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

Author

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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.

Suggested Citation

  • Giovanna Nicodano, 1992. "Corporate Information Sales and Market Liquidity: A Property Right Approach to Insider Trading," CEPR Financial Markets Paper 0025, European Science Foundation Network in Financial Markets, c/o C.E.P.R, 77 Bastwick Street, London EC1V 3PZ..
  • Handle: RePEc:cpr:ceprfm:0025
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    References listed on IDEAS

    as
    1. Avner Shaked & John Sutton, 1982. "Relaxing Price Competition Through Product Differentiation," Review of Economic Studies, Oxford University Press, vol. 49(1), pages 3-13.
    2. Douglas W. Diamond, 1984. "Financial Intermediation and Delegated Monitoring," Review of Economic Studies, Oxford University Press, vol. 51(3), pages 393-414.
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