1. Since he became the assistant manager of Morgan Stanley, Tang Jian used his father's account and a third person's account to buy shares in Xinjiang Zhonghe (SSE code: 600888) before the fund was opened. (His father's account bought nearly 60,000 shares and earned nearly 290,000, and another account bought more than 200,000 shares and earned more than 6.5438+0.2 million), totaling * *. This is commonly known as the "rat warehouse" among the people, and it is also a typical criminal act suspected of insider trading.

2. Xinjiang Zhonghe is the darling of fund industry investment under the background of nonferrous metal fever in 2006. A number of funds owned by SIC Morgan hold Xinjiang Zhonghe, including SIC Morgan Double-Profit Balanced Hybrid Fund, Alpha Equity Fund, Huaxia Advantage Fund, and Growth Pioneer Fund established on September 20, 2006 to strengthen ideological and moral education. Before becoming a growth pioneer fund manager, Tang Jian was an assistant fund manager of Alpha. At the end of September 2006, the share price of Xinjiang Zhonghe was about 17 yuan per share, and then it soared to 28 yuan.

Moral hazard is a phenomenon that under the condition of asymmetric information, uncertain or incomplete contracts make responsible economic actors not bear all the consequences of their actions, and at the same time maximize their own utility and make behaviors that are not conducive to others.

This concept originated from marine insurance. 1963 Arrow, an American mathematical economist, introduced this concept into economics and pointed out that moral hazard is the tendency of individual behavior to change because of the protection of insurance. It is an objective opportunistic behavior. Compared with adverse selection, it is a risk caused by one party's difficulty in observing or supervising the behavior of the other party.

Theoretically speaking, moral hazard means that people engaged in economic activities make behaviors that are not conducive to others while maximizing their own utility. It generally exists in the following situations: due to uncertainty and incomplete or restrictive contracts, the responsible economic actors cannot bear all the losses (or gains), so they do not bear all the consequences of their actions.

Similarly, you can't enjoy all the benefits of action. Obviously, this definition contains many different external factors, which may lead to the non-existence of equilibrium state, or even if there is equilibrium state, it is inefficient (Y Kotowitz Y.kotouitz).

Based on the theory of information asymmetry between the principal and the agent, "moral hazard refers to the possibility that Party A (usually the agent) of the contract takes advantage of its information and takes hidden actions or omissions that Party B (usually the principal) of the contract cannot observe and supervise, resulting in the loss of (the principal) or the profit of (the agent)".