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For example? -- chinokino - (0 Byte) 2008-10-17 周五, 04:00 (411 reads) |
parisparis
头衔: 海归少将
声望: 讲师
加入时间: 2004/09/04
文章: 1996
海归分: 276207
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作者：parisparis 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
1. Journal of finance (2002), top tier journal.
The World Price of Insider Trading
Utpal Bhattacharya & Hazem Daouk
1 Kelley School of Business, Indiana University
Copyright The American Finance Association 2002
ABSTRACT
The existence and the enforcement of insider trading laws in stock markets is a phenomenon of the 1990s. A study of the 103 countries that have stock markets reveals that insider trading laws exist in 87 of them, but enforcement—as evidenced by prosecutions—has taken place in only 38 of them. Before 1990, the respective numbers were 34 and 9. We find that the cost of equity in a country, after controlling for a number of other variables, does not change after the introduction of insider trading laws, but decreases significantly after the first prosecution.
2. Rand Journal of Economics. a prestigious one too. 1992 paper
Insider Trading and the Efficiency of Stock Prices
Author info | Abstract | Publisher info | Download info | Related research | Statistics
Author Info
Michael J. Fishman
Kathleen M. Hagerty
Abstract
We analyze several aspects of the debate on insider trading regulations. Critics of such regulations cite various benefits of insider trading. One prominent argument is that insider trading leads to more informationally efficient stock prices. We show that under certain circumstances, insider trading leads to less efficient stock prices. This is because insider trading has two adverse effects on the competitiveness of the market: it deters other traders from acquiring information and trading, and it skews the distribution of information held by traders toward one trader. We also discuss whether shareholders of a firm have the incentive to restrict insider trading on their own.
3. Quarterly Journal of Economics, 1989 one
The Harm from Insider Trading and Informed Speculation
Author info | Abstract | Publisher info | Download info | Related research | Statistics
Author Info
Manove, Michael
Additional information is available for the following registered author(s):
* Michael Manove
Abstract
Insider traders and other speculators with private information are able to appropriate some part of the returns to corporate investments made at the expense of other shareholders. As a result, insider trading tends to discourage corporate investment and reduce the efficiency of corporate behavior. In the context of a theoretical model, measures that provide some indication of the sources and extent of the investment reduction are derived. Copyright 1989, the President and Fellows of Harvard College and the Massachusetts Institute of Technology.
To be frank, I also personally benefited from a booming US equity market before. But I will not cross the line to beautify an unethical and illegal practice.
If the field is not leveled, why foreigners come and buy US stocks and bonds? Just to be ripped off by those Armani bankers?
作者：parisparis 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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