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Journal articles on the topic 'Insider trading in securities'

Author: Grafiati

Published: 4 June 2021

Last updated: 30 July 2024

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1

KEIBER, KARL LUDWIG. "INSIDER TRADING RULES AND PRICE FORMATION IN SECURITIES MARKETS: AN ENTROPY ANALYSIS OF STRATEGIC TRADING." International Journal of Theoretical and Applied Finance 09, no. 08 (December 2006): 1215–43. http://dx.doi.org/10.1142/s0219024906004013.

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This paper addresses the issue of how insider trading rules affect price formation in securities markets and suggests the application of information theory to market microstructure theory. We analyze a variant of the setting in [20] by simply introducing a more general criterion for informational efficiency borrowed from information theory — namely maximum information transmission. The analysis shows that both the insider's optimal trading strategy and the market price of the risky security depend on the insider trading restriction. Insider trading restrictions are reported to be detrimental t

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2

Davis, Frederick, Behzad Taghipour, and Thomas J. Walker. "Insider trading surrounding securities class action litigation and settlement announcements." Managerial Finance 43, no. 1 (January 9, 2017): 124–40. http://dx.doi.org/10.1108/mf-05-2016-0129.

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Purpose The purpose of this paper is to investigate the trading patterns of corporate insiders, both managing and non-managing, around the announcement dates of securities class action lawsuits and related legal settlements. Design/methodology/approach The authors use market model event study methodology to examine the impact of class action litigation and settlement announcements on the stock prices of sued firms. The authors then determine the extent of abnormal insider trading surrounding such announcements by comparing insider trading activity (volume and transaction counts) to prior insid

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Huang, Han-Ching, and Jung-Tzu Chang. "The effect of enforcement intensity on illegal insider trading volume: the case of Taiwan." Investment Management and Financial Innovations 13, no. 2 (July 4, 2016): 141–48. http://dx.doi.org/10.21511/imfi.13(2-1).2016.02.

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In this paper, the authors examine the illegal insider trading volume and cumulative abnormal return by the relative variables of the amendment, the change of the securities price, the number of defendants, the penalty and the fine for insider who committed a crime, and the quality of concealed important information. Illegal insider trading is prohibited by the article 157-1 of Securities and Exchange Act in Taiwan. It has been amended three times to provide a sound and rigorous law and completely protect investors. The authors examine the illegal insider trading volume after the amendment to

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Figueroa, Dante. "Insider Trading and Other Securities Frauds in the United States: Lessons for Chile." Michigan Business & Entrepreneurial Law Review, no. 3.2 (2014): 165. http://dx.doi.org/10.36639/mbelr.3.2.insider.

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This Article is a comparative analysis of insider trading law in the United States and Chile. The study summarily reviews the historical, political, and legal foundations of insider trading regulation in both jurisdictions, identifying areas of convergence, as well as areas in which the Chilean securities market could benefit vis- ` a-vis the more advanced experience of the considerably larger American securities market. The Article also highlights the axiological closeness between both jurisdictions concerning the protection of inside corporate information and the fiduciary role of those who

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Singh, Nituja, and Rahul Kumar. "MS. SHIVANI GUPTA & ORS. v. SEBI Civil Appeal No.7054/ 7590 of 2021 Date of Judgment: 19/04/22." DME Journal of Law 4, no. 01 (June 30, 2023): 94–97. http://dx.doi.org/10.53361/dmejl.v4i01.12.

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This an appeal decided by a Bench of Hon’ble JJ. Vineet Saran & Aniruddha Bose at Supreme Court of India against a judgement and order of Securities Appellate Tribunal (hereinafter “SAT”].This case relates to insider trading of securities in a matter of renowned body corporate PC jewellers Ltd. The matter of Insider trading in securities is so sensitive and serious issue in corporate affairs that it carries criminal liability under Companies Act, 20131 as well as Securities Exchange Board Act, 1992. Actually the legislative objectives behind restricting, prohibiting and regulating ‘insider

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Hariono, Wisnu Satrio. "PERLINDUNGAN HUKUM BAGI INVESTOR TERHADAP KEJAHATAN INSIDER TRADING DALAM PASAR MODAL INDONESIA." JURNAL MEDIA HUKUM DAN PERADILAN 4, no. 2 (October 30, 2018): 199–219. http://dx.doi.org/10.29062/jmhp.v4i2.13.

