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1
Crha, Jiří. "Insider dealing and market manipulation." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-16946.
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The issue of capital market protection, especially from manipulation with financial instruments' prices and abuse of inside information, forms the content of this diploma thesis. After the legal introduction of market manipulation in EU directives and regulations, which gives manipulation relevant context, there follows the analysis of particular forms of manipulation, which can be used to influence prices of investment instruments. Then, analysis of impact of investment recommendation to selected stock prices (i.e. NWR, ERSTE and Telefónica O2), which are traded on Czech stock market RM-System, is performed. Final chapter of the thesis handles the analysis of some market manipulation and insider trading cases from the past, together with the discussion of impacts of stricter regulation of financial markets to their efficient functioning.
2
Mersinis, Michail G. "The regulation of insider dealing in the European Union." Thesis, University of Edinburgh, 1999. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.491663.
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Tseng, Yun-Hsuan. "Global greed and local crimes : financial crime in an emergent economy (case study of Taiwan ROC)." Thesis, University of Kent, 1996. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.320541.
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McVea, Harold. "Insider dealing and the Chinese wall : a legal, economic, and policy analysis." Thesis, Heriot-Watt University, 1990. http://hdl.handle.net/10399/902.
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Insider dealing has been in the public eye for many years now. The impact of Big Bang and the growth of financial conglomerates has, however, propelled the practice to the very forefront of regulatory concern. Regulators are faced with a dilemma: financial conglomerates bring with them many economic benefits, but they also accentuate the problem of insider dealing, in that the greater availability of inside information within these open ended financial houses, increases the scope for its misuse. Regulators must ensure that the regulation imposed does not overly impede the benefits to be gained from conglomeration; yet they must ensure that regulation is sufficiently stringent to provide a fair market place. The Chinese Wall - a self-styled mechanism consisting of policies procedures designed to stop the flow of inside information within financial conglomerates - is singled out for special treatment. The legal and policy problems associated with the use of the mechansim are reviewed. These revolve around two main issues: (i) Is the Wall an effective policy device to rebut allegations of insider dealing in a financial conglomerate where Arm A is dealing in shares in Company X while arm B has information pertaining to Company X. (ii) If the Chinese Wall actually works, does the operation of the mechanism give rise to breach of fiduciary obligations ie. to what extent does the operation of the Chinese Wall in conglomerates modify traditional fiduciary law. The conclusion reached is that the Chinese Wall offers regulators the best solution to the problem of conflicts of interest and obligation in fully fledged financial conglomerates. The Wall must, however, be 'strengthened' to prevent, for example, a coroprate fiduciary dealing for its own account where another department within the conglomerate has a material interest in the transaction. At common law, the courts ought to, and probably would, accept this approach. However in an action brought under the SIB rulebook, and the rulebooks made thereunder, it would seem that the courts are bound to accept a Wall per se (ie. without being strengthened) as valid. To the extent that this differs from what ought to be the position at common law, the SIB rulebook should be modified. A tentative import of economic analysis is used to complement the largely legal analysis. In this way it is hoped to gain a better grasp of the policy issues under study.
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Yeon, Asmah Laili. "A critical and comparative study of insider dealing regulation in the UK and Malaysia." Thesis, University of Aberdeen, 1999. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.247978.
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The findings of this study show that insider dealing regulation does provide a mechanism to control and combat insider dealing activities and also enhance investor confidence and market integrity, contrary to the opinion of some commentators. The present writer suggests that the framework of insider dealing regulations should be based on different aspects of theoretical reasonings namely economic, ethical and legal bases. Existing insider dealing regulation does have some weaknesses and the following are the proposed recommendations: adopting a combination of theoretical reasonings in formulating an effective insider dealing regulatory framework; using civil sanctions rigorously in combating insider dealing besides the criminal sanction and improving the administrative sanction because rules made by the self-regulatory bodies are capable of keeping pace with ever changing market challenges; the establishment of a single, central body to regulate and enforce insider dealing regulation, to remove duplication, gaps and inconsistency of enforcement. Nevertheless, the sole power should be carried with full responsibility and cautious without trespassing the approval legal boundary. Self-regulatory bodies are still seen as an important authority in detecting and monitoring the insider dealing activities; to strengthened cyber (or information technology) law in order to combat securities crimes through cyber technology. This thesis attempts to state the law as it stood on 31st May 1999 in the UK and Malaysia. In particular, the thesis does not cover the UK Government's changes to the Financial Services and Markets Bill 1998 after it completed its passage through the House of Lords.
