本論文探討經理人能力是否影響內線交易的獲利表現。我們使用 2003 至2020 年間美國上市公司高階主管之內線賣出交易資料，並以 Demerjian、 Lev 與McVay （2012）提出的 MA SCORE 作為經理人能力指標，衡量經理人將企業資源有效轉化為營收的能力。進一步分析高能力經理人在交易後的超額報酬（包括累積超額報酬與 Carhart 四因子 alpha），以探討其是否能因資訊優勢而取得更佳的交易績效。
實證結果顯示，經理人能力與內線交易獲利之間存在顯著正相關。此外，高能力經理人不僅交易後的超額報酬較高，且交易金額通常也較大，反映其可能擁有更高的資訊信心或精確度。本研究亦發現，經理人能力與內線交易績效之間的正向關係，在董事與高薪資高階主管族群、以及資訊不對稱程度較高的公司中尤其明顯。上述結果經替代能力衡量方式及教育背景控制變數進行穩健性測試後仍一致成立。

This thesis investigates whether managerial ability influences the profitability of insider trading. Using a comprehensive sample of insider sales transactions from 2003 to 2020, we measure managerial ability through the MA SCORE developed by Demerjian, Lev, and McVay (2012), which captures how efficiently top executives convert corporate resources into revenues. We examine whether insiders with higher managerial ability earn greater post-trade abnormal returns, as measured by cumulative abnormal returns and Carhart four-factor alphas.
Our empirical results show that managerial ability is positively and significantly associated with insider trading profitability. Additionally, we find that high-ability managers tend to conduct larger transactions in terms of dollar value, suggesting greater confidence or more precise information. The positive effect of managerial ability is more pronounced among directors and top-paid executives, and in firms with greater information asymmetry. These findings are robust to alternative specifications, including ranked ability measures and controls for educational background.

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