Tesi sul tema "Insider trading in securities"
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1
Williamu, Ghati. "Critical analysis of the insider trading framework of Tanzania". Thesis, University of the Western Cape, 2015. http://hdl.handle.net/11394/5173.
Testo completoAbstract (sommario):
Magister Legum - LLMThis study is on the insider trading framework of Tanzania. The researcher has made enquiries whether the Tanzania legal framework governing insider trading provides strong enough enforcement mechanisms, including remedies and measures against malpractices found on the securities market to attract investor confidence. Critical analysis is done of the Capital Markets and Securities Act, 79 of 1994 (RE 2002) in conjunction with an investigation into the Capital Markets and Securities Authority (CMSA) a body corporate charged with the duties among others, of protecting the integrity of the securities market and maintaining surveillance over securities to ensure orderly, fair and equitable dealings in securities. The researcher uses a comparative approach from other jurisdictions considered as international best standards of the English and South African insider trading legislation. Discussions on the study are presented in chapters. Chapter one is the general introduction to the Study. It is the reproduction of the research proposal. Chapter Two is on the overview of insider trading framework of Tanzania. An analysis is made on the provisions of the Capital Market and Securities Act, 79 of 1994 (RE 2002). It is revealed that the enforcement mechanisms are inadequate and ineffective. The Capital Market and Securities Act, 79 of 1994, (RE 2002) neither defines nor provides the interpretation to legal concepts such as insider, inside information and publication. Civil remedies and criminal penalties provided in the Tanzania Capital Market and Securities Act, 79 of 1994, (RE 2002) are inadequate for deterrent purposes to combat insider trading practices. In chapter three the researcher examines the Capital Market and Securities Authority (CMSA) in terms of fulfillments of its roles, functions, and powers. It is submitted that the CMSA and the DSE have never contributed much to resolving the problem of securities market abuses. Chapter four extend the study to the English and South Africa insider trading legislation considered as international best practice and therefore comparable. The researcher has observed that flaws in areas of prohibition, enforcements, defences and the lacuna on identified concepts of insider trading make the Tanzanian insider trading legislation remain more symbolic than real in terms of its efficiency to combating insider trading practices. Chapter five provides the conclusions and recommendations on the study. The researcher has provided recommendations on curbing the problem of insider trading in Tanzania, including repealing and enacting a new strong and effective insider trading legislation.
2
Kahle, Kathleen M. "Insider trading and new security issues". Connect to resource, 1996. http://rave.ohiolink.edu/etdc/view.cgi?acc%5Fnum=osu1265127804.
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3
Lindenfield, Susannah. "Insider trading in the United States, Canada and the United Kingdom". Thesis, McGill University, 2000. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=31169.
Testo completoAbstract (sommario):
This thesis is a critical analysis of the law relating to insider trading in three common law countries. Chapter One, addresses the merits and demerits of the regulation of insider trading and presents a review of the academic literature relating to this field. In Chapters Two, Three and Four, the law of insider trading in the United States, Canada and the United Kingdom is analysed and discussed on a comparative basis. Each of these chapters is in two sections. The first section describes the regulatory system and institutions, and the second section discusses the regulation of insider trading, highlighting the critical elements of this type of regulation, such as the definition of an 'insider' and the scope of 'inside information'. It concludes with a broad discussion of the differing approaches of these countries to insider trading.
4
Huang, Hui Law Faculty of Law UNSW. "Insider trading law in China: regulations of insider trading in China and proposals for reform". Awarded by:University of New South Wales. School of Law, 2005. http://handle.unsw.edu.au/1959.4/24333.
Testo completoAbstract (sommario):
The purposes of this thesis are threefold: (1) to investigate the incidence of insider trading in China; (2) to critically examine the regulation of insider trading in China within the Chinese context; and (3) to set out reform proposals. At present, insider trading is a very serious issue in China as it presents a major obstacle to the development of China???s securities market. This thesis is therefore of both theoretical and practical significance. Based on both theoretical arguments and empirical findings, this thesis investigates the extent of insider trading in China, explains why insider trading occurs in China, and examines the harmful and allegedly beneficial effects of insider trading. Insider trading is found to be widespread and widely considered to be harmful in China. This accounts for the fact that China has shown a great willingness to follow the international trend to regulate insider trading. Indeed, with the benefit of overseas experience, China has made a remarkable achievement in establishing its insider trading regulatory regime within a relatively short period of time. Despite this, there are a number of major problems with this regulatory regime, mainly due to the adoption of foreign ideas without due criticism. This is illustrated by various loopholes found in the definition of what is an ???insider???, which are related to confusion over underlying theories of insider trading liability. The thesis conducts an indepth analysis of these theories on a comparative law basis, recommending that the equality of access theory and the Australian ???information connection??? only approach are better suited to China. The thesis also examines other basic elements of insider trading, including the concept of materiality, the issue of when information becomes public, and the subjective elements of insider trading. Furthermore, a detailed discussion is carried out concerning the issue of private civil liability for insider trading. It is submitted that the combination of the nondisclosure-period-traders approach and well-designed damage caps can best ensure that private actions serve as a necessary and appropriate force in the enforcement of insider trading law.
