Private Information Market Efficiency And Insider Trading
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Private Information Market Efficiency And Insider Trading A Rational Expectations Approach
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Author : thomas j. george and h. ncjat scyhun
language : en
Publisher:
Release Date : 1991
Private Information Market Efficiency And Insider Trading A Rational Expectations Approach written by thomas j. george and h. ncjat scyhun and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991 with categories.
Private Information Market Efficiency And Insider Trading
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Author : Thomas John George
language : en
Publisher:
Release Date : 1991
Private Information Market Efficiency And Insider Trading written by Thomas John George and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991 with categories.
The Effects Of Quasi Private Information On Market Efficiency
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Author : Martha Louise Carter
language : en
Publisher:
Release Date : 1999
The Effects Of Quasi Private Information On Market Efficiency written by Martha Louise Carter and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with categories.
Insider Trading
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Author : Paul U. Ali
language : en
Publisher: CRC Press
Release Date : 2008-08-22
Insider Trading written by Paul U. Ali and has been published by CRC Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-08-22 with Business & Economics categories.
Insider trading has long been considered an endemic feature of the world's financial markets. It is unsurprising that the recent growth in mergers and acquisitions worldwide has been accompanied by a growth in insider trading, on a scale not witnessed since the 1980's takeovers boom. Insider Trading: Global Developments and Analysis brings together the latest law and finance research on insider trading. It provides expert coverage on the established US, European, and Asia-Pacific securities markets, as well as the key emerging markets of Brazil and the greater China region. Providing high interest and up-to-date content, the book features several recent cases, including that of Martha Stewart.
Information And Learning In Markets
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Author : Xavier Vives
language : en
Publisher: Princeton University Press
Release Date : 2010-01-25
Information And Learning In Markets written by Xavier Vives and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-01-25 with Business & Economics categories.
The ways financial analysts, traders, and other specialists use information and learn from each other are of fundamental importance to understanding how markets work and prices are set. This graduate-level textbook analyzes how markets aggregate information and examines the impacts of specific market arrangements--or microstructure--on the aggregation process and overall performance of financial markets. Xavier Vives bridges the gap between the two primary views of markets--informational efficiency and herding--and uses a coherent game-theoretic framework to bring together the latest results from the rational expectations and herding literatures. Vives emphasizes the consequences of market interaction and social learning for informational and economic efficiency. He looks closely at information aggregation mechanisms, progressing from simple to complex environments: from static to dynamic models; from competitive to strategic agents; and from simple market strategies such as noncontingent orders or quantities to complex ones like price contingent orders or demand schedules. Vives finds that contending theories like informational efficiency and herding build on the same principles of Bayesian decision making and that "irrational" agents are not needed to explain herding behavior, booms, and crashes. As this book shows, the microstructure of a market is the crucial factor in the informational efficiency of prices. Provides the most complete analysis of the ways markets aggregate information Bridges the gap between the rational expectations and herding literatures Includes exercises with solutions Serves both as a graduate textbook and a resource for researchers, including financial analysts
The Efficient Market Hypothesis And Insider Trading On The Stock Market
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Author : Jean-Jacques Laffont
language : en
Publisher:
Release Date : 1989
The Efficient Market Hypothesis And Insider Trading On The Stock Market written by Jean-Jacques Laffont and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989 with Economics categories.
Stock Market Efficiency Insider Dealing And Market Abuse
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Author : Paul Barnes
language : en
Publisher: CRC Press
Release Date : 2016-04-01
Stock Market Efficiency Insider Dealing And Market Abuse written by Paul Barnes and has been published by CRC Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-04-01 with Law categories.
The recent turbulence in the stock market has brought into question the way, and prices at which, shares are traded, and how the market effectively values companies. It has also raised public concern as to the way by which dealers and investors take advantage of changes in market prices. A number of high profile criminal prosecutions of insider dealing and market abuse and the frequent claims of other instances, combined with the changes in regulations resulting in a more aggressive and proactive stance by the various regulators, have brought the issue under the spotlight. This book discusses what makes stock market efficiency so important for the economy, 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. Regulators, lawyers, company officials, investigators, professional advisers and of course investors, both professional and otherwise will find this a helpful guide to the underlying elements of fraud and market manipulation.
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.
A Comparative Analysis Of Insider Trading Regulation New Zealand Australia And The European Union
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Author : Elise Verdonck
language : en
Publisher: GRIN Verlag
Release Date : 2015-03-31
A Comparative Analysis Of Insider Trading Regulation New Zealand Australia And The European Union written by Elise Verdonck and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-03-31 with Law categories.
Seminar paper from the year 2014 in the subject Law - Civil / Private, Trade, Anti Trust Law, Business Law, grade: A-, University of Auckland, course: Corporate Governance, language: English, abstract: Since the financial crisis in 2008 there is no doubt about the fact that the evolving financial markets are essential for economic growth, employment and prosperity. Those markets serve as financing means for the business world and consumers benefit from the availability of a wide range of financial products and the additional advantages that those markets entail (higher pensions and lower mortgage costs). However, if those financial markets want to continue to contribute both to economy and society, the promotion of a good, integer and transparent functioning of those markets is essential. The proper functioning of the financial markets is largely dependent on the confidence of investors in those markets. The fact that investors ‘must be placed on an equal footing’ is the underlying principle on which this confidence is based. Market participants must be assured to always have access to a minimum set of information before making their investment decisions. In this context, transparency plays an important role. The price of a financial instrument is always the result of the available financial information. And to have proper price formation, it is essential that all the stakeholders have equal access to the relevant information as much as possible. A lot of regulations have already been introduced in this area. Yet, the effectiveness of those regulations can be questioned. For example, directors can make use of certain non-public information to trade in securities. They abuse their superior knowledge and consequently other investors regard this as unfair trading. Due to those unfair practices, other potential investors will turn their back to the financial markets. Insider trading is likely to undermine the investors’ confidence in the market and may jeopardise the proper functioning of the market. Therefore insider trading should be prohibited. But in most cases, law enforcement authorities face difficulties in proving the offenses. Hence, insider trading is a social evil and remains difficult to combat. This research essay will compare the current legislation on insider trading in New Zealand, Australia and the EU.This research essay will compare the current legislation on insider trading in New Zealand, Australia and the EU. In the end, it will be clear that the fundamental differences between the three jurisdictions remain off.
Insider Trade Disclosure Market Efficiency And Liquidity
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Author : Andrea M. Buffa
language : en
Publisher:
Release Date : 2014
Insider Trade Disclosure Market Efficiency And Liquidity written by Andrea M. Buffa and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
Is a more transparent market also more efficient and liquid? We address this question by analyzing the impact of mandatory ex-post disclosure of corporate insider trades in a dynamic model of strategic risk averse insider trading. We show that trade disclosure reduces informational efficiency of prices, may cause the market to be less liquid, and may even increase insiders' expected utility. In a more transparent market, the informed trader uses a less aggressive trading strategy in order to prevent the market maker from perfectly inferring the private information from public records, and to maintain her informational advantage over time. Our results then question the effectiveness of disclosure regulations.