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Alexander, Richard Charles Henry. "The regulation and control of insider dealing and money laundering in the European Union." Thesis, University of London, 2006. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.428087.
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Ye, Zhen. "Integrity of China's securities market : the regulation of insider dealing in China in a comparative context." Thesis, University of Cambridge, 2015. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.708571.
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Bewaji, Wunmi. "Insider dealing paradigm for autochthonous regulatory regimes in developing jurisdictions : A case study of Nigeria." Thesis, University of Leeds, 2010. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.530843.
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Aljloud, Saad Ali. "The law on market manipulation in Saudi Arabia : a case for reform." Thesis, Brunel University, 2016. http://bura.brunel.ac.uk/handle/2438/14644.
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The integrity of financial markets is threatened by a number of harmful practices. These are often generally described as ‘market abuse’. Market abuse comprises two practices: insider dealing and market manipulation. This thesis mainly explores market manipulation and the relevant Saudi law. Market manipulation was first regulated in 2003.1 It is therefore possible and useful for the purposes of this thesis, to distinguish between the pre- and post- enactment periods. This study has four main objectives. First, it will define market manipulation and describe its most common forms. Secondly, it will assess the application of Saudi civil and criminal law to market manipulation prior to the enactment of the Capital Market Law 2003. Thirdly, it will critically evaluate the application of this law to the different forms of market manipulation. Finally, it will assess how well the 2003 law is enforced. Different methodologies have been used to achieve these objectives with a focus on critical analysis and comparative study. The author has used the well-established US Securities Exchange Commission (SEC) and the UK Financial Services and Markets Act 2000 to evaluate the Capital Market Law 2003. Prior to the enactment of this law, there were almost no regulations dealing with market manipulation. The 2003 law is applicable to most forms of market manipulation with the exception of security price stabilization and forms manipulation. Penalties under Saudi civil law tend to be more lenient compared to the US and the UK and this may inhibit its deterrent effect. Also, Saudi judges generally tend to lack the necessary understanding of manipulative practices to enforce the law effectively. Therefore, the success of the 2003 law in deterring and punishing manipulative practices should be reassessed in a few years’ time, when there is more data to make an accurate evaluation.
10
Alhamrani, Saleh Rashed. "Insider dealing in the stock market environment : a comparative study between American, British and Emirates laws." Thesis, University of Leeds, 2011. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.540550.
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Albelooshi, Abdulsalam. "The regulation of insider dealing : an applied and comparative legal study towards reform in the UAE." Thesis, University of Exeter, 2008. http://hdl.handle.net/10036/47094.
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Insider dealing on the basis of inside information has been identified as an action against the principle of equal access to information for all those who need such information to make investment decisions. This thesis examines the regulation of insider dealing in financial markets. It analyses in particular the problem of the regulation of insider dealing in the United Arab Emirates (UAE), the shortcomings of this regulation and how it can be improved. The primary objective of the thesis is to offer reasonable recommendations for the reform of insider dealing in the UAE. There have been controversies regarding whether insider dealing should be regulated, the basis of such regulation and the form in which the law should intervene. This thesis has attempted to provide its own approach to the problem of insider dealing. This approach forwards the proposition that allowing insider dealing on the basis of inside information is against the principle of equal access to information and it is detrimental to market transparency. Based on this proposition, the thesis investigates the shortcomings of the current regulation of insider dealing in the UAE. Following this the applied study, which consists of a questionnaire and interviews conducted in the UAE, provides a clearer picture of the current regulation in the country. The study aims at measuring opinions and attitudes of investors and other experts towards the basis and effectiveness of the regulation of insider dealing in local markets in the UAE. This is followed by a legal comparative study. This is both a ‘macro-comparison’ and a ‘micro-comparison’ between the regulation of insider dealing in the jurisdictions of the US, the UK and the Dubai International Financial Centre (DIFC). The ‘macro-comparison’ draws conclusions from comparing the broader systems of regulation in the three jurisdictions. The ‘micro-comparison’ concentrates on a functional comparison between the specific rules related to insider dealing. The legal comparative study is combined with the information generated by the applied study. Together these provide solutions (represented as recommendations) for the reform of the UAE larger system of regulation, and amendments to the rules related to insider dealing.