5
Zhu, Jun. "Profitability and information content of insider trading in HK /". Hong Kong : University of Hong Kong, 2002. http://sunzi.lib.hku.hk/hkuto/record.jsp?B24520986.
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Li, Xiaozhen. "Abnormal profits following insider trading : an empirical study /". Thesis, Connect to this title online; UW restricted, 1999. http://hdl.handle.net/1773/7427.
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7
Pool, Estelle. "Insider trading : has legislation been successful?" Thesis, Stellenbosch : Stellenbosch University, 2008. http://hdl.handle.net/10019.1/6172.
Testo completoAbstract (sommario):
Thesis (MBA (Business Management))--Stellenbosch University, 2008.ENGLISH ABSTRACT: This research report reviews South African and international legislation aimed at preventing insider trading and provides an overview of the successful criminal and civil proceedings taken against insiders. It highlights the possible preventative measures South African companies and legislature can take to reduce insider trading. The United States of America is one of the few countries that had successfully implemented legislation prohibiting insider trading prior to the 1990s. Most countries, including South Africa, only implemented legislation prohibiting insider trading in the late 1990s. Due to apartheid and sanctions against South Africa, the JSE has built up a legacy of being an insider's haven. The Directorate of Market Abuse has the task of transforming this legacy to restore investors' confidence in the market in order to promote economic growth. The success of the legislation is firstly measured by the knowledge the market has gained relating to insider trading since the implementation of the legislation. According to the South African market, insider trading is unethical, but 22% of the participants in the G:cnesis survey still believe that it is an acceptable practice in the South African market. South African companies therefore need to educate their employees and take preventative measures to reduce insider trading in order to erode this culture. Insider trading can only be prevented and reduced if legislation is enforced. Globally, few legal criminal proceedings have been successful, therefore legislation in most countries makes provision for civil remedies. As the burden of proof in a civil legal proceeding is only on "a balance of probabilities", civil proceedings against insiders have been successful. In South Africa, the majority of cases referred for civil legal action have been settled out of court by the alleged insider without admitting guilt to a criminal offence. The South African legislation regulating insider trading in the market is aligned with legislation globally. South Africa's future challenges are to maintain the initial success achieved in reducing insider trading. The establishment of a specific court specialising in financial crime and monitoring specific changes to legislation could increase the possibility of future success.
AFRIKAANSE OPSOMMING: Die projek ondersoek die Suid-Afikaanse en internasionale wetgewing teen binnehandel. Verder word die suksesvolle kriminele en siviele verrigtinge teen diegene wat hulle aan binnehandel skuldig maak onder die soeklig geplaas. Die projek beklemtoon die moontlike voorkomingsmaatreels wat Suid-Afrikaanse maatskappye en regslui kan implementeer om moontlike toekomstige binnehandel te bekamp. Die Verenigde State van Amerika is een van die min lande wat reeds voor die 1990s wetgewing teen binnehandel suksesvol geimplementeer bet. Ander lande, insluitend Suid-Afrika, het eers in die laat 1990s wetgewing teen binnehandel geproklameer. Apartheid en sanksies teen Suid-Afrika het 'n nalatenskap van vrye binnehandel op die JSE gelaat. Dit is die taak van die Direktoraat van Markmisbruik om hierdie nalatenskap uit te wis, sodat beleggersvertroue in die mark herstel kan word, wat weer tot ekonomiese groei sal lei. Een van die maatstawwe om die sukses van die wetgewing te meet, is om te bepaal hoeveel kennis die finansiele gemeenskap sedert die implementering van die nuwe wetgewing ingewin het. Volgens die finansiele gemeenskap is binnehandel oneties, maar 22% van die deelnemers aan die G:encsis-opname glo dat binnehandel wel in Suid-Afrika aanvaarbaar is. Daarom moet Suid-Afrikaanse maatskappye hulle werknemers se kennis oor binnehandel verbreed en ander voorkomende maatreels in plek stel om die kultuur van binnehandel te elimineer. Binnebandel kan slegs voorkom en verminder word indien wetgewing geimplementeer word. Relatief min kriminele sake teen binnehandel lei tot skuldigbevinding, maar plaaslike en internasionale wetgewing maak voorsiening vir siviele aksies. In 'n siviele hofsaak moet ingediende bewyse slegs na alle waarskynlikheid die skuld van die oortreder bewys, wat suksesvolle siviele vervolging moontlik maak. Die meerderheid siviele sake in Suid-Afrika word buite die bar geskik sonder dat die aangeklaagde skuld aan 'n kriminele daad erken. Die Suid-Afrikaanse wetgewing is in lyn met internasionale standaarde. Suid-Afrika staar verskeie uitdagings in die gesig ten opsigte van die handhawing van die huidige suksesvolle bekamping van binnehandel. Die moontlike totstandkoming van 'n spesiale hof, wat slegs finansiele verwante oortredings aanhoor en veranderings aan die wetgewing kontroleer, kan bydra tot die toekomstige sukses van die Suid-Afrikaanse wetgewing.
