Contrôle et régulation du marché boursier : un problème de risque moral
[THE Stock Market Control and Regulation: A Moral Hazard Problem]
AbstractIn most of case, the insider trading is a behavior transgression of law, it is a practice deemed illegal by law. This practice is unfair and opaque; it distorts the confidence and equality of investors to make trading in the market. An insider acting or allows other intermediaries to act in the total absence of hazards, and thus achieve a profitable operations with the abnormal returns. The insider trading is given by using the inside (i.e., the privileged) information, not yet released or revealed publicly. In this paper we deal with the issue of ethical behavior of insider trading in the Moroccan regulated markets. Initially, we review some elements at the base of ethics of financial markets. In a second point, we highlight the legal arsenal to fight against the illegal insider trading. In fact, we shall present its administrative, civil and criminal components, we then show its usefulness and we finally formulate against it some critiques. Based on these elements and by referring to the theory of Principal/Agent in the asymmetric information, we try to model the insider behavior by extending the model to two Agents and one Principal.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 19819.
Date of creation: 17 Nov 2009
Date of revision:
Insider Trading; Principal/Agent Theory; Moral Hazard; Casablanca Stock Exchange.;
Find related papers by JEL classification:
- G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
- G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
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