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Al-Qatanani, Raghda Mahmoud Abd Alrahman. "Legal regimes to counter insider dealing and market abuse : a comparative analysis of the UK and Jordan." Thesis, University of Newcastle upon Tyne, 2014. http://hdl.handle.net/10443/3408.
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The international investments in the Middle East has increased the level of stock market activity, this being the case in Jordan as well. This situation has raised issues of public interest. Precisely to what extent are some investors engaging in "insider dealing" and thereby making profits not available to others? Considering the threat of insider dealing to market integrity and investor confidence, Jordan has, like law-makers and financial regulators the world over, brought this issue under the spotlight and imposed a prohibition on insider dealing. Nevertheless, this thesis argues that Jordan’s regime is neither effective nor enforced. During the last 17 years since the prohibition regime was enacted, no cases of insider dealing have been brought before the courts. The study therefore explores and evaluates the policy for prohibiting insider dealing and market manipulation in Jordan. In particular, it examines why the prohibition was first created, and why it was not subsequently enforced. To best approach this important question, the study adopts a comparative and analytic methodology, considering both the UK and the Jordanian prohibition regimes. It would not be possible to assess the Jordanian regime fairly and appropriately unless it was viewed externally and in a larger context through the use of a comparative method. This comparative approach focusses both on the clarity of the statutory prohibition (the legal rules) in the UK and Jordan, and on the effectiveness of the enforcement (the law in action). The outcomes of this study are in the form of, on the one hand, suggestions for developing and strengthening the Jordanian prohibition regime, and on the other hand, recommendations for more effective enforcement of the UK prohibition regime.
13
Fryer, Paul A. "Insider dealing and market manipulation : a comparative analysis of regulatory enforcement in the United Kingdom and United States." Thesis, University of Wolverhampton, 2000. http://hdl.handle.net/2436/88270.
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Zinovieff, Sofka Euridice. "Dealing in identities : insiders and outsiders in a Greek town." Thesis, University of Cambridge, 1990. https://www.repository.cam.ac.uk/handle/1810/250969.
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Ams, Patrick. "Directors' dealings and insider trading in Germany an empirical analysis." Frankfurt, M. Berlin Bern Bruxelles New York, NY Oxford Wien Lang, 2009. http://d-nb.info/1000099709/04.
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Koray, Zoé Zeynep Can. "Le préjudice de l'actionnaire." Thesis, Paris 2, 2018. http://www.theses.fr/2018PA020072.
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Le préjudice de l'actionnaire est un sujet encore peu étudié en France alors qu'il soulève de nombreuses interrogations. A l'inverse de nombre de solutions reçues dans les droits étrangers, le droit français n'admet que peu sa réparation tant il reste lié à la distinction jurisprudentielle fondamentale entre préjudice purement personnel (réparable) et préjudice simple corollaire du préjudice social (non réparable). Pourtant, cette distinction n'est pas des plus satisfaisantes ni sur le plan théorique, ni sur le plan pratique. Elle est en outre remise partiellement en cause dès lors que le préjudice trouve sa source dans une infraction pénale, telle que la communication d'informations mensongères. Par ailleurs, l'internationalisation des mouvements de capitaux soulève de plus en plus fréquemment la question de la loi applicable ou du juge compétent (judiciaire ou arbitral également) relativement aux actions en justice des actionnaires. Cette étude se propose dès lors de fournir une appréciation critique du droit positif afin de tenter l'élaboration d'un droit prospectif. Les solutions existantes peuvent-elles et doivent-elles changer ? Pour adopter quel type de solutions ?The subject of shareholder damages has seldom been studied in France. Nonetheless, it is a topic of much discussion and debate in legal circles. Unlike under some foreign laws, French law rarely permits the direct compensation of shareholder damages because of the summa divisio between the personal damage (recoverable) and the damage of the company (not recoverable). However, this distinction is not relevant both in terms of theory and practice. More doubt is cast on this distinction where the potential damage arises from an infringement of the penal law, such as the use of false or misleading information to induce shareholder reliance or action. Furthermore, the internationalisation of capital introduces conflicts of law and jurisdictional questions, asking the courts to first determine whether they are the proper authority to hear a shareholder’s case, and which nation’s laws to apply.This study presents a critical analysis of the positive law and proposes avenues of reforming French laws concerning shareholder damages. Should the existing remedies be changed ? Which remedies should be adopted to reverse the strict trends in French law against adequately compensating shareholders’ losses ?