8
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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Chitimira, Howard. "The regulation of insider trading in South Africa: a roadmap for effective, competitive and adequate regulatory statutory framework". Thesis, University of Fort Hare, 2008. http://hdl.handle.net/10353/230.
Testo completoAbstract (sommario):
Insider trading is one of the practices that (directly or indirectly) lead to a host of problems for example inaccurate stock market prices, high inflation, reduced public investor confidence, misrepresentation and non disclosure of material facts relating to securities and financial instruments. Again it reduces efficiency in the affected companies and eventually leads to economic underperformance. The researcher observed that the South African insider trading regulatory framework has some gaps and flaws which need to be adequately addressed to ensure efficient and stable financial markets. Therefore, the aim of this research is to provide a clear roadmap for an effective, efficient, adequate and internationally competitive insider trading regulatory framework in South Africa. In order to achieve the above stated aim, the historical development of the regulation insider trading is critically analyzed. The effectiveness and adequacy of the Insider Trading Act, 135 of 1998 is also discussed. Furthermore, the prohibition of insider trading under Securities Services Act, 36 of 2004 is explored and analyzed to investigate its adequacy. The role of the Financial Services Board, the Courts and the Directorate for Market Abuse is also scrutinized extensively. Moreover, a comparative analysis is undertaken of the regulation of insider trading in other jurisdictions of United States of America, Canada and Australia. This is done to investigate any lessons that can be learnt or adopted from these jurisdictions. The researcher strongly contends that having the best insider trading laws on paper alone will not cure the insider trading problem. What is required are adequate laws that are enforced effectively in South African courts. Therefore an adequate insider trading regulatory framework must be put in place to improve the efficiency of South African financial markets, to maintain a stable economy, combat misrepresentation and non disclosure of material facts in transactions relating to securities. The researcher has attempted to state the law as at 31 August 2007.
10
Zhu, Jun, e 朱君. "Profitability and information content of insider trading in HK". Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2002. http://hub.hku.hk/bib/B31227090.
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Vo, Minh Tue 1965. "Insider trading, asymmetric information, and market liquidity : three essays on market microstructure". Thesis, McGill University, 2002. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=38528.
Testo completoAbstract (sommario):
This thesis comprises three essays on market microstructure, focusing on the issues of insider trading, asymmetric information and market liquidity. The first essay examines the effects of the mandatory disclosure regulations on the trading behavior of informed traders. Specifically, we compare the (perfect Bayesian) equilibrium when disclosure is mandatory to the equilibrium when insiders do not have to disclose their trades. We show that under mandatory disclosure the market becomes more efficient and more liquid, making the uninformed traders unambiguously better off. We also show that in order to conceal part of his information, under mandatory disclosure the insider may trade against his information, and, at the same time, add a random---"noise"---component to his trade order. As a result, insiders may end up buying (selling) when his information indicates the asset is overvalued (undervalued). This provides a rationale for contrarian trading.The second essay examines trading behavior, price behavior and the informational efficiency and the informativeness of the price process in the equilibrium of a strategic trading game when some investors receive information before others. We show that the early informed investor may trade against his information to maintain his information superiority over the market. Under some conditions, subsequent price changes are positively correlated. We also find that the price process is less efficient and less informative than would be the case where there is no late-informed trader.
