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Author : Alan D. Jagolinzer
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (837 download)
Download or read book An Empirical Analysis of Insider Trade Within Rule 10b5-1 written by Alan D. Jagolinzer and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Stephen M. Bainbridge
Publisher : Edward Elgar Publishing
ISBN 13 : 0857931857
Total Pages : 498 pages
Book Rating : 4.8/5 (579 download)
Download or read book Research Handbook on Insider Trading written by Stephen M. Bainbridge and published by Edward Elgar Publishing. This book was released on 2013-01-01 with total page 498 pages. Available in PDF, EPUB and Kindle. Book excerpt: In most capital markets, insider trading is the most common violation of securities law. It is also the most well known, inspiring countless movie plots and attracting scholars with a broad range of backgrounds and interests, from pure legal doctrine to empirical analysis to complex economic theory. This volume brings together original cutting-edge research in these and other areas written by leading experts in insider trading law and economics. The Handbook begins with a section devoted to legal issues surrounding the USÕs ban on insider trading, which is one of the oldest and most energetically enforced in the world. Using this section as a foundation, contributors go on to discuss several specific court cases as well as important developments in empirical research on the subject. The Handbook concludes with a section devoted to international perspectives, providing insight into insider trading laws in China, Japan, Australia, New Zealand, the United Kingdom and the European Union. This timely and comprehensive volume will appeal to students and professors of law and economics, as well as scholars, researchers and practitioners with an interest in insider trading.
Author : Lisa Katrine Meulbroek
Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.:/5 (282 download)
Download or read book An Empirical Analysis of Insider Trading and the Stock Market written by Lisa Katrine Meulbroek and published by . This book was released on 1991 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Lisa Katrine Meulbroek
Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.:/5 (282 download)
Download or read book An Empirical Analysis of Insider Trading and the Stock Market written by Lisa Katrine Meulbroek and published by . This book was released on 1991 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Hamid Arshadi
Publisher : Springer Science & Business Media
ISBN 13 : 1461532442
Total Pages : 171 pages
Book Rating : 4.4/5 (615 download)
Download or read book The Law and Finance of Corporate Insider Trading: Theory and Evidence written by Hamid Arshadi and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 171 pages. Available in PDF, EPUB and Kindle. Book excerpt: A thorough analysis of insider trading requires the integration of law and finance, and this book presents a theoretical and empirical examination of insider trading by incorporating a synthesis of securities law with that of financial theory. The book begins with a conceptual framework that explores the theoretical roles of markets, firms and publicly held corporations, including a discussion of corporate governance to determine both who may have access to nonpublic information, and their legal rights and responsibilities. The book then examines different aspects of the securities laws, including the Securities Act of 1933, the Securities Exchange Act of 1934, and a critique of the SEC disclosure rules and their ramifications for market efficiency. This is followed by a detailed chronology of insider trading regulations enacted in the U.S. since 1934 and an overview of the existing empirical literature on insider trading. Empirical evidence is presented on insider trading activities and the merit of anti-insider trading laws is evaluated on theoretical arguments and recent empirical developments. The authors conclude by arguing that insider trading laws and enforcement activities have failed and propose the decriminalization of insider trading.
Author : Frances Elizabeth Farquharson
Publisher :
ISBN 13 :
Total Pages : 148 pages
Book Rating : 4.:/5 (395 download)
Download or read book Insider Trading, Regulation and an Empirical Analysis of Mimicking Insiders' Trades written by Frances Elizabeth Farquharson and published by . This book was released on 1998 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Maya A. Thevenot
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (435 download)
Download or read book An Empirical Analysis of Insider Trading in Firms with Violation of the Generally Accepted Accounting Principles written by Maya A. Thevenot and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Lisa Katrine Meulbroek
Publisher :
ISBN 13 :
Total Pages : 39 pages
Book Rating : 4.:/5 (457 download)
Download or read book An Empirical Analysis of Illegal Insider Trading written by Lisa Katrine Meulbroek and published by . This book was released on 1994 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Matthias Blank
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (795 download)
Download or read book Empirical Analysis of Insider Transactions of Small and Micro Cap Firms in the U.S written by Matthias Blank and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the insider trading activities of a sample of Small and Micro Cap firms in the U.S. between July 2007 and March 2011. Thus, the empirical investigation covers both the recent period of financial crisis and the subsequent phase of recovering markets. All in all, the findings indicate that, regarding small capitalized firms in the U.S., the insider trading anomaly continues to exist. In general, it has been observed that insider purchase transactions are able to generate high abnormal returns mainly during a positive market environment, whereas insider sale transactions appear to earn abnormal returns in a situation of economic crisis. Thus, insiders seem to exhibit the particular ability to forecast major price movements of their own firm's share in the direction of the overall market sentiment, while being unable to profitably act against it. Furthermore, the analysis suggests that insider trading information can be used as a valuable investment guide for outsiders. As a result, mimickers are recommended to focus on small dollar volume transactions, dealings by middle-level managers, and multiple insider trading.