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Insider Trading or insider trading is a form of banned trading in securities transactions in the capital market. The practice of insider trading is one form of violation of the principle of openness which is the soul of the capital market industry. This research is motivated by the number of insider trading practices in securities transactions. The main problem to be answered through this research is to know the extent of Capital Market Law in handling insider trading practices in Indonesia capital market. This research uses normative juridical approach and comparison of laws. In this research

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Chen, Junzhuo. "Research on Insider Trading and Legal Regulation Issues in China’s Securities Market." Highlights in Business, Economics and Management 21 (December 12, 2023): 820–25. http://dx.doi.org/10.54097/hbem.v21i.14775.

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The purpose of this paper is to conduct an in-depth study on insider trading in China’s securities market and its legal regulation, and to propose strategies and recommendations for improving and enhancing the legal framework. Firstly, the paper provides an overview of the definition, harms, and elements of insider trading. Then, it analyzes the historical development and current status of the legal regulation of insider trading in China’s securities market, and identifies the existing problems and challenges. Finally, it presents measures for improving and enhancing the legal regulation of in

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8

Esqueda, Omar, Thanh Ngo, and Daphne Wang. "The information content of managerial insider trading: evidence from analyst forecasts." Asian Review of Accounting 29, no. 3 (June 29, 2021): 332–61. http://dx.doi.org/10.1108/ara-04-2020-0062.

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PurposeThis paper examines the effect of managerial insider trading on analyst forecast accuracy, dispersion and bias. Specifically, the authors test whether insider-trading information is positively associated with the precision of earnings forecasts. In addition, this relationship between Regulation Fair Disclosure (FD) and the Galleon insider trading case is examined.Design/methodology/approachPooled ordinary least squares (Pooled OLS) rregressions with year-fixed effects, firm-fixed effects, and firm-level clustered standard errors are used. Our proxies for forecast precision are regressed

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9

Nathan, Daniel A., and Tiffany Rowe. "SEC charges broker-dealer for failure to protect against insider trading by employees." Journal of Investment Compliance 16, no. 1 (May 5, 2015): 59–62. http://dx.doi.org/10.1108/joic-01-2015-0004.

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Purpose – To alert broker-dealers to Securities and Exchange Commission charges brought against a broker-dealer for ineffective controls over employee use of confidential information and to provide guidance regarding development and implementation of controls to protect against improper use of material non-public information by employees. Design/methodology/approach – Reviews Securities and Exchange Commission settlement order with broker-dealer for violations of securities laws for failure to adequately prevent insider trading by employees and provides guidance for implementing control to pre

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10

Chen, Laiyao. "Risk and Legal Regulation of Algorithm Application in Insider Trading Supervision." Technium Social Sciences Journal 43 (May 9, 2023): 274–87. http://dx.doi.org/10.47577/tssj.v43i1.8767.

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Insider trading is a kind of information manipulation behavior in the securities market. The insider trading has brought great damage to the securities market in recent years, so securities regulatory authorities have begun to crack down on this kind of illegal behavior. With the application of algorithms in the field of supervision, regulators can accurately identify insider trading behaviors through big data analysis and other technologies, with which the efficiency of supervision was greatly improved. However, the application of algorithms in the supervision of insider trading is prone to c

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Gea, Mansix Agusmanto, and Marihot Janpieter Hutajulu. "Insider Trading Case Settlement: Studies in Indonesia and The United States." Wacana Hukum 28, no. 1 (February 28, 2022): 18–22. http://dx.doi.org/10.33061/1.wh.2022.28.1.6781.

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Insider trading is a term that refers to the practice in which corporate insiders conduct securities transactions (trading) using their exclusive information that is not yet available to the public or investors. Indonesia and the United States are 2 (two) countries that prohibit insider trading in the capital market. Through this article, the author wants to analyze the similarities and differences the regulation of insider trading in Indonesia and the United States, and explain the legal process for the settlement of Insider Trading cases in Indonesia and the United States. This research is a

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Gea, Mansix Agusmanto, and Marihot Janpieter Hutajulu. "Insider Trading Case Settlement: Studies in Indonesia and The United States." Wacana Hukum 28, no. 2 (February 28, 2022): 18–22. http://dx.doi.org/10.33061/wh.v28i1.6781.

