The law and finance of corporate insider trading: theory and evidence
Saved in:
| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Boston u.a.
Kluwer Acad. Publ.
1993
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | X, 167 S. |
| ISBN: | 0792393600 |
Staff View
MARC
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Record in the Search Index
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| adam_text | TABLE OF CONTENTS
PREFACE ix
CHAPTER ONE
INTRODUCTION 1
CHAPTER TWO
MARKETS, FIRMS, AND PUBLICLY HELD CORPORATIONS 5
Corporate Governance 6
The Market for Corporate Control 9
Information, Asset Pricing, and the Efficient Market
Hypothesis 12
Economic Rationality and Corporate Law 14
CHAPTER THREE
SECURITIES REGULATIONS, MARKET EFFICIENCY,
AND THE ROLE OF THE SEC 17
Securities Act of 1933 19
Deregulation in the 1933 Act 20
The Securities Exchange Act of 1934 22
The Establishment of the Securities and Exchange
Commission 22
Regulation of Exchanges and Markets, and
Registration of Market Participants 23
Regulation of Publicly Traded Corporations 28
Regulation of Tender Offers 31
Investigation, Enforcement, and Statutory Sanctions 33
A Critique of the SEC s Performance 34
What Are the Objectives of the
Disclosure Requirements? 34
A Critique of the Current System 36
Information Production Through Market Sources Without
Legal Intervention 39
CHAPTER FOUR
THE LAW OF INSIDER TRADING 43
Insider Trading Laws 43
The 1934 Act: Section 16 43
The 1934 Act: Section 10(b) 45
The Insider Trading Sanctions Act of 1984 49
The Insider Trading and Securities Fraud
Enforcement Act of 1988 50
Theories of Insider Trading Liability and
Governmental Enforcement 51
The Abstain or Disclose Theory Under
Rule 10b 5 52
The Misappropriation Theory 53
Rule 14e 3: Tender Offer Information 53
Mail and Wire Fraud 54
Other Laws Used in Enforcement:
The Case of RICO 54
Summary 56
CHAPTER FIVE
THE EMPIRICAL LITERATURE ON INSIDER
TRADING: AN OVERVIEW 59
The Nature and Characteristics of Insider Trading 61
The Characteristics of Insider Transactions 61
Insider Trading and Firm Characteristics 64
Insider Trading and Informational Efficiency 65
Insiders and Abnormal Returns 65
Insider Transactions as an Investment Tool 67
Insider Trading and Managerial Decisions 68
Earnings Announcements 69
Takeover Bids 70
Accounting Changes 72
Dividend Initiation Announcements 73
Firm Dissolution — Sell Offs, Bankruptcies,
and Voluntary Liquidations 73
Security Issuance — IPOs and Seasoned Equity
Offerings 74
Insider Trading and the Efficacy of Regulation 75
Insider Trading and Price Runups — Evidence Pro
and Con 76
The Effectiveness of Insider Trading Regulation 79
Regulation and Insider Trading 79
An Unresolved Question: The Importance of
Outside Insiders 82
Summary of the Evidence and Directions for Future
Research 84
CHAPTER SIX
PRICE AND VOLUME RUNUPS PRECEDING TENDER
OFFER ANNOUNCEMENTS 87
Experimental Design 88
Hypotheses 90
The Sample and the Data 90
The Measurement of Abnormal Returns and
Excess Volume 92
Measuring the Volume of Inside Insider Trading 96
Empirical Results 97
The Transactions of Registered Inside Insiders 104
The Transactions of Outside Insiders 106
Methodology 108
Empirical Results 113
Further Evidence 114
Summary and Conclusions 115
CHAPTER SEVEN
PUBLIC POLICY TOWARD INSIDER TRADING:
A PROPOSAL FOR DECRIMINALIZATION 119
The Identities of Insiders 120
Registered Insiders 120
Temporary Insiders 121
Tippees 121
Outside Insiders: Risk Arbitragers 122
Investment Bankers and Attorneys
Who Are Not Temporary Insiders:
Institutional Investors 125
Property Rights in Information 125
Arguments Against Insider Trading: A Critique 129
The Property Rights Argument 129
The Issue of Fairness 130
Effects On Bid Ask Spreads and Liquidity 133
Arguments in Favor of Insider Trading 135
Financial Market Equilibrium 135
Globalization of the Economy, Advancements in
Technology, and Incompatibility of Insider
Trading Regulations 137
Internally Produced Information: Property
Rights, Fiduciary Duties, and Contractual
Agreements in the Usage of Inside Information
138
Externally Produced Information: The Role of
Third Tier Brokerage Houses 139
Policy Implications and Conclusions 139
REFERENCES 143
INDEX 163
|
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| spelling | Arshadi, Nasser Verfasser aut The law and finance of corporate insider trading theory and evidence Nasser Arshadi ; Thomas H. Eyssell Boston u.a. Kluwer Acad. Publ. 1993 X, 167 S. txt rdacontent n rdamedia nc rdacarrier Opérations d'initié (Valeurs mobilières) - Droit - Etats-Unis ram Opérations d'initié (Valeurs mobilières) - Droit - États-Unis Recht Insider trading in securities Law and legislation United States Recht (DE-588)4048737-4 gnd rswk-swf Insidergeschäft (DE-588)4114025-4 gnd rswk-swf USA USA (DE-588)4078704-7 gnd rswk-swf USA (DE-588)4078704-7 g Insidergeschäft (DE-588)4114025-4 s Recht (DE-588)4048737-4 s DE-188 Eyssell, Thomas H. Verfasser aut HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=006599894&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Arshadi, Nasser Eyssell, Thomas H. The law and finance of corporate insider trading theory and evidence Opérations d'initié (Valeurs mobilières) - Droit - Etats-Unis ram Opérations d'initié (Valeurs mobilières) - Droit - États-Unis Recht Insider trading in securities Law and legislation United States Recht (DE-588)4048737-4 gnd Insidergeschäft (DE-588)4114025-4 gnd |
| subject_GND | (DE-588)4048737-4 (DE-588)4114025-4 (DE-588)4078704-7 |
| title | The law and finance of corporate insider trading theory and evidence |
| title_auth | The law and finance of corporate insider trading theory and evidence |
| title_exact_search | The law and finance of corporate insider trading theory and evidence |
| title_full | The law and finance of corporate insider trading theory and evidence Nasser Arshadi ; Thomas H. Eyssell |
| title_fullStr | The law and finance of corporate insider trading theory and evidence Nasser Arshadi ; Thomas H. Eyssell |
| title_full_unstemmed | The law and finance of corporate insider trading theory and evidence Nasser Arshadi ; Thomas H. Eyssell |
| title_short | The law and finance of corporate insider trading |
| title_sort | the law and finance of corporate insider trading theory and evidence |
| title_sub | theory and evidence |
| topic | Opérations d'initié (Valeurs mobilières) - Droit - Etats-Unis ram Opérations d'initié (Valeurs mobilières) - Droit - États-Unis Recht Insider trading in securities Law and legislation United States Recht (DE-588)4048737-4 gnd Insidergeschäft (DE-588)4114025-4 gnd |
| topic_facet | Opérations d'initié (Valeurs mobilières) - Droit - Etats-Unis Opérations d'initié (Valeurs mobilières) - Droit - États-Unis Recht Insider trading in securities Law and legislation United States Insidergeschäft USA |
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