Author : Stan Veliotis
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Rule 10b5-1 Trading Plans and Insiders' Incentive to Misrepresent written by Stan Veliotis and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Rule 10b5-1 plans provide an affirmative defense against insider trading charges if, at a time when the insider had no material inside information, the insider commits to the future trades that otherwise might then be subject to insider trading charges. The article first describes insider trading regulation under Rule 10b-5, including how trades by an insider can be the primary violation of Rule 10b-5 or instead serve as evidence of scienter in a broader Rule 10b-5 case (e.g., misrepresentation, such as distorted financial statements). The article then details Rule 10b5-1 and then considers existing case law that has substantively addressed trading under plans, and which has largely evidenced a tendency to heavily discount sales under plans as evidence of scienter. The article then reviews economics-based research and details the incentive for insider sellers, especially those now selling under a 10b5-1 plan, to misrepresent. It criticizes the extent to which the affirmative defense insulates an insider from Rule 10b-5 primary violation liability even if the insider's information is self-created (as opposed to external information, such as learning of a failed or successful drug trial). It also recommends that parties in Rule 10b-5 cases look more closely at the scienter element given the documented incentives insiders have to prop up a stock price before a 10b5-1 plan sale whether or not the plan was initially made in good faith.
Author : Jason Rockwell
Publisher : Createspace Independent Publishing Platform
ISBN 13 : 9781535415064
Total Pages : 24 pages
Book Rating : 4.4/5 (15 download)
Download or read book Insider Trading written by Jason Rockwell and published by Createspace Independent Publishing Platform. This book was released on 2016-07-27 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: Insider TradingAmerica's Dirty Secrets and History behind Wall StreetInsider trading is when an insider uses company's information not yet public for making trades. This white collar crime has blackened some of the biggest names of the financial world and brought down biggest of institutions, causing huge losses to economies and public savings. This book explains insider trading; its effects and the evolution of laws and regulatory institutions around it. Rockwell provides a unique understanding of insider trading from a trader, an investor and a regulators' perspective. 'Greed in the end fails even the greedy'- Cathryn Louis. The biggest of names have come down because of insider trading, yet more and more cases of insider trading are coming to light. Laws around insider trading have been strengthened, yet people are still encouraged to perform this crime due to the large scale of money and profits involved. The crimes around it have gotten bigger and wider over time. Thus, an understanding of insider trading becomes critical for all traders, financiers, investors and students. Given this, the authors' compilation is a great read. The research is comprehensive and draws a unique and interesting parallel between insider trading cases and the regulation around it. The book also discusses the interesting debate on whether insider trading must be made legal. The book simplifies this complex topic and makes it interesting with examples from real life cases. After reading the book, you would have known about the following:- - What is insider trading? - Effects of insider trading. - US insider trading laws - Form 4 - Rule 10b5 - Rule 10b5-1 - Misappropriation Theory - Rule 14e 3 - Sarbanes Oxley Act 2002 - Landmark cases - Should insider trading be made legal? Enjoy reading, Enjoy Learning!
Author : H. Nejat Seyhun
Publisher : MIT Press
ISBN 13 : 9780262692342
Total Pages : 452 pages
Book Rating : 4.6/5 (923 download)
Download or read book Investment Intelligence from Insider Trading written by H. Nejat Seyhun and published by MIT Press. This book was released on 2000-02-28 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt: Learn how to profit from information about insider trading. The term insider trading refers to the stock transactions of the officers, directors, and large shareholders of a firm. Many investors believe that corporate insiders, informed about their firms' prospects, buy and sell their own firm's stock at favorable times, reaping significant profits. Given the extra costs and risks of an active trading strategy, the key question for stock market investors is whether the publicly available insider-trading information can help them to outperform a simple passive index fund. Basing his insights on an exhaustive data set that captures information on all reported insider trading in all publicly held firms over the past twenty-one years—over one million transactions!—H. Nejat Seyhun shows how investors can use insider information to their advantage. He documents the magnitude and duration of the stock price movements following insider trading, determinants of insiders' profits, and the risks associated with imitating insider trading. He looks at the likely performance of individual firms and of the overall stock market, and compares the value of what one can learn from insider trading with commonly used measures of value such as price-earnings ratio, book-to-market ratio, and dividend yield.