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Insider trading is a term that refers to the practice in which corporate insiders conduct securities transactions (trading) using their exclusive information that is not yet available to the public or investors. Indonesia and the United States are 2 (two) countries that prohibit insider trading in the capital market. Through this article, the author wants to analyze the similarities and differences the regulation of insider trading in Indonesia and the United States, and explain the legal process for the settlement of Insider Trading cases in Indonesia and the United States. This research is a

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13

Li, Guofeng, Zuojuan Li, Zheji Wang, and Ke Zhang. "Identification of Insider Trading in the Securities Market Based on Multi-task Deep Neural Network." Computational Intelligence and Neuroscience 2022 (April 22, 2022): 1–9. http://dx.doi.org/10.1155/2022/4874516.

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Illegal insider trading identification is of great significance to the healthy development of the securities market. However, with the development of information technology, problems such as multidata sources and noise bring challenges to the insider trading identification work. Moreover, most of the current research on insider trading identification is based on single-task learning, which treats enterprises in different industries as a whole. This may ignore the differences between insider trading identification in different industries. In this article, we collect indicators from multiple sou

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White, Roger M. "Insider Trading: What Really Protects U.S. Investors?" Journal of Financial and Quantitative Analysis 55, no. 4 (April 16, 2019): 1305–32. http://dx.doi.org/10.1017/s0022109019000292.

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I examine the ability of the U.S. investor protection regime to limit insider trading returns, absent Section 16(b) of the Securities Exchange Act of 1934 (the short-swing rule). I find that in this setting, U.S. insiders execute short-swing trades that i) beat the market by approximately 15 basis points per day and ii) systematically divest ahead of disappointing earnings announcements. These results indicate that the bright-line rule restricting short-horizon round-trip insider trading plays a substantial role in protecting outside investors from privately informed insiders in the United Sta

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15

Esen, M. Fevzi. "A Robust Multivariate Outlier Detection Method for Detection of Securities Fraud." International Journal of Business Analytics 7, no. 3 (July 2020): 12–29. http://dx.doi.org/10.4018/ijban.2020070102.

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Insider trading is one the most common deceptive trading practice in securities markets. Data mining appears as an effective approach to tackle the problems in fraud detection with high accuracy. In this study, the authors aim to detect outlying insider transactions depending on the variables affecting insider trading profitability. 1,241,603 sales and purchases of insiders, which range from 2010 to 2017, are analyzed by using classical and robust outlier detection methods. They computed robust distance scores based on minimum volume ellipsoid, Stahel-Donoho, and fast minimum covariance determ

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Oluyeju, M., and O. Oluyeju. "Legal Protection of Investors from the Corporate Malfeasance of Insider Dealings: A South African-Canadian Comparative Review." BRICS Law Journal 9, no. 1 (April 18, 2022): 136–67. http://dx.doi.org/10.21684/2412-2343-2022-9-1-136-167.

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Ensuring market discipline, integrity, and transparency with the overall aim of protecting the investing public is critical to the wellness of a capital market and a financial system. However, one corporate ill besetting the securities markets in all jurisdictions is insider trading. Apart from being unethical, insider trading disrupts market dynamics. In South Africa, over the years, successive Acts have been enacted, amended, and repealed to ensure discipline and protect the integrity of the nation’s securities market. In 2012, the Financial Markets Act of 2012 (FMA) was enacted to improve,

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Nwafor, Anthony O. "Public health emergency and insider trading in the corporate sector." Journal of Governance and Regulation 10, no. 4 (2021): 104–12. http://dx.doi.org/10.22495/jgrv10i4art9.

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As governments in different parts of the world seek solutions to the public health emergency created by the COVID-19 pandemic and the impacts on corporate enterprises, different steering committees are constituted to implement measures aimed at containing the spread of the disease. Information that has the potential to impact materially on companies’ securities when made public is shared among committee members in the course of their deliberations. That realization informs the purpose of this paper which is to explore through doctrinal research method the law on insider trading in South Africa

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18

Wang, Jasmine Qiuyue. "A Contemporary Analysis of the Application of Sentencing Factors in Insider Trading Cases." Deakin Law Review 22, no. 1 (February 23, 2018): 107. http://dx.doi.org/10.21153/dlr2017vol22no1art724.

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Insider trading is a complex issue that involves both corporate and criminal law. Since the introduction of civil penalties, the Australian Securities and Investments Commission (ASIC) has only pursued one civil proceeding against insider trading. ASIC prefers criminal proceedings for their deterrent effects. This paper examines various features of Australian convicted insider trading cases from 2004 to the end of 2015 and provides a broad overview of the distribution of these cases. Further, this paper assesses the consistent application of sentencing factors and the determination of criminal

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Bali, Reema. "INSIDER TRADING IN INDIA - RULES TILL NOW." International Journal of Research -GRANTHAALAYAH 8, no. 9 (September 25, 2020): 49–53. http://dx.doi.org/10.29121/granthaalayah.v8.i9.2020.1072.

