This paper investigates the determinants of regulatory compliance and its effect on informational efficiency. Exploiting a unique enforcement and reporting framework for corporate insider trading in Italy, we present three main findings. First, board governance, such as chief executive-chairman...

This paper investigates the determinants of regulatory compliance in corporate organizations. Exploiting a unique enforcement and reporting framework for insider trading in Italy, we present three main findings. First, board governance, such as chief executive-chairman duality and the proportion...