Manne, dean emeritus of the George Mason University Law School and arguably the nation's greatest scholar on "insider trading" issues, observes that the decades of failure at the SEC show that enforcement of insider-trader laws is not feasible and often is counterproductive. Also, there has never been a clear definition of insider trading either from Congress or the SEC. Mr. Manne says it is time to "rethink any current policies based on a view of pricing in which we exclude the best-informed traders." Because insider or informed "trading clearly makes the market process work more efficiently, it aids capital allocation decisions and informs business executives through market-price feedback of the best predictions about the value of new plans."

Outsiders are best served in making their buy and sell decisions when all of the information about a company is incorporated in its market price, even if comes from insiders. As for Congress and their staffs, given that a prohibition of the use of inside information is nearly impossible, the effort should focus on more transparency. This, in part, would mean legislation being passed in small, understandable increments so that outsiders would be able to determine who benefits or loses when the legislation or regulation is proposed.

 

Richard W. Rahn is a senior fellow at the Cato Institute and chairman of the Institute for Global Economic Growth.

内幕交易在华盛顿并不违法 - 老虎大叔 - 活在过去

Illustration: Congressional insiders by Greg Groesch for The Washington Times  

  评论这张
 
阅读(537)| 评论(0)
推荐 转载

历史上的今天

在LOFTER的更多文章

评论

<#--最新日志,群博日志--> <#--推荐日志--> <#--引用记录--> <#--博主推荐--> <#--随机阅读--> <#--首页推荐--> <#--历史上的今天--> <#--被推荐日志--> <#--上一篇,下一篇--> <#-- 热度 --> <#-- 网易新闻广告 --> <#--右边模块结构--> <#--评论模块结构--> <#--引用模块结构--> <#--博主发起的投票-->
 
 
 
 
 
 
 
 
 
 
 
 
 
 

页脚

网易公司版权所有 ©1997-2017