This paper studies the short-run announcement effects of compliance with the German Corporate Governance Code (‘the Code’) on firm value. Event study results suggest that firm value is unaffected by the announcement, although such market reactions to the first time disclosure of the...

The paper explores the consequences of SEC detection of illegal insider trading on subsequent insider trading activities. We hypothesize that individuals with private information update their subjective probabilities of getting caught and are less likely to exploit material, non-public...

We examine whether public enforcement of U.S. insider trading laws affects price discovery. Examining insider trading civil cases filed by the SEC from 2003 to 2011, we find that the price impact on insider trading days is much smaller than the effect documented by Meulbroek (1992) for the...