The third essay analyzes the infra-day behavior of market liquidity of the Toronto Stock Exchange which uses a computerized limit-order trading system. Along with previous studies, we show that the U-shaped infra-day pattern of spread does not depend on the market architecture. In addition, we confirm that bid-ask spread and market depth are two dimensions of market liquidity. Liquidity providers use both dimensions to deal with adverse selection problems. We also examine how price volatility and trading volume affect market liquidity. Price volatility is inversely related to market liquidity but trading volume is directly related to liquidity. High trading volume implies high liquidity trades and as a result, liquidity providers decrease (increase) ask (bid) price and/or increase depth at each quote.
12
Cho, In-ho. "An evaluation of insider trading regulation in the Republic of Korea : what are the policy considerations and what is necessary for Korea to strengthen insider trading regulation? /". Thesis, Connect to this title online; UW restricted, 2004. http://hdl.handle.net/1773/9616.
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Hafer, Shane. "The relationship between CDS spreads and equities market volume and volatility with respect to credit events for single-name CDS within CDX.NA.IG index /". Diss., Connect to the thesis, 2008. http://hdl.handle.net/10066/1447.
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Packies, Hilton. "The market abuse control legislative regime of South Africa, Nigeria and the United Kingdom - an approach to regulation and monitoring in relation to certain aspects of the financial markets of South Africa". Thesis, University of the Western Cape, 2015. http://hdl.handle.net/11394/5174.
Testo completoAbstract (sommario):
Magister Legum - LLMThe regulation of market abuse is currently an ever evolving subject, to such an extent that it has been placed as a high priority for regulators worldwide.¹ The Financial Markets Act 19 of 2012 (FMA) of South Africa² prohibits improper practices and is aimed at ensuring that market participants operate in a market that is free, safe and fair. In light of the above and as per example, all members of the stock exchange ensure that they accordingly adhere to the aims of the FMA by exercising functions such as due diligence and having a shared goal in embedding the values entrenched in the FMA.³ The purpose of this dissertation is aimed at assessing the key elements of the transformation process that the South African financial markets have embarked on, since the introduction of the FMA. More specifically, the paper aims to focus on the elements in relation to market abuse practices.⁴ The paper seeks to: 1. provide an overview analysis of the current market abuse control enforcement framework in relation to some selected aspects of the financial markets in South Africa. 2. look at the regulation employed in one of the biggest trading products namely, equities and current lacuna, the legislation that governs high frequency trading under these trading products and in general. 3. review whether regulation in South Africa on market abuse practices are robust enough to deal with key market abuse practices such as insider trading and market manipulation that manifested during the recent global financial crisis. 4. provide a comparative review of the current market leaders regulatory mechanisms on market abuse.
15
Wong, Brad. "The interaction between informed and uninformed agents in securities markets". Thesis, The University of Sydney, 2010. http://hdl.handle.net/2123/7250.
Testo completoAbstract (sommario):
This dissertation contains three essays that examine the interaction between informed and uninformed parties in securities markets. Given the influential role that informed traders have in shaping securities prices, trading activity, market-wide and even economy wide outcomes, this research provides empirical evidence on significant and important issues. Each essay addresses a topical, yet under-developed research strand to ensure that the results of this dissertation are relevant to both academic and nonacademic parties. The conclusions drawn from the three essays have the potential to influence the decisions of fund managers, regulators, market designers and, direct and indirect investors in securities markets. The first essay examines the interaction between mutual fund managers and the investors that seek their services. Fund managers often incur significant adverse selection, transaction and opportunity costs when executing investors’ liquidity requests. Prior research hints that index futures are able to mitigate these costs, though no research has provided convincing empirical evidence, primarily due to the fact that existing data on fund managers’ use of derivatives is imprecise. Using unique survey data which indicates whether a fund manager uses index futures to manage investor flows or not, this essay is the first to provide conclusive empirical evidence on this issue. The results indicate that fund managers who trade index futures in this manner are unencumbered by investor flows and have superior fund flow conditional alpha and market timing measures of performance relative to their non-derivative trading peers. Informed fund managers are able to maintain their advantage even when their trading decisions are partially dictated by uninformed parties. The second essay in this dissertation examines the interaction between illegal insider traders and the regulatory body that prosecutes these individuals. Drawing upon insights developed in the literature which describes crime