17
"Insider dealing activities in Hong Kong." Chinese University of Hong Kong, 1995. http://library.cuhk.edu.hk/record=b5888315.
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by Leung Wai Yuen and Wong Che Keung.Thesis (M.B.A.)--Chinese University of Hong Kong, 1995.
Includes bibliographical references (leaves 79-81).
ABSTRACT --- p.iv
ACKNOWLEDGMENT --- p.v
TABLE OF CONTENTS --- p.vi
LIST OF TABLES --- p.x
LIST OF FIGURES --- p.xi
Chapter
Chapter I. --- INTRODUCTION --- p.1
Background --- p.1
Objective of This Study --- p.5
Chapter II --- THE DEVELOPMENT OF THE STOCK MARKET IN HONG KONG --- p.6
Development of the Stock Exchange --- p.6
Performance of the Stock Market --- p.10
Chapter III --- CURRENT SITUATION OF THE SEHK --- p.14
Performance in 1994 --- p.14
Future Development of the SEHK --- p.19
Chapter IV --- REGULATORY ENVIRONMENT IN HONG KONG --- p.20
History of Securities Legislation in Hong Kong --- p.20
Regulatory Hierarchy of the Securities Market in Hong Kong --- p.24
The Securities and Futures Commission --- p.25
Mission and Functions of the SFC --- p.25
Chapter V --- SECURITIES (INSIDER DEALING) ORDINANCE --- p.29
Definition of Insider Dealing --- p.29
The Insider Dealing Tribunal --- p.30
Chapter VI --- SECURITIES (DISCLOSURE OF INTEREST) ORDINANCE --- p.32
Gist of the Ordinance --- p.32
Duties of Substantial Shareholders --- p.33
Disclosure of Directors and Chief Executives --- p.34
Interests That Can be Disregarded --- p.35
Penalties for Breaches --- p.36
Chapter VII --- LITERATURE REVIEW --- p.37
Research on Overseas Stock Markets --- p.37
Watchdog Report by Credit Lyonnais --- p.42
Chapter VIII --- METHODOLOGY --- p.43
Data Sampling --- p.43
Definition of Insider Activities Index --- p.45
Design of the Study --- p.46
Chapter IX --- RESULTS AND IMPLICATIONS --- p.50
Industry Type --- p.50
Company Size --- p.51
Seasonal Effect --- p.52
Ownership Concentration --- p.53
Chapter X --- CONCLUSION AND RECOMMENDATIONS --- p.55
Conclusion --- p.55
Recommendations for Further Studies --- p.56
APPENDICE --- p.58
Appendix 1 --- p.59
Appendix 2 --- p.63
Appendix 3 --- p.67
Appendix 4 --- p.71
Appendix 5 --- p.73
Appendix 6 --- p.75
Appendix 7 --- p.77
BIBLIOGRAPHY --- p.79
18
Kruger, Melinda Cheryl. "The regulation of insider trading on the JSE : a comparative study with Hong Kong / Melinda Cheryl Kruger." Thesis, 2014. http://hdl.handle.net/10394/15350.
