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Essays On Insider Trading And Securities Regulation
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Book Synopsis Essays on Insider Trading and Securities Regulation by : C. E. F. Rickett
Download or read book Essays on Insider Trading and Securities Regulation written by C. E. F. Rickett and published by Brooker's Legal Information. This book was released on 1997-01-01 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three essays in finance by : Leslie Ann Jeng
Download or read book Three essays in finance written by Leslie Ann Jeng and published by . This book was released on 1998 with total page 131 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Insider Trading by : Haoyang Xiong
Download or read book Three Essays on Insider Trading written by Haoyang Xiong and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the first essay we study whether and how personal off-the-job managerial indiscretions impact corporate insiders’ trading behavior. We find that executives accused of personal indiscretions earn significantly higher abnormal returns from their insider purchases and sales in a 15-day window around each trade. The results are robust to matched sample analyses. Further, insiders’ historical trading pattern or corporate culture has less explanatory power than personal attributes. We also document that exposure of these indiscretions to the public provides a disciplinary effect, as insider trading profits significantly drop following the announcement of an indiscretion, despite this drop being temporary. Corporate governance mechanisms, such as blackout policies, significantly reduce abnormal returns earned by indiscretion executives. In the second essay we find that individualistic countries regulate insider trading activities more intensely. The result is robust to controlling for alternative culture variables, additional controls, and instrumental variable analysis. We also document that individualism’s effect is magnified in democratic countries. In addition, we study the economic and financial consequences of individualism, insider trading regulation, and its enforcement. The analysis suggests that individualism and the enforcement of insider trading regulation promote financial development. Interaction effects reveal that individualism and insider trading regulation serve as complements to promote financial development. These findings contribute to the insider trading debate since regulation alone may not be the primary determinant of market efficiency. Combined, our results challenge prior works concluding that individualism is anti-regulation. In the last essay we explore the relation between insider trading regulation and the cost of equity in a country. Bhattacharya and Daouk (2002) conduct a comprehensive survey of 103 countries on whether insider trading law exists and has been enforced. They find that the enforcement of insider trading law, not the existence, can significantly reduce the cost of equity in a country. In this paper, we use an updated sample to reevaluate this topic and answer whether this relation still holds after adding 20 years of new data. Preliminary results show that countries with lighter insider trading regulation and countries that have enforced insider trading laws tend to experience lower cost of equity.
Book Synopsis Essays on Insider Trading and Its Regulation and the Agency Costs of Free Cash Flow by : Ranga Narayanan
Download or read book Essays on Insider Trading and Its Regulation and the Agency Costs of Free Cash Flow written by Ranga Narayanan and published by . This book was released on 1992 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Comparative Insider Trading Law, Finance and Political Economy by : Laura Nyantung Beny
Download or read book Essays on Comparative Insider Trading Law, Finance and Political Economy written by Laura Nyantung Beny and published by . This book was released on 2002 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Modernizing U.S. Securities Regulation by : Kenneth Lehn
Download or read book Modernizing U.S. Securities Regulation written by Kenneth Lehn and published by Irwin Professional Publishing. This book was released on 1992 with total page 558 pages. Available in PDF, EPUB and Kindle. Book excerpt: New developments in securities markets, particularly in the areas of technology, financial products, and foreign securities markets, are challenging the Securities and Exchange Commission to reconsider its regulatory policies. This book offers detailed prescriptions for effective regulation from experienced regulators and noted scholars in the field. A definitive collection that illustrates how research and expert opinion can help the SEC frame issues and establish objective criteria for evaluating the effectiveness of its policies.
Book Synopsis Ferrara on Insider Trading and the Wall by : Ralph C. Ferrara
Download or read book Ferrara on Insider Trading and the Wall written by Ralph C. Ferrara and published by Law Journal Press. This book was released on 2023-11-28 with total page 960 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors analyze the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Sarbanes-Oxley Act and SEC regulations regarding selective disclosure and insider trading.
