Do insider trading laws work?

被引：98

作者：

Bris, A

机构：

[1] Yale School of Management, European Corporate Governance Institute

来源：

EUROPEAN FINANCIAL MANAGEMENT | 2005年 / 11卷 / 03期

关键词：

insider trading; takeovers; market regulation;

D O I：

10.1111/j.1354-7798.2005.00285.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper presents the first comprehensive global study of insider trading laws and their first enforcement. In a sample of 4,541 acquisitions from 52 countries, I find that insider trading enforcement increases both the incidence, and the profitability of insider trading. The expected total insider trading gains increase. Consequently, laws that proscribe insider trading fail to eliminate insider profits. However, harsher laws work better at reducing the incidence of illegal insider trading.

引用

收藏

页码：267 / 312

页数：46

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