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Insider trading on the JSE can be linked, directly or indirectly, to the reputation of the South African financial market. The regulation thereof is essential and a non-negotiable requirement for the successful attraction and retention of investment flows. Inadequacies associated with the regulatory framework regulating insider trading, the onus of proof in a criminal trial and the lack of civil remedies associated with insider trading as a form of market abuse, motivates a critical analysis into the regulatory framework on insider trading in South Africa. The aim of this study is therefore to identify international best practice principles to fill the gap in South Africa’s regulatory framework. This gap relates to the practical application and execution of legislative and other instruments in order to combat insider trading as a form of market abuse. A further aim focuses on the simultaneous development of the legislation relating to financial markets in conjunction with developments in the economy. A final aim is to determine whether and how South Africa can improve its current legislative dispensation on insider trading.
In order to arrive at the aim of the study the historical development on the regulation of insider trading is discussed. A critical analysis of the relevant insider trading sections in the Securities Services Act 36 of 2004 is compared with the corresponding sections of the Financial Markets Act 19 of 2012. A discussion on the roles, duties and authority of the Financial Services Board, the Directorate of Market Abuse and the Enforcement Committee will assist in analysing these organisations' contribution in regulating insider trading in South Africa. A look into the application of other regulatory instruments including the JSE’s Code of Conduct is required. In order to determine whether and how South Africa can improve its current legislative dispensation on insider trading, a comparative study is conducted with Hong Kong. It is submitted that the South African regulatory framework on insider trading has to be revised in order to align with international best practice principles and to promote transparency of the JSE, promote investor confidence and ensure justice for all.LLM (Import and Export Law), North-West University, Potchefstroom Campus, 2015
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Ho, Sung-Ying, and 何松穎. "Research on Sanctions for Insider Dealing— Proposal to Introduce Administrative Sanctions in Taiwan." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/435w9b.
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碩士國立臺灣大學
法律學研究所
104
Insider dealing has been controlled for some time in Taiwan, on the basis taking advantages of inside information is likely to lower the market integrity and public confidence in the capital market. The main approach to the regulations of insider dealing is the criminal prohibition on insider dealing, which can be found in article 171 of Securities and Exchange Act (SEA). However, the criminal sanctions receive two opposite criticisms. One is the prosecution''s difficult. Several empirical studies show that the defendants are acquitted in approximately half of finalized cases. Due to the low conviction rate, the deterrence of criminal sanction against insider dealing becomes doubtful. In contrast, abolition of criminal prohibition on insider dealing is always a strong opinion, which regards profiting from inside information as a legitimate perk for managers and believes that it does not damage the economy. To deal with those two opposite view on criminal sanction, this thesis conclude that the deployment of administrative sanctions could be a way to bridge the gap. In addition, administrative sanctions may also be an efficient approach to regulate insider dealing in Taiwan. This thesis focuses on the necessity and feasibility of introducing administrative sanctions against insider dealing in Taiwan and discusses the relation between administrative sanctions, criminal sanctions, and civil damages. Moreover, it takes UK insider dealing regulations, Criminal Justice Act 1993 and Financial Services and Markets Act 2000, as examples to discuss the difference between criminal sanctions and administrative sanctions. In conclusion, this thesis designs a new framework of sanctions against insider dealing in Taiwan. That the central idea emphasizes administrative penalties as the leading sanction against insider dealing. Considering the principle of double jeopardy as a constitutional principle in Taiwan, it is necessary to establish a special and incorporated commission, which has the option as to whether to commence criminal proceedings or impose the administrative sanctions, to deal with insider dealing cases.
20
"Market supervision by Hong Kong regulators on disclosure of interests and insider dealing." 1999. http://library.cuhk.edu.hk/record=b5889471.
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by Hui Lok Yee Connie.Thesis (M.B.A.)--Chinese University of Hong Kong, 1999.
Includes bibliographical references (leaves 92-95).