through the prism of economic thought, the essay develops a model which predicts the intensity of an illegal insider’s crime: their traded volume. The predictions of the model are tested using data drawn from case files of the Securities and Exchange Commission (SEC). As such, this essay is the first empirical study of illegal insider trading to investigate the behaviour of the insider, with all previous empirical research instead examining the market’s response to insider trading. The study hypothesises that insider volume is a function of two factors in control of the regulatory body and associated law makers: the expected return and expected penalty from the insiders’ trades. Furthermore, insider volume is hypothesised to be negatively related to the variance of the stock traded. The results, which validate the hypotheses and are robust to sample selection bias, have important policy implications for regulators seeking to detect illegal insider trading. While the first two essays consider specific examples of informed traders, the final essay in this dissertation examines informed traders in general. In particular, the study investigates whether broker anonymity in electronic order driven markets obscures the presence of informed traders during the lead up to a significant information event. This research is important given the prolific changes to this feature of market design in recent years across electronic exchanges globally, and the fact that all prior research in this area has yet to consider the effects of broker anonymity on information transmission during periods of large information asymmetry. The study presents three pieces of evidence that informed traders are better camouflaged when the identity of the broker intermediary is hidden vis-à-vis when the identity is visible. Naturally, this suggests that uninformed traders suffer at the expense of informed traders during the periods examined in this study. This finding has important policy implications for exchange officials deciding whether or not to reveal broker identifiers surrounding trades, especially considering that almost all prior research suggests that broker anonymity is correlated with improved liquidity in the form of lower bid-ask spreads.
16
Allen, William D. "Essays on closed-end funds internal versus external management and insider trading /". Diss., Columbia, Mo. : University of Missouri-Columbia, 2006. http://hdl.handle.net/10355/4400.
Testo completoAbstract (sommario):
Thesis (Ph. D.)--University of Missouri-Columbia, 2006.The entire dissertation/thesis text is included in the research.pdf file; the official abstract appears in the short.pdf file (which also appears in the research.pdf); a non-technical general description, or public abstract, appears in the public.pdf file. Title from title screen of research.pdf file (viewed July 31, 2007). Includes bibliographical references.
17
Serrano, Jan Maroney. "Seasoned debt and equity issues for investment and the information content of insider trades". Diss., Virginia Tech, 1993. http://hdl.handle.net/10919/40474.
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Nietsch, Michael. "Internationales Insiderrecht : eine Untersuchung über die Anwendung des Insiderrechts auf Sachverhalte mit Auslandsberührung /". Diss., Berlin : Duncker & Humblot, 2004. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=010663140&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.
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Morris, Marc Everette. "Did The Private Securities Reform Act Work As Congress Intended?" OpenSIUC, 2009. https://opensiuc.lib.siu.edu/dissertations/19.
Testo completoAbstract (sommario):
In 1995 Congress passed the Private Securities Litigation Reform Act to address several perceived abuses in securities fraud class actions. In the aftermath of Enron, WorldCom, and other high profile securities litigation, critics suggest that the law made it easier for firms to escape securities fraud liability and thus created a climate conducive to fraud. Proponents maintain that the PSLRA has deterred the filing of nonmeritorious cases. This article explores whether the PSLRA achieved Congress's twin goals of "curb[ing] frivolous, lawyer-driven litigation, while preserving investors' ability to recover meritorious claims." The empirical evidence suggests that, in many respects, the PSLRA did achieve several of Congress' goals. There has been a reduction in the number of securities class actions filed. The PSLRA has improved overall case quality, particularly in the circuit with most stringent interpretation of the heightened pleading standard. In general, Congress seems to have achieved its goal of reducing the race to the court by increasing the filing delay in securities class actions. However, a stricter interpretation of the pleading standard does not affect this. The PSLRA does little to reduce the incidence of litigation for high technology issuers, but the evidence suggests that the litigation risk has substantially decreased for these issuers. Overall, the monitoring of attorney's effort increased, but institutional investors are no better at monitoring than other lead plaintiffs. The findings also suggest that lead plaintiffs forcing plaintiff's attorneys to compete for designation as lead counsel has resulted in lower attorney's fees. The observed effect is greater when the lead plaintiff is an institutional investor.
20
Dussold, Christopher Kevin. "The nature of IPO lockups : the effects of equity sales by insiders /". free to MU campus, to others for purchase, 2001. http://wwwlib.umi.com/cr/mo/fullcit?p3025616.
