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The World Price of Insider Trading

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Author Info
Utpal Bhattacharya (Kelley School of Business, Indiana University)
Hazem Daouk (Kelley School of Business, Indiana University)
Abstract

The existence and the enforcement of insider trading laws in stock markets is a phenomenon of the 1990s. A study of the 103 countries that have stock markets reveals that insider trading laws exist in 87 of them, but enforcement-as evidenced by prosecutions-has taken place in only 38 of them. Before 1990, the respective numbers were 34 and 9. We find that the cost of equity in a country, after controlling for a number of other variables, does not change after the introduction of insider trading laws, but decreases significantly after the first prosecution. Copyright The American Finance Association 2002.

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Article provided by American Finance Association in its journal The Journal of Finance.

Volume (Year): 57 (2002)
Issue (Month): 1 (02)
Pages: 75-108
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Handle: RePEc:bla:jfinan:v:57:y:2002:i:1:p:75-108

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This page was last updated on 2008-11-26.

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