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This paper analyses the lose threads amongst the SEBI (“Securities and Exchange Board of India”) as a regulatory authority (“regulator”) who are required enforce the laws and reforms to efface insider trading in the Indian economy. The paper focuses on the role of regulatory authority dealing with the cases of insider trading and the elements that might lead to delay in the resolving the matters which leads to piling up of unresolved matters in insider trading leading to disturbing the economy and loss of faith of investors on the trading activities of stock market.

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20

Ghosh, Anuradha. "The Need to Legalize and Regulate Insider Trading - An Analysis." Christ University Law Journal 9, no. 1 (August 13, 2021): 49–71. http://dx.doi.org/10.12728/culj.16.3.

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Insider trading is perceived as a problem across capital mar-kets. The Securities Exchange Board of India (SEBI) created the SEBI (Prohibition of Insider Trading) Regulations, 2015, which criminalizes insider trading. However, insider trading laws have faced several problems at the implementation and enforcement stage. This article considers these problems from the viewpoint of the economic rationale that insider trading should be permitted in capital markets and thus le-galized. These economic arguments have largely been ig-nored by regulators who have continued to come down hard upon insider

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George, Barbara Crutchfield, and Maria Boss. "Corporate Insider Trading: New Dimensions In Liability." Journal of Applied Business Research (JABR) 2, no. 4 (November 1, 2011): 106. http://dx.doi.org/10.19030/jabr.v2i4.6563.

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At first glance it may appear that the law which prohibits the use of material non-public information only applies to the technical insider (e.g., corporate directors and officers). However, the scope of the prohibition encompasses persons other than technical insiders. Because the statutory language in Section 10 (b) is broad in scope, and for that matter never mentions directly or indirectly the term insider trading, the United States Supreme Court will ultimately have to determine to whom the term insider can be applied. At the present time there is a conflict between the lower courts and t

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Kwan, Martin YC. "Restoring transactions unknowingly tainted by insider trading." Common Law World Review 47, no. 2 (May 11, 2018): 150–59. http://dx.doi.org/10.1177/1473779518773646.

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In the Hong Kong Court of Appeal decision The Securities and Futures Commission v Young Bik Fung and others, the Court applied s. 213(2)(b) of the Securities and Futures Ordinance (SFO) to restore two transactions of shares entered into by an investor who invested based on ‘information, advice or tips’ given by an insider, despite the investor did not know that the advice was based on inside information and was not guilty of insider trading. Nevertheless, the investor was ordered to repay the profits made as if the transactions had not been made. It is suggested that the restoration order in H

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Jardak, Maha Khemakhem, and Hamadi Matoussi. "The effectiveness of insider trading disclosure policies: US and EU comparison." Journal of Financial Reporting and Accounting 18, no. 3 (June 29, 2020): 591–614. http://dx.doi.org/10.1108/jfra-09-2019-0120.

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Purpose The purpose of this study is to examine the effectiveness of financial market rules in protecting minorities. Design/methodology/approach The study compares two alternative disclosure rules on insider trading, namely, the market abuse directive (Directive 2004/72/EC), inspired from the United State (US) insider trading regulation enacted by the Sarbanes–Oxley act and the transparency directive enacted by the European (Directive 2004/109/EC) dealing with the crossing of the shareholding threshold. To investigate which one is more effective in signaling reserved information, and thus in

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Loh, Charmen. "Poison Pill Securities: Shareholder Wealth and Insider Trading." Financial Review 27, no. 2 (May 1992): 241–57. http://dx.doi.org/10.1111/j.1540-6288.1992.tb01316.x.

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Thompson, James H. "A Global Comparison of Insider Trading Regulations." International Journal of Accounting and Financial Reporting 3, no. 1 (February 16, 2013): 1. http://dx.doi.org/10.5296/ijafr.v3i1.3269.

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As the business world continues to expand in global markets, trading of shares, bonds, derivatives and other instruments continues to increase. One form of trading that has received considerable interest in recent years is insider trading. Insider trading occurs when individuals with potential access to non-public information about a corporation buy or sell stock of that corporation. When the information is material and non-public, such trading is illegal. However, if the trading is done in a manner that does not take advantage of non-public information, it is often permissible. This study com

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Salbu, Steven R. "A Critical Analysis of Misappropriation Theory in Insider Trading Cases." Business Ethics Quarterly 2, no. 4 (October 1992): 465–77. http://dx.doi.org/10.2307/3857583.