Author : Simone Vogel
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (732 download)
Download or read book Legal Insider Trading written by Simone Vogel and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines corporate insider transactions in the Austrian, German and Swiss stock market during the time period of July 2005 to December 2009. Special attention is devoted to significant changes in result when comparing the period of economical upturn to the financial crisis. The empirical analysis finds that the strongest differences are detected in the case of Switzerland, whereas changes in result have been rather moderate in the Austrian and German stock market. Hence, it is shown that the findings of the aggregate investigation period from July 2005 to December 2009 have been considerably influenced by the financial crisis, particularly in the case of Switzerland, and that the selection of the investigation period plays a major role in regard to the magnitude and explanatory power of the results in this study. Furthermore, a negative relation between market size and market efficiency is found. Accordingly, Germany shows the weakest and Austria presents the highest overall degree of market efficiency. Finally, mimicry seems to be a beneficial investment strategy, especially during the economical upturn in the German and during financial stress in the Swiss stock market.
Author : David Coates
Publisher :
ISBN 13 :
Total Pages : 46 pages
Book Rating : 4.:/5 (87 download)
Download or read book An Empirical Analysis of Illegal Insider Trading on the JSE Securities Exchange written by David Coates and published by . This book was released on 2002 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Vaughn Scherbe Armstrong
Publisher :
ISBN 13 :
Total Pages : 334 pages
Book Rating : 4.:/5 (183 download)
Download or read book The Microstructure of Informed Trading written by Vaughn Scherbe Armstrong and published by . This book was released on 1995 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Yun Ma
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.3/5 (799 download)
Download or read book Insider Trading written by Yun Ma and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate executives are prohibited from trading on material nonpublic information. In 2000, the SEC enacted Rule 10b5-1, which allows insiders to preplan their transactions before being aware of material nonpublic information. However, do corporate executives subsequently influence the timing and content of information disclosure to benefit their preplanned trades? We examine cumulative abnormal returns (CARs) around insider transactions and document patterns suggesting that insiders are "perfect" timers. That is, stock prices go up (go down) prior to but drop (back up) after insider sells (buys). Further classifying insider trades into preplanned (routine) trades and non-preplanned (opportunistic) trades, we show that the stock return patterns hold not only for non-preplanned (opportunistic) trades but also for preplanned (routine) trades. Using 8-K filings as a proxy of corporate discretionary disclosure, we find that there are significantly more 8-K filings prior to insider trades than during normal times. Moreover, based on the sentiment score from RavenPack News Analytics, we find that analyst reports and corporate news releases both have significant explanatory power of stock returns around insider transactions. The evidence documented in our study cannot rule out the hypothesis that corporate executives influence the timing and content of information disclosure to benefit their preplanned trades. In the second part of my dissertation, we investigate in insider trading's implications on stock returns. The literature posits that insiders are contrarian, i.e., buy stocks when they are under-valued and sell stocks when they are over-valued. In addition, insider transactions contain information about future firm fundamentals. As such, insider trading helps improve stock price efficiency and promote stock price discovery. In this study, we test the implications of both hypotheses. First, we follow the literature and identify undervalued and overvalued stocks and examine whether insider trades help correct mispricing of these stocks. Second, we examine whether insider trades contain more information about future firm fundamentals for mispriced stocks and the extent to which insider trades incorporate future fundamental information into stock prices. Our findings indicate that insider transactions play a role in correcting mispricing. However, the effect is significant mainly for overvalued stocks over short-term and undervalued stocks over long-term. In addition, we find that insider transactions contain information about long-term future firm fundamentals mainly for overvalued stocks. Nevertheless, our analysis suggests that insider transactions only incorporate a small fraction of future firm fundamental information into stock prices. To sharpen our analysis, we exclude pre-scheduled or routine insider trades, which are believed to be less informed of stock valuation and replicate our empirical tests, and show that our main findings are consistent.
Author : Hatsuru Morita
Publisher :
ISBN 13 :
Total Pages : 17 pages
Book Rating : 4.:/5 (13 download)
Download or read book Another Welfare Effect of Insider Trading? An Empirical Analysis of Insider Trading Around Seasoned Equity Offering in Japan written by Hatsuru Morita and published by . This book was released on 2016 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt: While it is well known that insider trading transfers wealth from uninformed market participants to informed insiders, it is not obvious whether insider trading bring welfare effect. This paper explores an answer to this issue, employing stock trading data around SEO in Japan. An announcement of SEO usually decreases the stock price of the issuing company, creating an opportunity for insiders to sell short before the announcement and to make benefit. If this short sale before the announcement lowers the final offering price, the insider trading reduced the financing amount of the issuing company and we can say that the insider trading caused a welfare loss. The paper tests whether this prediction holds employing Japanese stock market data. The paper does not find welfare loss caused by insider trading around SEO.
