information, more informed traders lead to better liquidity and less welfare losses because the benefits of faster price discovery … outweigh the costs of wider initial spreads. For short-lived information, this tradeoff does not materialize and welfare losses … of private information …

Trading in a secondary stock market not only redistributes wealth among investors but also generates information that … guides subsequent investment. We provide a positive theory of disclosure that reflects both functions of a secondary market …. By making private information public, disclosure reduces private information acquisition and levels the playing field …

environment, where speed-related trading is limited and signal processing capacity becomes more relevant. To model the call market …, we consider the Kyle (1989) rational expectations framework for strategic trading. The test we propose for detecting …

information transfer and stock trading costs. SOX increased abnormal returns for insiders in conjunction with market-maker induced … investor information asymmetry, and the incremental role the media plays in disseminating second hand and pre-trading private …We examine corporate insider transactions around Sarbanes-Oxley §403 (SOX) regulatory regimes and subsequent Wall …

insider trading), are described under Article 8(1)(2), while the third concerns the ‘unlawful disclosure of inside information … information, the comment addresses the main issues raised by Article 10. Both insider trading and the unlawful disclosure of …-oriented discipline, unlawful disclosure of inside information not only reduces insider trading opportunities, but aims to impose a duty …

The disclosure of inside information is a core component of EU capital market regulation. It underpins the market abuse … regime, providing information to investors, and robbing it of its “inside” quality. Different regimes tackle the issue of … inside information disclosure in distinct ways. The EU regime of continuous disclosure stands in sharp contrast to the …

This paper examines insider trading around first-time debt covenant violation disclosures in SEC filings, and is … of attention to covenant disclosures by regulators, and a dearth of research. We document net insider selling in the 12 … months before a debt covenant violation disclosure and net insider buying up to 12 months after disclosure. This net insider …

permitted delay. I show that an institution with access to better information about stocks optimally chooses to delay filing its … implications on market quality: while longer delays by financial institutions with access to private information render the markets …

Disclosure of insider trading are ambiguous pieces of information, as liquidity traders may not assess whether the … disclosure of insider trading. We found that the theoretical value has a significant predictive power for the actual market … trades are motivated by significant privileged information related to the true share value. This paper establishes an …