Effects of Insider Trading Disclosures on Speculative Activity and Future Prices
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.
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Volume (Year): 27 (1989)
Issue (Month): 3 (July)
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