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Chitimira, Howard. "A comparative analysis of the enforcement of market abuse provisions". Thesis, Nelson Mandela Metropolitan University, 2012. http://hdl.handle.net/10948/d1015008.
Testo completoAbstract (sommario):
Market abuse practices may directly or indirectly give rise to diverse problems such as inaccurate stock market prices, low public investor confidence, reduced market integrity and poor efficiency in the affected financial markets. This thesis reveals that three major forms of market abuse, namely insider trading, prohibited trading practices (trade-based market manipulation) and the making or publication of false, misleading or deceptive statements, promises and forecasts relating to listed securities (disclosure-based market manipulation) are prohibited in South Africa. However, although South Africa has had market abuse legislation for about 30 years, and must be commended for its great effort to enhance market integrity by combating market abuse practices, the enforcement of such legislation is still problematic. Moreover, in spite of the fact that there is no empirical data or accurate figures quantifying the occurrence and extent of market abuse activities in the South African financial markets, this thesis submits that market abuse practices are still to be completely eradicated. Accordingly, this thesis suggests that the aforementioned problem might have been aggravated by inter alia, various gaps, flaws and/or inconsistent implementation and enforcement of the market abuse legislation in South Africa. To this end, the anti-market abuse enforcement framework under the Securities Services Act 36 of 2004 is analysed to investigate its adequacy. The co-operation and role of the Financial Services Board, the courts, the Directorate of Market Abuse and other relevant stakeholders is also examined and discussed. Moreover, the co-operation between the Financial Services Board and similar international agencies is discussed to gauge its effectiveness in relation to the combating of cross-border market abuse practices. The adequacy of the awareness and preventative measures in place to curb market abuse practices is also investigated to determine whether such measures are robust enough to combat other new challenges that were posed by the 2007 to 2009 global financial crisis. Furthermore, a comparative analysis is undertaken of the enforcement of the market abuse prohibition in other jurisdictions, namely the United States of America, the United Kingdom, the European Union and Australia. This was done to investigate the relevant lessons that can be learnt or adopted from these jurisdictions. The thesis further discusses the adequacy of the recently introduced provisions of the Financial Markets Bill as well as the subsequent market abuse provisions of the Financial Markets Bill 2012. The thesis highlights that the aforementioned Bills are positive attempts by the policy makers to improve the enforcement of the market abuse provisions in South Africa. Nonetheless, the thesis reveals that most of the shortcomings contained in the Securities Services Act 36 of 2004 were duplicated in the Financial Markets Bill and the Financial Markets Bill 2012. In light of this, it remains to be seen whether the market abuse provisions contained in the Financial Markets Bill and/or the Financial Markets Bill 2012 will improve the combating of market abuse practices in South Africa. Consequently, it is hoped that the relevant market abuse provisions of the Securities Services Act 36 of 2004, the Financial Markets Bill and/or the Financial Markets Bill 2012 will be comprehensively reviewed in regard to the recommendations made in this thesis. To this end, the thesis proposes a viable anti-market abuse model and policy framework and sets out both policy objectives and provisions which policy makers could use to strengthen some of the market abuse provisions in South Africa.
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Bartholow, Janet Lee Hahn. "An Empirical Study of Insider Behaviors: Affiliated Insiders, and Legislative and Enforcement Efforts". Kent State University / OhioLINK, 2017. http://rave.ohiolink.edu/etdc/view?acc_num=kent1511537806198499.
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Arlt, Michael. "Der strafrechtliche Anlegerschutz vor Kursmanipulation /". Frankfurt am Main [u.a.] : Lang, 2004. http://www.gbv.de/dms/spk/sbb/recht/toc/390314269.pdf.
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Engert, Carl-Johan. "Insider Trading : A study of insider trading when companies report loss announcements". Thesis, Jönköping University, JIBS, Economics, 2005. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-265.
Testo completoAbstract (sommario):
Föreliggande uppsats undersöker om det har funnits någon indikation av insiderhandel för tio utvalda företag på Stockholmsbörsen under andra halvan av 2004 när dessa företag presenterar vinstvarningar. Uppsatsen beskriver huvuddragen av den Svenska insider-lagstiftning, och framlägger argument för en effektiv lagstiftning både från ett ekonomiskt och också från ett juridiskt perspektiv.
