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Vol 23 No 5 May/June 2018

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The Law and Finance of Corporate Insider Trading

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Nasser Arshadi, Thomas H. Eyssellboth of the School of Business Administration, University of Missouri, St Louis, USA

ISBN13: 9780792393603
ISBN: 0792393600
Published: September 1993
Publisher: Kluwer Law International
Format: Hardback
Price: Out of print

A thorough analysis of insider trading requires the integration of law and finance. This work presents a theoretical and empirical examination of insider trading by incorporating a synthesis of securities law with that of financial theory.;The volume 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. It 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.

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Markets, Firms and Publicly Held Corporations. Securities Regulations, Market Efficiency, and the Role of the SEC. The Law of Insider Trading. The Empirical Literature on Insider Trading - an Overview. Insiders and Outsiders - an Empirical Analysis of Price and Volume Runups Preceding Tender Offer Announcements. Public Policy towards Insider Trading - a Proposal for Decriminalization.