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Under the present judicial interpretation of federal securities law, an individual is prohibited from trading on non-public information that has been misappropriated in contravention of a fiduciary duty. Trades made using non-public information that has not been misappropriated are not prohibited by Rule 10b-5, promulgated under the Securities and Exchange Act of 1934. The current requirement of misappropriation to trigger Rule 10b-5 liability creates a gap that permits transactions that are both ethically and economically undesirable. Judicial or legislative reforms are recommended to close t

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Augustin, Patrick, Menachem Brenner, and Marti G. Subrahmanyam. "Informed Options Trading Prior to Takeover Announcements: Insider Trading?" Management Science 65, no. 12 (December 2019): 5697–720. http://dx.doi.org/10.1287/mnsc.2018.3122.

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We quantify the pervasiveness of informed trading activity in target companies’ equity options before the announcements of 1,859 U.S. takeovers between 1996 and 2012. About 25% of all takeovers have positive abnormal volumes, which are greater for short-dated, out-of-the-money calls, consistent with bullish directional trading before the announcement. Over half of this abnormal activity is unlikely due to speculation, news and rumors, trading by corporate insiders, leakage in the stock market, deal predictability, or beneficial ownership filings by activist investors. We also examine the chara

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Tomasic, Roman, and Brendan Pentony. "The prosecution of insider trading: Obstacles to enforcement." Australian & New Zealand Journal of Criminology 22, no. 2 (June 1989): 65–81. http://dx.doi.org/10.1177/000486588902200201.

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Insider trading has been criminalised in Australia for over a decade. Yet there have been few prosecutions in respect of such conduct, and none of these have been successful. There is little doubt that insider trading in Australia is extensive and is to be found across many sectors of the securities industry. Despite this, the law has not proved to be an effective vehicle for the social control of insider trading or for the deterrence of such conduct. It seems that the criminal sanctions for insider trading have been largely symbolic in nature. This article explores the obstacles to enforcemen

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Manchikatla, Anil Kumar, and Rajesh H. Acharya. "Insider trading in India – regulatory enforcement." Journal of Financial Crime 24, no. 1 (January 3, 2017): 48–55. http://dx.doi.org/10.1108/jfc-12-2015-0075.

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Purpose The purpose of this paper is to study the effectiveness of insider trading enforcement actions in India and international dimensions. Design/methodology/approach The research is based on the insider trading regulations and amendments made during the period 1992-2015. Findings The notable observation of the study is the dearth of insider trading conviction and the paucity of prosecution for insider trading offences in India. It is difficult to resist the conclusion that surveillance and enforcement matter more than the drafting of the relevant statutes and regulations in emerging market

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Spaic, Aneta, Claire Angelique Nolasco, Lily Chi-Fang Tsai, and Michael S. Vaughn. "Does insider trading pay?" Journal of Financial Crime 26, no. 2 (April 1, 2019): 647–64. http://dx.doi.org/10.1108/jfc-07-2018-0068.

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Purpose This paper analyzes trading and tipping activities in insider trading litigation decided by federal courts from January 1, 2012 to December 31, 2014. Design/methodology/approach Legal documents from the US Securities and Exchange Commission, LexisNexis and Westlaw databases were coded to determine profile, patterns of trading and settlement outcomes. Findings Results of statistical analysis indicate that a defendant in both civil and criminal cases is more likely to trade on the information when he/she receives a direct, financial benefit from breaching his/her duty of confidentiality.

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Dhamija, Sanjay, and Reena Nayyar. "Lux Industries Limited: a case of insider trading." Emerald Emerging Markets Case Studies 13, no. 1 (May 1, 2023): 1–22. http://dx.doi.org/10.1108/eemcs-05-2022-0168.

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Learning outcomes After reading the case, the students shall be able to explain the concept of insider trading and differentiate between illegal insider trading and legal insider trading, business ethics, financial institutions, financial markets and accounting; to interpret the legal framework for prevention of insider trading; to identify the role and significance of the market regulator, Securities and Exchange Board of India (SEBI), in detecting financial crimes such as insider trading; to demonstrate the association between information, stock trading and stock prices within the framework

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Jain, Pawan, and Mark A. Sunderman. "Stock price movement around the merger announcements: insider trading or market anticipation?" Managerial Finance 40, no. 8 (July 8, 2014): 821–43. http://dx.doi.org/10.1108/mf-09-2013-0256.