De tio företagen har analyserats under en trettio dagars period. Slutsatsen är att det har förekommit indikationer på insiderhandel i två företag under perioden fram till vinstvarningen.
Denna uppsats presenterades och försvarades våren 2005 vid Internationella Handelshögskolan i Jönköping.
This thesis analyzes if there has been any indication of insider trading for ten selected-companies on the Stockholm Stock Exchange during the second half of 2004 when these companies have reported loss announcements. It outlines the Swedish insider leg-islation, and put forward arguments for an effective insider legislation from an eco-nomic and legal perspective.
The ten companies have been analyzed during a thirty days period. The conclusion is that there is signs of insider trading in two companies during the period prior to the loss announcement date.
This thesis was presented and defended in the spring of 2005 at Jönköping International Business School.
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Söderberg, Gustav, e Rikard Nyström. "Insider Trading - An Efficiency Contributor?" Thesis, Umeå universitet, Företagsekonomi, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-73596.
Testo completoAbstract (sommario):
This research has studied the relationship between insider trading activity and its effect on the level of informational efficiency. The authors have used insider data from Finansinspektionen and data regarding stock prices, market capitalization and GDP from Thomson Reuters Datastream. The sample includes 193 companies on the Swedish stock exchange for a period of 10 years. A Variance Ratio test employed on moving sub-sample windows was used to establish the level of time-varying informational efficiency, which subsequently was used in an OLS-regression as a dependent variable. The result of the regression implies a negative effect on firm price information efficiency by insider purchasing, while selling has a positive effect. This can be concluded using a confidence level of 99%. The results are interesting since they imply an asymmetrical effect of insider trading on informational efficiency, while current insider legislation treats buying and selling by insiders equal. Thus, the results are of interest in future adjustments of laws regulating insider trading.
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Rozanov, Konstantin A. "Corporate governance and insider trading". Thesis, Massachusetts Institute of Technology, 2008. http://hdl.handle.net/1721.1/45333.
Testo completoAbstract (sommario):
Thesis (Ph. D.)--Massachusetts Institute of Technology, Sloan School of Management, 2008.Includes bibliographical references (p. 58-64).
I investigate the relation between corporate governance and insider trading by corporate executives. Despite the general view that trade on non-public information adversely affects capital market participants, the impact of corporate governance on such trading remains relatively unexplored in prior research. I propose an empirical measure that relies on a predicted pattern in stock returns to identify transactions that are more likely to be based on private information and provide evidence to validate the construct. Using this measure, I find that good corporate governance, identified through board and ownership characteristics that have been linked to more effective monitoring of management in prior research, is negatively related to opportunistic insider trading. In supplementary analysis, I provide evidence on the robustness of this relation to an alternative hypothesis and to potential endogeneity. Overall, I conclude that good corporate governance helps to attenuate opportunistic insider trading.
by Konstantin A. Rozanov.
Ph.D.
27
Astorino, Eduardo Sanchez. "Insider trading networks in Brazil". Universidade de São Paulo, 2017. http://www.teses.usp.br/teses/disponiveis/12/12138/tde-01092017-174408/.
Testo completoAbstract (sommario):
The presence of insider trading in a financial market is detrimental to its functioning. Traders with public information are always at a disadvantage when negotiating with agents in possession of inside information. Thus insider trading should increase risk and should lower participation in financial markets. In this study we investigate a channel through which inside information may be transferred to market participants: social connections based on common education. We hand-collect a novel data set of the educational background of members of the board of directors of Brazilian firms and portfolio managers of stock funds. Board members hold inside information on their firms that is valuable to fund managers. We propose that these agents may engage in active social interactions if they 1) attended the same educational institution, 2) within an overlapping time window, and 3) obtained the same degree. We study if such connections influence fund managers\' portfolio decisions. We find that fund managers tend to place larger bets in companies with which they possess this sort of educational connection. We also find that these connections are economically valuable: managers tend to conduct large purchases of connected stocks prior to large increases in their return, and also tend to sell them prior to downfalls. Finally, we study if market participants view increases in a company\'s connectivity as an increase in its risk. We find that increases in connectivity are followed by increases in expected returns. We also determine that the return of holding a portfolio long in highly connected stocks and short on stocks with few connections