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Contrôle et régulation du marché boursier : un problème de risque moral
[THE Stock Market Control and Regulation: A Moral Hazard Problem]

Listed author(s):
  • El Bouhadi, Abdelhamid
  • Dasser, Salma
  • Lahlou, Amale
  • Elkhider, Abdelkader

In 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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File URL: https://mpra.ub.uni-muenchen.de/19819/1/MPRA_paper_19819.pdf
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File URL: https://mpra.ub.uni-muenchen.de/19841/1/MPRA_paper_19841.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 19819.

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Date of creation: 17 Nov 2009
Handle: RePEc:pra:mprapa:19819
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  1. repec:hrv:faseco:30728046 is not listed on IDEAS
  2. Shleifer, Andrei & Vishny, Robert W, 1997. " A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-783, June.
  3. Raghuram G. Rajan & Luigi Zingales, 1998. "Power in a Theory of the Firm," The Quarterly Journal of Economics, Oxford University Press, vol. 113(2), pages 387-432.
  4. Gérard Charreaux, 2002. "Variation sur le thème:"À la recherche de nouvelles fondations pour la finance et la gouvernance d'entreprise"," Revue Finance Contrôle Stratégie, revues.org, vol. 5(3), pages 5-68, September.
  5. Gérard Charreaux & Philippe Desbrières, 1998. "Gouvernance des entreprises:valeur partenariale contre valeur actionnariale," Revue Finance Contrôle Stratégie, revues.org, vol. 1(2), pages 57-88, June.
  6. Fama, Eugene F, 1980. "Agency Problems and the Theory of the Firm," Journal of Political Economy, University of Chicago Press, vol. 88(2), pages 288-307, April.
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