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Purpose – The purpose of this paper is to examine the stock price movements for existence of informed trading prior to a merger announcement for the companies listed on the emerging markets of India for the period from 1996 to 2010. Design/methodology/approach – This study applies several event study methodologies and regression analyses to analyze the stock price movement surrounding a merger announcement. The paper divides mergers in two different types: industry merger cases and non-industry merger cases and in two different time periods: recession and boom. Findings – The results show that

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Fandella, Paola. "Theoretical Profiles for the Evaluation of Insider Trading in a Functional Model of Financial Instruments Market." International Journal of Business Administration 9, no. 1 (December 12, 2017): 1. http://dx.doi.org/10.5430/ijba.v9n1p1.

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The analysis is based on the premise that the capital market is characterized by weak forms of risk management, to be intended, in this case, as risk of information asymmetry as well as operational inefficiency, as there are no hedging schemes to prevent external actions and internal mechanisms are not inspired by adequate transparency principles.After a critical review of the theoretical effects of insider trading, starting with a market equilibrium assessment, this analysis seeks to demonstrate the absence of any positive effect linked to insider trading in relation to any type of variable a

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Caccese, Michael S. "Insider Trading Laws and the Role of Securities Analysts." Financial Analysts Journal 53, no. 2 (March 1997): 9–12. http://dx.doi.org/10.2469/faj.v53.n2.2066.

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Taleska, Ana. "European Insider Trading Theory Revisited: The Limits of the Parity-of-Information Theory and the Application of the Property Rights in Information Theory to Activist Investment Strategies." European Company and Financial Law Review 17, no. 5 (November 10, 2020): 558–600. http://dx.doi.org/10.1515/ecfr-2020-0024.

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AbstractParity-of-information is purported to be the single overarching policy rationale for the European Union (EU) regulation on insider trading. This is because securities trading on the basis of informational advantages is generally prohibited under EU rules, as is tipping (and issuers’ selective disclosure) of material, non-public information. Yet, EU regulations allow market actors, including investment professionals and analysts, that have discovered valuable information -and thereby, have an informational advantage vis-à-vis their trading counterparties- to trade on this information. R

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Riyanto, Agus, Paulus Aluk Fajar Dwi Santo, and Suwardi. "Trapping Insider Trading Perpetrators with Misappropriation Theory, Is That Possible?" E3S Web of Conferences 388 (2023): 03024. http://dx.doi.org/10.1051/e3sconf/202338803024.

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In Indonesia, insider trading is a crime that the perpetrators do not easily catch. This is sourced from the theory of fiduciary obligations in Article 95 of Law no. 8 of 1995 concerning the Capital Market and restrictions on insider trading. In the United States, using the abuse theory in Sections 10(b) and Sections 10b-5, the Securities and Exchange Act of 1934 can reach anyone, without limitation, which is categorized as an insider trader. The main purpose of this paper is to find new ideas about the existing obstacles to ensnare insider trading actors that have been happening in Indonesia

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Syarief, Elza, and Junaidi Junaidi. "Perlindungan Hukum Pemegang Saham Minoritas Terhadap Implikasi Praktik Insider Trading dalam Perdagangan Saham di Pasar Modal." Journal of Law and Policy Transformation 6, no. 1 (June 11, 2021): 72. http://dx.doi.org/10.37253/jlpt.v6i1.4875.

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The capital market is a means provided in order to find sources of financing and as a means of investment that involves all potential public funds, both those available domestically and those available abroad. This study uses a normative science study using a librarian study in the form of law and is assisted by primary data sources and secondary data sources. The results show that minority shareholders own less than 5% of the total shares traded in the capital market. Meanwhile, insider trading is a practice in which a corporate insider transacts securities using exclusive information that th

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MALYSHENKO, K. A., V. A. MALYSHENKO, E. S. BEKIROVA, S. N. BEKIROV, S. V. ARKHIPOVA, and M. V. ANASHKINA. "Criminal-legal Mechanism of Counteraction of Insider Activity in the Stock Market." Journal of Advanced Research in Law and Economics 10, no. 3 (June 30, 2019): 842. http://dx.doi.org/10.14505//jarle.v10.3(41).20.

