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Effects of Insider Trading Disclosures on Speculative Activity and Future Prices

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  • Jagannathan, Ravi
  • Palfrey, Thomas R

Abstract

This paper explores a simple model of the effects of requiring public disclosure of insider trading activity in future markets. These disclosures are found to stimulate speculator activity and generate greater volatility, and lead to greater informational efficiency in the sense that futures prices are less biased predictors of future spot prices. Copyright 1989 by Oxford University Press.

Suggested Citation

  • Jagannathan, Ravi & Palfrey, Thomas R, 1989. "Effects of Insider Trading Disclosures on Speculative Activity and Future Prices," Economic Inquiry, Western Economic Association International, vol. 27(3), pages 411-430, July.
    • Handle: RePEc:oup:ecinqu:v:27:y:1989:i:3:p:411-30
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    Cited by:

    1. Estrada, Javier, 1994. "Insider trading: regulation, securities markets, and welfare under risk neutrality," UC3M Working papers. Economics 2922, Universidad Carlos III de Madrid. Departamento de Economía.
    2. Estrada, Javier, 1995. "Insider trading: regulation, securities markets, and welfare under risk aversion," UC3M Working papers. Economics 3901, Universidad Carlos III de Madrid. Departamento de Economía.

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