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Do Insider Trading Laws Work?

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  • Arturo Bris
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    Abstract

    "This paper presents the first comprehensive global study of insider trading laws and their first enforcement. In a sample of 4,541 acquisitions from 52 countries, I find that insider trading enforcement increases both the incidence, and the profitability of insider trading. The expected total insider trading gains increase. Consequently, laws that proscribe insider trading fail to eliminate insider profits. However, harsher laws work better at reducing the incidence of illegal insider trading". Copyright Blackwell Publishers Ltd, 2005.

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    File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1354-7798.2005.00285.x
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    Bibliographic Info

    Article provided by European Financial Management Association in its journal European Financial Management.

    Volume (Year): 11 (2005)
    Issue (Month): 3 ()
    Pages: 267-312

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    Handle: RePEc:bla:eufman:v:11:y:2005:i:3:p:267-312

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    Web page: http://www.blackwellpublishing.com/journal.asp?ref=1354-7798
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    Cited by:
    1. Wielhouwer, Jacco L., 2013. "When is public enforcement of insider trading regulations effective?," International Review of Law and Economics, Elsevier, vol. 34(C), pages 52-60.
    2. Keser, Claudia & Markstädter, Andreas, 2014. "Informational asymmetries in laboratory asset markets with state-dependent fundamentals," Center for European, Governance and Economic Development Research Discussion Papers 207, University of Goettingen, Department of Economics.
    3. Brenner, Steffen, 2011. "On the irrelevance of insider trading for managerial compensation," European Economic Review, Elsevier, vol. 55(2), pages 293-303, February.
    4. André Betzer & Erik Theissen, 2009. "Insider Trading and Corporate Governance: The Case of Germany," European Financial Management, European Financial Management Association, vol. 15(2), pages 402-429.
    5. Fernandes, Nuno & Ferreira, Miguel A., 2008. "Does international cross-listing improve the information environment," Journal of Financial Economics, Elsevier, vol. 88(2), pages 216-244, May.
    6. Madura, Jeff & Marciniak, Marek, 2014. "Bidder country characteristics and informed trading in U.S. targets," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 29(C), pages 256-284.
    7. David Howden, 2014. "Knowledge flows and insider trading," The Review of Austrian Economics, Springer, vol. 27(1), pages 45-55, March.
    8. Tong, Wilson H.S. & Zhang, Shaojun & Zhu, Yanjian, 2013. "Trading on inside information: Evidence from the share-structure reform in China," Journal of Banking & Finance, Elsevier, vol. 37(5), pages 1422-1436.
    9. Aitken, Michael & Cumming, Douglas & Zhan, Feng, 2013. "Exchange trading rules, surveillance and insider trading," CFS Working Paper Series 2013/15, Center for Financial Studies (CFS).

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