Book Synopsis Essays on Insider Trading by : Valeriya Vitalyevna Posylnaya
Download or read book Essays on Insider Trading written by Valeriya Vitalyevna Posylnaya and published by . This book was released on 2018 with total page 142 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first essay explores relations between political affiliations and illegal insider trading. Assessing illegal insider trading is challenging due to the nature of the activity. Researchers observe and evaluate only the detected portion of illegal trading, not all illegal transactions. This presents a problem when using traditional empirical techniques to investigate such activity. In our analysis we employ a bivariate probit model that takes into account the partial observability nature of insider trading and provides estimates for the determinants of both the commission and the detection of illegal insider trading. Among our findings, most notable is the influence of the SEC's political structure on insider trading detection. We show that the political party affiliation within the SEC, past indictments by the SEC, and SEC budget play a crucial role in determining current prosecution. Past SEC indictments significantly decrease the likelihood to engage in illegal insider trading as well. Essay two investigates insider trading returns by corporate insiders in light of their firms' lobbying activities. Lobbying is a channel firms often use to influence regulatory change. Firms also use lobbying to obtain information on upcoming legislative and regulatory changes that are significant to the firms' future. Establishing and maintaining these political connections provides informational advantage not only to the firms engaged in lobbying but also to the insiders of these firms who receive an opportunity to base their trading decision on this potentially valuable information. Using data on firm lobbying activities, we provide evidence of an informational advantage acquired by corporate insiders of firms that develop these connections with policymakers. We find that insiders of lobbying firms gain additional return of 138 (156) basis points on their buys (sells) trades relative to transactions placed by insiders of firms that are not engaged in lobbying activities. We also document that the role of establishing and fostering lobbying contacts and the amounts spent on lobbying differ with type of insider transactions and length of investment horizons. The focus of the third essay is the impact of actual trading on material non-public information on firms' securities. Finance and law scholars present theoretical arguments both in favor of and against trading on material non-public information. However, investigating empirically the actual impact of insider trading on the insider's firm poses significant challenges due to the lack of precision in identifying from publically available data trades that are based on private information. In this study, we utilize Securities Exchange Commission (SEC) indictments of illegal insider trading to examine the impact of illegal insider trading on the firm. We provide evidence suggesting that illegal insider trading increases stock market liquidity for the involved firms. Our results imply that bid-ask spread following transactions based on private information is narrower for long-run windows. However, we also find results implying that informed trading is associated with reduced liquidity, when estimated with Amihud Illiquidity proxy, reflecting price impact of trades based on private information.
Book Synopsis International Financial Market and Insider Trading by : Marc I. Steinberg
Download or read book International Financial Market and Insider Trading written by Marc I. Steinberg and published by . This book was released on 2001 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Regulation of Insider Trading by : Barry Alexander K. Rider
Download or read book The Regulation of Insider Trading written by Barry Alexander K. Rider and published by . This book was released on 1979 with total page 500 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Research Handbook on Insider Trading by : Stephen M. Bainbridge
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.
Book Synopsis The Fiduciary, the Insider, and the Conflict by : Barry Alexander K. Rider
Download or read book The Fiduciary, the Insider, and the Conflict written by Barry Alexander K. Rider and published by . This book was released on 1995 with total page 279 pages. Available in PDF, EPUB and Kindle. Book excerpt: Concern about regulation of insider dealing in the context of new and controversial legislation in Britain, and significant developments in the courts relating to fiduciary liability, led the British Institute of Securities Laws, in conjunction with Jesus College, Cambridge, to organize a two-day workshop in July 1994. The deliberatios of those involved in these proceedings inspired this collection of essays.
Book Synopsis Insider Trading and the Twenty-four Hour Securities Market by : Shen-Shin Lu
Download or read book Insider Trading and the Twenty-four Hour Securities Market written by Shen-Shin Lu and published by . This book was released on 1999 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on Insider Trading written by and published by . This book was released on 2015 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Insider Trading by : Carla Evelyn Tighe
Download or read book Three Essays on Insider Trading written by Carla Evelyn Tighe and published by . This book was released on 1989 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation presents three theoretical essays on insider trading in financial markets. The first essay studies the workings of a cash market and a futures market under uncertainty. The model in this essay is an extension of work by Danthine (Journal of Economic Theory, 1978), in which perfectly competitive risk averse producers can sell their output on the cash market, at an uncertain price, or on a futures market at a guaranteed price. Risk averse speculators also trade in futures, having received noisy signals about eventual cash demand. In my first essay, the speculators are as uniformed as the competitive producers. A dominant firm, however, possesses information about cash demand. Each uniformed agent has individual beliefs about demand. In equilibrium, these beliefs remain heterogeneous. The inside information of the dominant firm is not necessarily revealed. The second and third essays study a financial market in which a single risky asset is traded. This work generalizes a paper by Kyle (Econometrica, 1985), in which a single insider knows the value of the risky asset perfectly. Uninformed traders (market makers) and nonrational noise traders also trade in the market. My second essay generalizes Kyle (1985) to allow for a finite number of noncolluding insiders to trade. As the number of insiders increases, insider profits--both individual and for the group as a whole--decrease, and more of the inside knowledge is incorporated into the market-clearing price. My third essay studies two noncolluding insiders. These insiders, however, do not necessarily know the precise value of the risky asset. In the first section of this essay, one insider has perfect information, while the other receives a noisy signal. In the second section, both insiders receive noisy signals. The results in these extensions of the model depend upon how informative the signals are. If the variance of each signal approaches infinity, the signal is virtually useless, and the insiders will not trade. Less noisy signals provide results comparable to the perfect information case of the second essay.
