Do Insider Trading Laws Work?
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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Bibliographic InfoArticle provided by European Financial Management Association in its journal European Financial Management.
Volume (Year): 11 (2005)
Issue (Month): 3 ()
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=1354-7798
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- 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).
- 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.
- Brenner, Steffen, 2011. "On the irrelevance of insider trading for managerial compensation," European Economic Review, Elsevier, vol. 55(2), pages 293-303, February.
- 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.
- Betzer, André & Theissen, Erik, 2007. "Insider trading and corporate governance: The case of Germany," CFR Working Papers 07-07, University of Cologne, Centre for Financial Research (CFR).
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