Exchange trading rules, surveillance and suspected insider trading

被引：59

作者：

Aitken, Michael ^{[1
]}

Cumming, Douglas ^{[2
]}

Zhan, Feng ^{[3
]}

机构：

[1] Macquarie Univ, Macquarie Grad Sch Management, N Ryde, NSW 2109, Australia

[2] York Univ, Schulich Sch Business, Toronto, ON M3J 1P3, Canada

[3] John Carroll Univ, Boler Sch Business, University Hts, OH 44118 USA

来源：

JOURNAL OF CORPORATE FINANCE | 2015年 / 34卷

关键词：

Insider trading; Surveillance; Exchange trading rules; Law and finance; SELF-REGULATION; MARKET; PRICE; MANIPULATION; LAWS; OWNERSHIP; MANAGERS; IMPACT;

D O I：

10.1016/j.jcorpfin.2015.07.013

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We examine the impact of stock exchange trading rules and surveillance on the frequency and severity of suspected insider trading cases in 22 stock exchanges around the world over the period January 2003 through June 2011. Using new indices for market manipulation, insider trading, and broker agency conflict based on the specific provisions of the trading rules of each stock exchange, along with surveillance to detect non-compliance with such rules, we show that more detailed exchange trading rules and surveillance over time and across markets significantly reduce the number of suspected cases, but increase the profits per suspected case. (C) 2015 Elsevier B.V. All rights reserved.

引用

页码：311 / 330

页数：20

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