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Corporate Information Sales and Market Liquidity: A Property Right Approach to Insider Trading

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  • Giovanna Nicodano

Abstract

Shareholders are attributed a residual right to use information on corporate prospects, which is produced within the firm. The firm allocates these rights to the highest bidder on behalf of shareholders. It is argued that this allocation is the natural benchmark for assessing the impact of insider trading on asset market equilibrium and for deriving policy implications.

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Bibliographic Info

Paper provided by European Science Foundation Network in Financial Markets, c/o C.E.P.R, 77 Bastwick Street, London EC1V 3PZ in its series CEPR Financial Markets Paper with number 0025.

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Date of creation: Dec 1992
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Availability: in print
Handle: RePEc:cpr:ceprfm:0025

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Related research

Keywords: Inside Trading; Financial Structure; Property Rights;

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