Anh Tran, Professor of Finance, Academic Director, M&A Research Centre, Bayes Business School

We study Securities and Exchange Commission (SEC) Rule 10b5-1 stock trading plans. The empirical evidence shows that firm, transaction, and CEO compensation characteristics are different for plan and non plan stock sales. We observe less opportunistic trading with plan sales and find that good corporate governance can substitute for a plan in limiting such trading. However, opportunistic trading within Rule 10b5-1 plans is more pronounced when the transaction value is large relative to the CEO’s total compensation. CEOs can circumvent Rule 10b5-1 insider trading restrictions by exercising their discretion over financial reporting, real earnings management, and by using limit order provisions.

Speaker bio

Professor Anh Luong Tran joined the Faculty of Finance at Bayes Business School (formerly Cass Business School), University of London in August 2010 after completing his PhD from Drexel University in Philadelphia, USA. He is the Academic Director of the M&A Research Centre, the Director of the Business School’s summer programme, a fellow of the Gupta Governance Institute, and a fellow of the UK Higher Education Academy. He is also a founding member, trustee and vice president of the Vietnam Finance Association International.

Professor Tran’s research interests are in empirical corporate finance, including mergers and acquisitions, institutional investors, executive compensation, and corporate governance. He has published many research articles in world leading journals including Journal of Financial Economics, Journal of Accounting and Economics, Journal of Financial and Quantitative Analysis, and Management Science. His research papers have been presented at more than 40 international conferences and 60 university seminars around the world. He has been a co chair of the annual academic conference in M&A at the Business School and acting as a journal editorial board member and a reviewer for many journals and conferences in the field.

Professor Tran received the City University Staff Prize for Outstanding Research, the Business School Staff Prize for Excellent Research Publications, and three times the Business School Excellent Research Publication Awards. His research has been mentioned in various media outlets including the Wall Street Journal, the Financial Times, the Economist, Bloomberg, the New York Times, the Times, Le Monde, and Les Echos.

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Date: 1 March 2022
Start Time: 13:00
End Time: 14:15

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Open to: Members of the University of Cambridge

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Date: 1 March 2022
Start Time: 13:00
End Time: 14:15