ABSTRACT --- p.iv
ACKNOWLEDGEMENT --- p.v
TABLE OF CONTENTS --- p.vi
Chapter
Chapter I. --- INTRODUCTION --- p.1
Objectives of Securities Regulations --- p.3
Regulatory Framework of the Hong Kong Securities Market --- p.5
Objectives of This Study --- p.6
Methodology --- p.7
Chapter II. --- DISCLOSURE OF INTERESTS --- p.8
Development of Securities (Disclosure of Interests) Ordinance in HK --- p.8
Disclosure of Interests in Shares --- p.9
Commentary --- p.17
Recommendations --- p.23
Chapter III. --- INSIDER DEALING --- p.29
Development of Securities (Insider Dealing) Ordinance in HK --- p.29
Overview of the Supervision of Insider Dealing Activitiesin Hong Kong and Singapore --- p.30
Circumstances of Insider Dealing --- p.32
Consequences of Insider Dealing --- p.36
Case Studies --- p.39
Commentary --- p.51
Recommendations --- p.55
Chapter IV. --- CONCLUSION --- p.60
APPENDICE --- p.63
Appendix 1 --- p.64
Appendix 2 --- p.68
Appendix 3 --- p.72
Appendix 4 --- p.76
Appendix 5 --- p.77
Appendix 6 --- p.85
Appendix 7 --- p.90
Appendix 8 --- p.91
Appendix 9 --- p.92
BIBLIOGRAPHY --- p.93
21
Wang, Boris Yung-Li, and 王永立. "The Study on Integration of European Securities Law- Council Directive No. 592/89 Coordinating Regulations on Insider Dealing." Thesis, 2002. http://ndltd.ncl.edu.tw/handle/70736542065528371279.
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碩士淡江大學
歐洲研究所
90
Much has been written about the theory of insider dealing and the need-or lack of need-for regulation. The traditional view is that it is undesirable for securities to be bought or sold by someone in possession of confidential information which is not generally known and which, if it were known, would affect the price, for example, knowledge of an unannounced pending takeover bid likely to enhance the price of shares in the target company, or knowledge before the figures have been made public of a significant rise or fall in a company’s profits；the traditional rationale is that investor confidence as a whole is undermined if potential investors fear that they will not be able to deal on an equal footing with others, and that this may prejudice the smooth operation of the market.The opposite view consider that insider dealing is a victimless crime; by increasing the volume of sales it increases market efficiency; it is justifiable remuneration for executives. Among advocates of the traditional view there is further scope for debate as to the best means of dealing with the problem: are criminal penalties either appropriate or effective and, if not, what sort of sanction would work?
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Chen, Chao-Shih, and 陳照世. "A Review of Our Law and Regulations on Insider Dealing and Market Manipulation through the Examination of EU and UK''s Anti-market-abuse Regime." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/19736958680856069893.
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碩士國立臺灣大學
法律學研究所
96
A competent and efficient financial market is based on market integrity and sound public confidence in the markets. “Insider dealing” and "market manipulation", which in its essence is detrimental and harmful to the integrity of the financial markets and the public confidence in securities and derivatives, are now covered by the term "market abuse" by the EU Market Abuse Directive and relevant UK securities regulations. The Market Abuse Directive aims to create a reformed regime to tackle market manipulation behaviors in the EC and update the existing insider dealing legislation, while the UK has now largely based its market abuse regime on the Financial Services and Market Act 2000, along with the pre-existing criminal liability under the Criminal Justice Act 1993. This thesis intends to provide for an overall review of the current law and regulations on insider dealing and market manipulation in the territory of Taiwan, through a thorough examination and study of the EU and UK’s anti-market-abuse regime, and hopefully to give some insight as to how the domestic regime may be further advanced and reformed in application of the relevant principles.
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Gomes, Márcia Maria Teixeira. "A utilização da prova indiciária no crime de abuso de informação privilegiada (insider trading)." Master's thesis, 2017. http://hdl.handle.net/10400.14/23802.
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O presente trabalho tem como objetivo o estudo da utilização da prova indiciária no crime de abuso de informação privilegiada no mercado de valores mobiliários.
Iniciamos, assim, o nosso estudo com uma breve referência à evolução legislativa do crime no ordenamento jurídico português, por forma a permitir compreender o modo como os pressupostos da incriminação se foram tornando menos exigentes.