Book Synopsis Essays on Insider Trading, Innovation, and Political Economy by : Jiawei Chen
Download or read book Essays on Insider Trading, Innovation, and Political Economy written by Jiawei Chen and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: I study how insider trading interacts with the political economy, regulators, and other corporate governance mechanisms. In the first section, I examine the impact of insider trading restriction enforcement on firm innovation. U. S. Securities and Exchange Commission enforcement actions are intended to protect investors and limit expropriation by firm insiders, but enforcement could impact insiders’ incentives to contribute to value enhancing activities. Therefore, I explore how corporate innovation and performance respond to insider trading restrictions imposed by firms and regulators. Using manually collected data on SEC indictments against corporate insiders, I document more innovative activity following external insider trading restrictions. External restrictions are also followed by higher corporate investment, capital access, and operating performance. Similarly, internal blackout restrictions to insider trading are also linked to more patents. SEC and congressional rule changes serve as quasi-natural experiments resulting in shocks in enforcement and indictments for identification and inference. Overall, the results suggest insider trading restrictions and enforcement actions impact subsequent firm activities and managerial decisions by protecting outside investment, resulting in more investment and innovation. In the second section, I explore the relation between political uncertainty and insider trading. With political uncertainty elevated recently, I examine the role of political uncertainty among insiders. By measuring firm-specific political risk measured from conference calls, I observe insiders trade more actively during uncertain periods with trading volume and transaction value increasing alongside political uncertainty. The results are driven by non-routine insider transactions and purchases at firms with CEO duality and fewer insider trading restrictions. Next, I observe similar results when exploiting variation in election timing across states and alternative external measures. Moreover, I find evidence of informed insider trading by observing higher abnormal returns following insider trades amidst political uncertainty. Finally, I find political uncertainty is linked to lower bid-ask spreads and leverage but observe higher outstanding shares with more insider trading when experiencing positive political uncertainty, consistent with insiders informing markets and improving liquidity. Overall, these results suggest insiders purchase more actively and opportunistically amidst political uncertainty, improving market information quality, especially when internal governance is accommodating.
Download or read book After Enron written by John Armour and published by Bloomsbury Publishing. This book was released on 2006-11-14 with total page 728 pages. Available in PDF, EPUB and Kindle. Book excerpt: At the end of the twentieth century it was thought by many that the Anglo-American system of corporate governance was performing effectively and some observers claimed to see an international trend towards convergence around this model. There can be no denying that the recent corporate governance crisis in the US has caused many to question their faith in this view. This collection of essays provides a comprehensive attempt to answer the following questions: firstly, what went wrong - when and why do markets misprice the value of firms, and what was wrong with the incentives set by Enron? Secondly, what has been done in response, and how well will it work - including essays on the Sarbanes-Oxley Act in the US, UK company law reform and European company law and auditor liability reform, along with a consideration of corporate governance reforms in historical perspective. Three approaches emerge. The first two share the premise that the system is fundamentally sound, but part ways over whether a regulatory response is required. The third view, in contrast, argues that the various scandals demonstrate fundamental weaknesses in the Anglo-American system itself, which cannot hope to be repaired by the sort of reforms that have taken place. "This collection of papers by leading US and European corporate law scholars provides fresh and rigorous analyses of the recent corporate governance scandals and the strategies devised by regulators to guard against future governance failures." Randall Thomas, John Beasley Professor of Law and Business, Vanderbilt University School of Law, Vanderbilt University.