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Protecting the rights of stock market participants in the modern world is an important aspect of its functioning, ensuring the security of investments of participants and their property status. The misuse of insider information with the aim of obtaining certain benefits, and market manipulation are some of the most ambitious crimes that violate the rights of a wide range of people, and a direct threat to their material well-being. Insider trading involves trading transactions with securities, which is carried out by private individuals, holding information about the Issuer of the financial ass

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Morgan, Nicolas, Art Zwickel, Thomas A. Zaccaro, and Jenifer Q. Doan. "SEC requires hedge funds to prevent insider trading despite unsettled legal definition." Journal of Investment Compliance 18, no. 1 (May 2, 2017): 63–64. http://dx.doi.org/10.1108/joic-02-2017-0014.

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Purpose To explain the import of a recent enforcement action by the US Securities and Exchange Commission (SEC) against an investment adviser for failing to prevent insider trading against the context of an unsettled legal definition of “insider trading” as evidenced by the issue presented in a recent case before the US Supreme Court. Design/methodology/approach Reviews the principal issues raised by the SEC in its enforcement action, legal requirements imposed on investment advisers, and the insider trading issues presented by the US Supreme Court case. Findings Because the legal concept of i

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Huang, Robin Hui. "Enforcement of Chinese Insider Trading Law: An Empirical and Comparative Perspective." American Journal of Comparative Law 68, no. 3 (September 1, 2020): 517–75. http://dx.doi.org/10.1093/ajcl/avaa018.

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Abstract This Article conducts the first comprehensive and systematic empirical analysis of all relevant insider trading cases in China from the birth of Chinese securities markets in the early 1990s until mid-2017, shedding light on the way in which China’s insider trading law has been enforced by the regulator and criminal courts in practice. First, the Article generates descriptive statistics on features of insider trading cases, such as the total number of cases over the study period, the temporal distribution of the cases, the identity of the insider, and the nature of the insider informa

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Khan, Najeeb ullah, and Ikram Ullah. "The Law of Insider Trading in Pakistan: Focusing Associated Person & Connected Person." Global Legal Studies Review VI, no. II (June 30, 2021): 48–59. http://dx.doi.org/10.31703/glsr.2021(vi-ii).07.

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The legal mechanism that has been adopted for insider trading in Pakistan focuses on the associated and connected person includes Securities and Exchange Ordinance 1969 and Companies Ordinance 1984. The paper discusses the key issues regarding the associated and connected person and legal regime regarding the effectiveness of insider trading in Pakistan. This paper examines the existing laws in Pakistan, which specifically focus upon market-oriented regulations and economic development. The focus of this paper is to highlight the legal framework and connectivity between associated and connecte

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Mubarok, Anas Bayan, and Muhamad Izazi Nurjaman. "ANALYSIS OF INVESTOR BEHAVIOR IN THE ETHICAL REVIEW OF SHARIA ECONOMIC LAW." AT-TIJARAH: Jurnal Penelitian Keuangan dan Perbankan Syariah 6, no. 1 (June 30, 2024): 22–37. http://dx.doi.org/10.52490/attijarah.v6i1.2803.

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This research aims to analyze investor behavior in reviewing the ethics of sharia economic law. This research includes library research using descriptive analytical research methods with a qualitative approach. The data analysis technique is carried out in three stages, namely data reduction, data presentation and conclusions. The results of this research reveal that in securities trading on the Sharia Capital Market it is still possible for behavior or actions to occur that violate professional ethics and existing rules. The two main actors who play a role in securities trading practices in t

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Dey, Shantanu. "Insider Trading Regime in India: Learning Lessons from the US and UK Regulatory Experience." Business Law Review 37, Issue 1 (February 1, 2016): 19–28. http://dx.doi.org/10.54648/bula2016004.

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The issue of insider trading has assumed increasing relevance in the Indian context in light of the corporate governance crisis faced in the contemporary era. With the Securities and Exchange Board of India (‘SEBI’) arguing for stricter and smarter regulation of stock market transactions with the objective of regaining investor confidence, the academic discourse in favour of legalization of insider trading has gained mileage. Through this paper, the author seeks to examine the regulatory attitude towards the continued scrutiny of insider trading transactions utilizing the model endorsed by the

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Green, Jonathan, and Aaron Miner. "Mark Cuban defense verdict highlights difficulty of proving “misappropriation” theory of insider trading." Journal of Investment Compliance 15, no. 1 (February 27, 2014): 38–40. http://dx.doi.org/10.1108/joic-02-2014-0012.

