Insiders Profits Costs Of Trading And Market Efficiency

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Insiders Profits Costs Of Trading And Market Efficiency

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Author : Hasan Nejat Seyhun
language : en
Publisher:
Release Date : 1985

Insiders Profits Costs Of Trading And Market Efficiency written by Hasan Nejat Seyhun and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1985 with categories.

Market Efficiency And Insider Trading

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Author : Michael S. Rozeff
language : en
Publisher:
Release Date : 2006

Market Efficiency And Insider Trading written by Michael S. Rozeff and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.

It is not surprising that corporate insiders earn profits from trading their stocks, but it is surprising that outsiders can earn abnormal returns by mimicking the insider trades using publically available information. We suggest that these anomalous returns are explained by the size and price/earnings ratio effects. Controlling for these factors reduces outsider profits by one-half. The additional assumption of 2 percent transactions costs makes outsider profits zero or negative. Measured insider profits are also greatly reduced by controlling for size and price/earnings effects. Insider profits are a modest 3 percent per annum after deducting a 2 perecnt transactions costs fee.

Insiders And Market Efficiency

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Author : Joseph E. Finnerty
language : en
Publisher:
Release Date : 1974

Insiders And Market Efficiency written by Joseph E. Finnerty and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1974 with categories.

Costs Of Speculation And Market Efficiency

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Author : Hasan Nejat Seyhun
language : en
Publisher:
Release Date : 1984

Costs Of Speculation And Market Efficiency written by Hasan Nejat Seyhun and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1984 with Insider trading in securities categories.

The Law And Finance Of Corporate Insider Trading Theory And Evidence

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Author : Hamid Arshadi
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06

The Law And Finance Of Corporate Insider Trading Theory And Evidence written by Hamid Arshadi and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.

A thorough analysis of insider trading requires the integration of law and finance, and this book presents a theoretical and empirical examination of insider trading by incorporating a synthesis of securities law with that of financial theory. The book 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. The book 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.

Investment Intelligence From Insider Trading

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Author : H. Nejat Seyhun
language : en
Publisher: MIT Press
Release Date : 2000-02-28

Investment Intelligence From Insider Trading written by H. Nejat Seyhun and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000-02-28 with Business & Economics categories.

Learn how to profit from information about insider trading. The term insider trading refers to the stock transactions of the officers, directors, and large shareholders of a firm. Many investors believe that corporate insiders, informed about their firms' prospects, buy and sell their own firm's stock at favorable times, reaping significant profits. Given the extra costs and risks of an active trading strategy, the key question for stock market investors is whether the publicly available insider-trading information can help them to outperform a simple passive index fund. Basing his insights on an exhaustive data set that captures information on all reported insider trading in all publicly held firms over the past twenty-one years—over one million transactions!—H. Nejat Seyhun shows how investors can use insider information to their advantage. He documents the magnitude and duration of the stock price movements following insider trading, determinants of insiders' profits, and the risks associated with imitating insider trading. He looks at the likely performance of individual firms and of the overall stock market, and compares the value of what one can learn from insider trading with commonly used measures of value such as price-earnings ratio, book-to-market ratio, and dividend yield.

Empirical Tests Of Information Economics Models

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Author : Hasan Nejat Seyhun
language : en
Publisher:
Release Date : 1986

Empirical Tests Of Information Economics Models written by Hasan Nejat Seyhun and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1986 with categories.

Stock Market Efficiency Insider Dealing And Market Abuse

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Author : Paul Barnes
language : en
Publisher: Gower Publishing, Ltd.
Release Date : 2009

Stock Market Efficiency Insider Dealing And Market Abuse written by Paul Barnes and has been published by Gower Publishing, Ltd. this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Business & Economics categories.

What makes stock market efficiency so important for the economy? This book looks at the theory and issues that underpin market abuse and why an offence often dismissed as a victimless crime is punished so severely. It explores the impact of perception and other factors that distort the market and outlines the extent of abuse.

Empirical Tests Of Informantion Economics Models Relation Between Expected Value Cost And Variance Of Information And Market Efficiency

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Author : NEJAT SEYHUN
language : en
Publisher:
Release Date : 1986

Empirical Tests Of Informantion Economics Models Relation Between Expected Value Cost And Variance Of Information And Market Efficiency written by NEJAT SEYHUN and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1986 with categories.

Stock Market Efficiency

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Author : Simon M. Keane
language : en
Publisher: Philip Allan
Release Date : 1983

Stock Market Efficiency written by Simon M. Keane and has been published by Philip Allan this book supported file pdf, txt, epub, kindle and other format this book has been release on 1983 with Business enterprises categories.