De seguida, fazemos uma análise dos pressupostos da incriminação na redação atual do artigo 378º do Código de Valores Mobiliários, com especial enfoque na definição de informação privilegiada, tendo em consideração que os requisitos foram alvo de densificação doutrinal.
Após reconhecimento das reais dificuldades na prova da existência de crime, nomeadamente, quanto à efetiva utilização de informação privilegiada na base da conduta do agente, chegamos ao ponto fulcral do nosso trabalho: a utilização da prova indiciária no crime de abuso de informação privilegiada.
Por último, aprofundamos a questão da admissibilidade da prova indiciária no crime de abuso de informação privilegiada no ordenamento jurídico português e seus pressupostos, no que concerne à existência de indícios e o juízo de inferência que quanto a estes deve ser feito, através da análise de duas decisões jurisprudenciais.The present project aims to study the use of circumstantial evidence in the crime of insider trading in the securities market. We thus began our study with a brief reference to the legislative evolution of crime in the Portuguese legal system, in order to understand how the assumptions of incrimination became less demanding. Next, we make an analysis of the assumptions of incrimination in the current wording of the article 378º in the Securities Market Code, with special focus on the definition of inside information, taking into consideration that the requirements were subject to doctrinal densification. After acknowledging the real difficulties in proving the existence of a crime, namely, regarding the effective use of privileged information on the basis of the agent's conduct, we come to the key point of our work: the use of circumstantial evidence in the crime of insider dealing. Finally, we turn to the question of the admissibility of circumstantial evidence in the crime of insider trading in the portuguese legal system and its assumptions, in relation to the existence of evidence and the judgment of inference that in respect of these must be done, through the analysis of two jurisprudential decisions.
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Ozkan, Aydin, Jannine Poletti-Hughes, and Agnieszka Trzeciakiewicz. "Directors’ share dealings and corporate insolvencies: evidence from the UK." 2015. http://hdl.handle.net/10454/11460.
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YesThis paper investigates the relation between insider trading and the likelihood of insolvency with a specific focus on the directors’ sale and purchase transactions preceding insolvency.We use a unique data set on directors’ dealings in 474 non-financial UK firms, of which 117 filed for insolvency, over the period 2000–2010.We show that the directors of insolvent firms increase their purchase transactions significantly as the insolvency approaches. The results also reveal a significant relation between three different measures of insider trading activity and the likelihood of insolvency, which is observed to be positive only during the last six-month trading period. The relation is negative for the earlier trading periods. While the earlier purchase transactions appear to be motivated by superior information held by insiders, the purchase trades closer to the insolvency date are possibly initiated by directors’ motives to influence the market’s perception of the firm in an attempt to avert or delay insolvency.
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Dickgießer, Carl Philipp Sebastian [Verfasser]. "Directors' dealings, market efficiency, and strategic insider trading in the German stock market / Carl Philipp Sebastian Dickgießer." 2010. http://d-nb.info/1006415319/34.
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Плетнев, К. В., and K. V. Pletnev. "Выявление манипулятивных сделок на российском фондовом рынке : магистерская диссертация." Master's thesis, 2018. http://hdl.handle.net/10995/66166.
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Final qualifying work (master's thesis) is devoted to the reserching of the methods of identifying the manipulations that undermine the effectiveness of the stock market. The subject of the research is the way of identifying manipulative transactions in the stock market of Russia. The main purpose of the research is the development of specific proposals and the selection of statistical methods relevant for the Russian stock market to improve the existing system of state control aimed at identifying various types and methods of manipulative trading in the stock market. In conclusion, practical steps for the strengthen of the stock market of the Russian Federation are formulated.Выпускная квалификационная работа (магистерская диссертация) посвящена изучению методов выявления манипуляций, подрывающих эффективность фондового рынка. Предметом исследования выступают методы выявления манипулятивных сделок на российском фондовом рынке. Основной целью исследования выступает разработка конкретных предложений и выбор статистических методов, релевантных для российского фондового рынка, для совершенствования существующей системы государственного контроля, направленной на выявление различных видов и способов манипулятивной торговли на фондовом рынке. В заключении сформулированы практические шаги по укреплению фондового рынка Российской Федерации.