老鼠仓

第三部分主要围绕老鼠仓行为人法律责任的追究展开。

The third section mainly discusses the undertaking of legal responsibility for Rat trading .

老鼠仓问题的刑事立法思考&与相关罪名比较视角分析

Reflections on Criminal Legislation for Rat Trading Problem & Analysis of Perspectives Compared with Relative Crimes

这是对于CAPM模型在老鼠仓交易情况下的发展。

This is a development to CAPM under rat trade condition . 4 .

本文利用DSSW模型讨论了存在“老鼠仓”条件下，噪声交易者的收益变动，并得出相应的启示。

This paper utilizes DSSW model to discuss the change of returns of the noise traders in the condition of " mouse storehouse ", and puts forward corresponding enlightenments .

从老鼠仓看基金经理人的监管问题

Study on Found Managers Supervision from " Rat Trading "

考虑老鼠仓情况下的资产定价研究

Research on Asset Pricing under Rat Trade Condition

针对我国证券市场的老鼠仓现象进行了实证研究。

We make some empirical studies on the rat trade in Chinese security market .

他太聪明了，不可能不了解内幕交易、老鼠仓以及它们意味着什么。

He is too smart not to understand insider trading and front-running and their implications .

因此，老鼠仓从本质上应属于内幕交易。

Therefore , the legal nature of front running is supposed to be insider trading .

在一些股票基金中提到的老鼠仓是什么意思？

What meaning is the mice storehouse that mentions in fund of of a few stocks ?

在分享股市盛宴的同时，基金业老鼠仓事件频发。

At the same time , " Rat Trading " events in the fund industry frequently appears .

首先，阐述了市场上存在的老鼠仓等道德风险行为。

First , we describe the moral hazard actions such as rat trade in a general way .

研究了老鼠仓做仓股票的横截面收益特征，以及影响其做仓收益的主要因素。

Study the cross-sectional return feature of rat trade stock and the factors that influence the return .

同时，分析了老鼠仓交易引发的投资者之间对风险资产收益率过程信念的不一致。

At the same time , analyze the difference of belief about the risk asset return process among investors .

通过对老鼠仓第一案的评析，指出建立整体式规制模式的积极意义。

By analyzing the first case about Rat Trading , it points out the benefits of the total regulation mode .

这将排除内幕交易、抢先交易（老鼠仓）以及接受不当礼物或招待等方面的监管违规。

This would rule out regulatory breaches such as insider trading and front-running or improper acceptance of gifts and entertainment .

然而，在这些成绩的背后，影响市场深层次发展的违法违规现象依然时有出现。老鼠仓等利益输送行为就是其中的典型。

But behind this , all kinds of illegal acts that influence the deeper development of security market often appear .

论文内容共分为三个部分：第一部分：本部分主要界定老鼠仓行为的涵义。

Paper content is divided into three parts : This section focuses on " mouse storehouse " the meaning of behavior .

本文旨在通过基金经理老鼠仓这个切入点来探讨个人交易的法律规制。

This paper explores the legal regulations on personal transactions of fund managers at the starting point of " rat trading " .

从本质上看，老鼠仓是一种背信行为，是基金从业人员与基金、基金份额持有人利益冲突的具体体现。

Rat trading , seen from its nature , is an action of infidelity , reflecting the conflict of fund employees and fund property .

验证了老鼠仓交易对于股票的价格、收益率、流动性、波动性等市场行为的影响。

From the viewpoint of market micro structure , testify the effect of rat trade on the stock price , return rate , liquidity and volatility .

在刑事责任方面，2009年2月28日通过的《刑法修正案七》为打击基金从业人员老鼠仓行为提供了直接的依据。

As for criminal responsibility , 7th Amendment of Criminal Law adopted on February 28 , 2009 is the foundation to restrain the action of Rat Trading .

验证了老鼠仓情况下的市场风险溢价模型，得到合理的相对风险规避系数，从老鼠仓的角度解决了股权溢价之迷。

From the viewpoint of market equilibrium , testify the mode about market risk premium and get a sound risk aversion coefficient and resolve the equity premium puzzle .

利用理性预期均衡方法，针对做仓机构投资者、老鼠仓及其他普通投资者的多期博弈进行了分析。

By employing the rational expectation equilibrium method , we construct a multi period game model including the rat , the institutional investor and the other individual investors .

考察资产价值信息如何反映到价格中，以及老鼠仓交易对于市场价格冲击的动态变化情况。

Furthermore , we analyze how the information about risk asset value sinks into the price and the change of market strike coefficient caused by rat trade . 4 .

上周，当一位基金经理因为涉嫌操纵股价而被解雇时，中国的网站上开始热烈讨论“老鼠仓投资者”，这个术语指的是内幕交易者。

When a fund manager was sacked last week for allegedly manipulating share prices , websites hummed with talk of " rat investors " , the term for insider traders .

对于基金从业人员老鼠仓行为，目前我国主要以行政处罚的形式对其加以追究，但对于基金持有人而言，他们遭受的损失没有得到相应的补偿，这不符合公平的原则。

Currently the action of Rat Trading is punished in the form of administrative penalty , which is unfair for the fund holders since their loss could not be compensated accordingly .

其次，利用一家营业部2007年的实际交易数据，对老鼠仓交易对于股票价格、收益率、流动性、波动性等市场行为的影响进行实证。

Second , using the trade data from one security company branch in 2007 , we testify the effect of rat trade on stock price , return rate , liquidity and volatility .

此前，这两位基金经理买进自己基金所投资的公司股票，并卖出这些股票获利，因此被市场禁入。在中文中，上述做法被称作“老鼠仓”。

The two managers were banned after buying shares in companies their funds invested in and then selling them for a profit – a practice known as " building a rathole " in Chinese .

基金老鼠仓不除，我国基金份额持有人的利益就得不到有效保障，基金行业赖以生存的诚信精神之基石也会被不断侵蚀，甚至会影响金融市场的秩序和稳定。

If it is not removed , the interest of fund share holder in our country shall not be effectively protected , and the spirit of good faith of the fund industry shall be continuously eroded .