Disclosing and Cooling-Off: An Analysis of Insider Trading Rules

The code in this replication package constructs the analysis for the paper, “Disclosing and Cooling-Off: An Analysis of Insider Trading Rules”. Five main Matlab programs run all of the code to generate the four figures (Figures 2-5) and one table (Table 1) in the paper. Description of programs/code Step 1：Program in <1. Calibration_Parameters.zip> calibrates the insider’s hedge need Σ_z and the noiser trader’s hedge need Σ_u in Table 1. Step 2：Programs in <2. Baseline_model.zip> plot Figures 2 and 3 for the baseline model. Step 3：Programs in <3. Information_leakage_model.zip> plot Figures 4 and 5 for the information leakage model. The replicator would run Step 1 first to get the calibration parameters that are the input for Step 2 and Step 3.本复制包内的代码用于搭建论文《披露与冷静期：内幕交易规则分析》（Disclosing and Cooling-Off: An Analysis of Insider Trading Rules）的分析框架。本项目包含5个核心Matlab程序，运行全部代码即可生成论文中的4幅图表（图2至图5）与1张表格（表1）。 ### 程序与代码说明 步骤1：<1. Calibration_Parameters.zip>中的程序用于校准表1中的内部交易者(insider trader)对冲需求Σ_z与噪声交易者(noise trader)对冲需求Σ_u。 步骤2：<2. Baseline_model.zip>中的程序可绘制基准模型对应的图2与图3。 步骤3：<3. Information_leakage_model.zip>中的程序可绘制信息泄露模型对应的图4与图5。 复现者需首先运行步骤1以获取校准参数，将其作为步骤2与步骤3的输入。