In this study, we examine the effects of stringent insider trading laws' enforcement, institutions and stock market development on international equity portfolio allocation using data from 44 countries over the period 2001-2015. Our results suggest that stringent insider trading laws and their...

This article surveys insider trading enforcement actions brought by the Securities and Exchange Commission (SEC) in the United States in the five-year period from 2009 to 2013. We first introduce the legal framework in which securities laws are enforced in the United States and then focus our...

It is generally thought that protecting investors from act of expropriations by management, either in the form of looting or unfair self-dealing, or in the form of exploitation of management's inside information in trading securities, is a precondition to the optimal development of public...

Economic theory suggests that sometimes the enforcement of insider trading laws may be more important than the existence of these laws. Is that true? I find that at the end of 2022: (1) Insider trading laws exist in most countries; they are not enforced in many countries; (2) firms in countries...

ch. 1. Why the stock market and its efficiency are so important -- ch. 2. How shares are traded and valued -- ch. 3. The efficient capital markets hypothesis -- ch. 4. Market irrationality : bubbles, manias, panics and crashes -- ch. 5. Out-performing the market : the case of mergers and...

We analyze whether exposure to an SEC insider trading enforcement action affects how insiders trade. We find that following an insider trading enforcement action at one firm, exposed insiders earn significantly lower abnormal profits from their trades at other firms compared to non-exposed...