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Exchange trading rules, surveillance and insider trading
Aitken, Michael; Cumming, Douglas; Zhan, Feng - Center for Financial Studies - 2013
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...
Persistent link: https://www.econbiz.de/10010958550
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High frequency trading and end-of-day price dislocation
Aitken, Michael; Cumming, Douglas; Zhan, Feng - Center for Financial Studies - 2013
We show that the presence of high frequency trading (HFT) has significantly mitigated the frequency and severity of end-of-day price dislocation, counter to recent concerns expressed in the media. The effect of HFT is more pronounced on days when end of day price dislocation is more likely to be...
Persistent link: https://www.econbiz.de/10010958725
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Efficient Markets and the Law: A Predictable Past and an Uncertain Future
Hu, Henry T.C. - In: Annual Review of Financial Economics 4 (2012) 1, pp. 179-214
failed to influence—federal securities regulation and state corporate law, and the prospective roles for the EMH in these …, more controversially, as to private securities class action lawsuits. In state corporate law, the EMH has influenced … (such as asset-backed securities) and business entities heavily involved in financial innovation activities (such as certain …
Persistent link: https://www.econbiz.de/10010603964
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High Frequency Trading, Information, and Takeovers
Humphery-Jenner, M. - Tilburg University, Center for Economic Research - 2011
This paper (1) proposes new variables to detect informed high-frequency trading (HFT), (2) shows that HFT can help to predict takeover targets, and (3) shows that HFT in uences target announcement announcement returns. Prior literature suggests that informed trade may occur before takeovers, but...
Persistent link: https://www.econbiz.de/10011091603
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Compliance – some thoughts about reaching the next level
Baxter, Thomas C. - Federal Reserve Bank of New York - 2015
Remarks at the Fordham Journal of Corporate Counsel & Financial Law Symposium, Fordham Law School, New York City. …
Persistent link: https://www.econbiz.de/10011165182
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Law and Finance.
LaPorta, R.; Lopez-de-Silanes, F.; Shleifer, A.; … - Harvard Institute of Economic Research (HIER), … - 1996
, and the quality of their enforcement in 49 countries. The results show that common law countries generally have the best …, and French civil law countries the worst, legal protections of investors, with German and Scandinavian civil law countries …
Persistent link: https://www.econbiz.de/10005245679
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Transforming financial OTC Markets. Struggles around categories
Huault, Isabelle; Rainelli, Hélène - Université Paris-Dauphine (Paris IX) - 2011
We take advantage of the regulatory change planned to transform financial OTC markets into organized markets to study the processes and the means by which powerful actors resist categorization and contest a certain vision of the market. Specifically analyzing the documents produced by the MiFID...
Persistent link: https://www.econbiz.de/10011072943
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Law and Equity Markets: A Simple Model
Lombardo, Davide; Pagano, Marco - C.E.P.R. Discussion Papers - 1999
We analyze how the law and its enforcement affect equity market equilibrium. Improvements in the legal system, while …
Persistent link: https://www.econbiz.de/10005792541
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Law and Equity Markets: a Simple Model
Lombardo, Davide; Pagano, Marco - Centro Studi di Economia e Finanza (CSEF)
We analyze how the law and its enforcement affect equity market equilibrium. Improvements in the legal system, while …
Persistent link: https://www.econbiz.de/10005839176
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Legal Determinants of the Return on Equity
Lombardo, Davide; Pagano, Marco - C.E.P.R. Discussion Papers - 1999
quality of institutions, such as judicial efficiency and rule of law, but have no relationship with measures of shareholder … efficiency and rule of law, but negatively with shareholder rights' protection, controlling for risk and expected earnings growth …
Persistent link: https://www.econbiz.de/10005123538