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Purpose – To summarize and draw conclusions from the insider trading suit brought against well-known entrepreneur Mark Cuban in 2008. Design/methodology/approach – Summarizes the facts of the 2008 case, brought by the SEC against Cuban for allegedly misappropriating material, non-public information conveyed to him purportedly pursuant to a confidentiality agreement. Reviews the basics of the misappropriation theory of insider trading, and the basis of the jury verdict in Cuban's favor. Concludes by stressing that securities analysis and major investors should still remain cautious, and explain

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Chitimira, Howard. "A Historical Overview of the Regulation of Market Abuse in South Africa." Potchefstroom Electronic Law Journal/Potchefstroomse Elektroniese Regsblad 17, no. 3 (April 24, 2017): 971. http://dx.doi.org/10.17159/1727-3781/2014/v17i3a2275.

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In an early attempt to combat market abuse in the South African financial markets, legislation such as the Companies Act, the Financial Markets Control Act and the Stock Exchanges Control Act were enacted. However, these Acts failed to effectively curb market abuse activities that were allegedly rife in the financial markets. Consequently, the Insider Trading Act was enacted and came into effect on 17 January 1999. While the introduction of the Insider Trading Act brought some confidence in the financial markets, market abuse activities were still not extinguished. The provisions of the Inside

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Estrada, Javier. "Insider trading: Regulation, securities markets, and welfare under risk aversion." Quarterly Review of Economics and Finance 35, no. 4 (December 1995): 421–49. http://dx.doi.org/10.1016/1062-9769(95)90040-3.

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Anashkina, M. V. "The evolution of the securities market and modern problems of control of its participants." Vestnik Universiteta, no. 8 (September 30, 2022): 129–38. http://dx.doi.org/10.26425/1816-4277-2022-8-129-138.

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The purpose of the study is to determine the nature of the impact of digitalization of the domestic securities market on the development of the securities market and the presence of unfair practices on it, in particular, insider trading and manipulation. In the context of the development of technologies and their mass introduction into the financial system, in addition to positive effects, new problems arise related to the control and regulation of its individual elements. Thus, the digitalization of the securities market infrastructure requires the development of a new system of control over

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Deodato, Felipe, Igor De Lucena Mascarenhas, and Patricia Carvalho. "Crime e compensação: uma análise do insider trading no Brasil." Revista de Direito Econômico e Socioambiental 11, no. 2 (December 28, 2020): 321. http://dx.doi.org/10.7213/rev.dir.econ.soc.v11i2.26620.

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Este texto busca fomentar discussão a respeito da figura do insider trading, o detentor de informação privilegiada em negociação de ações, no âmbito da legislação brasileira. Em vários países essa prática do insider é condenada, pois acarreta um desequilíbrio nas transações de agências. Nos EUA a prática do insider vem regulada em rígidas disposições legais, dentre elas no Securities Exchange Act, ao passo que no Brasil a legislação é extremamente tolerante e insuficiente para dissuadir e prevenir a conduta penalmente tipificada. Torna-se imperiosa a revisão da legislação nacional para endurec

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Ryan, Stephen G., Jennifer Wu Tucker, and Ying Zhou. "Securitization and Insider Trading." Accounting Review 91, no. 2 (July 1, 2015): 649–75. http://dx.doi.org/10.2308/accr-51230.

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ABSTRACT Securitizations are complex and opaque transactions. We hypothesize that bank insiders trade on private information about banks': (1) securitization-related recourse risks, (2) not-yet-reported current-quarter securitization income, and (3) securitization-based business model sustainability. We provide evidence that proxies for each of these types of insider information are positively associated with insider trading. Specifically, we find that net insider sales in the 2001Q2–2007Q2 pre-financial crisis quarters predict not-yet-reported non-performing securitized loans and securitizati

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Horwich, Allan, and Crista M. Brawley. "Insider Trading in the Clinical Trial Setting." Indiana Health Law Review 20, no. 2 (June 14, 2023): 199–255. http://dx.doi.org/10.18060/27435.

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The Securities and Exchange Commission’s enforcement agenda regularly includes charges of trading based on material nonpublic information about a clinical drug trial conducted to obtain FDA approval to market a new drug. Almost half of the recent cases have been accompanied by a criminal indictment. In an academic setting, researchers and those who advise them, unlike employees of public companies, are not generally given training about the risks of securities trading. Recent developments in the law might be applied in connection with clinical trial information in ways that would not have been

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