cannot be explained by the traditional risk factors. These two results indicate that the market does indeed see connectivity as a form of risk. This is, to our knowledge, the first study of its kind for Brazil.A presença de insider trading em um mercado financeiro é prejudicial ao seu funcionamento. Investidores com informação pública sempre estão em desvantagem quando negociam com agentes que detêm informação privilegiada. Portanto, insider trading aumenta o risco e diminui a participação em mercados financeiros. Neste estudo nós investigamos um possível canal através do qual a informação interna à firma é potencialmente transferida para participantes do mercado: conexões sociais baseadas em uma educação comum. Nós coletamos manualmente uma base de dados inédita sobre a experiência educacional de dois grupos de agentes: membros do conselho de diretores de empresas brasileiras e gestores de carteiras de fundos de ações. Os membros do conselho possuem informação privilegiada sobre suas firmas que seria valiosa para os gestores de fundos. Nós propomos que esses agentes podem engajar em contato social ativo se eles 1) frequentaram a mesma instituição de ensino, 2) em janelas de tempo sobrepostas e 3) obtiveram o mesmo diploma. A partir daí, estudamos se tais conexões influenciam as decisões de investimento dos gestores de carteiras. Nós descobrimos que gerentes de fundos tendem a alocar posições maiores em companhias com as quais eles possuem esta conexão educacional. Nós também descobrimos que tais conexões são valiosas: gerentes tendem a realizar grandes compras de ações conectadas em antecipação a aumentos em seu retorno e tendem a vender essas ações antes de quedas. Finalmente, nós estudamos se participantes do mercado veem aumentos na conectividade de uma empresa como aumentos no risco da empresa. Nós descobrimos que aumentos na conectividade são seguidos de aumentos no retorno esperado. Nós também encontramos que o retorno de um portfólio comprado em ações de alta conectividade e vendido em ações de baixa conectividade não pode ser explicado pelos fatores de risco tradicionais. Esses dois resultados indicam que o mercado vê a conectividade como uma forma de risco. Este é, ao nosso conhecimento, o primeiro trabalho de seu tipo para o Brasil.
28
Chui, Chi Kin. "The mathematics of insider trading". Master's thesis, University of Cape Town, 2008. http://hdl.handle.net/11427/4873.
Testo completoAbstract (sommario):
Includes abstract.Includes bibliographical references (leaves 109-112).
Over the past decade the research into the topic of incorporating non-market information has accelerated. This dissertation aims to serve as a monograph of the contemporary body of research to the insider problem, under a Brownian setting in a complete market.
29
Lindén, Patrik, e Martin Lejdelin. "Insider trading on the Stockholm Stock Exchange : Non reported insider trading prior to profit warnings". Thesis, Jönköping University, JIBS, Business Administration, 2007. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-1001.
Testo completoAbstract (sommario):
Background:
Studying insider trading is difficult due to its sensitive and delicate nature. Therefore it is hard to gauge the extent of such activities. This problem has resulted in a fierce debate whether it should be prohibited or not. Using a method where the effect on monopolistic information usage can be isolated insider trading can be monitored. Such an event is a profit warning.
Purpose:
This paper examines whether insider trading exist for companies
making a profit warning between year 2003 and 2007 on the Stockholm
Stock Exchange. Furthermore the aim with the study is to contribute
to the debate on the insider trading legislation.
Method:
The study’s purpose is achieved through an event study studying the
cumulative abnormal return as well as average daily returns during
the thirty days preceding the warning for a sample of thirty companies.
Since profit warnings should be completely random and as such
almost impossible for the market to know in advance, a significant
abnormal return can only be explained with insider trading. The abnormal returns were calculated using the Capital Asset Pricing Model
since it is the most widely used model.
Conclusion:
For the chosen time frame, when testing on a 95% significance level,
the study found a significant abnormal return during the last 10 days
of the event window but not for the entire period of thirty days. The
daily average return for the thirty companies were significant for six
of the thirty days within the event window. Two of them were included
in the last ten day period with a confirmed significant abnormal
return which might suggest that on average insider trading tend
to occur during these days. The other four was discarded due to
sample issues. Since the study was limited to a period of four years
extending the results to a period other than tested should be made
with great care since conditions may differ over time. Concerning the
current debate on the insider legislation, the findings can be used by
both sides. Either to argue for a strengthening of the law or to question its existence.
30
Müssnich, Francisco Antunes Maciel. "O insider trading no direito brasileiro". reponame:Repositório Institucional do FGV, 2015. http://hdl.handle.net/10438/15292.
Testo completoAbstract (sommario):
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The potential damage caused by insider trading is very high, because the offense affects not only the parties directly related to the transaction carried out while in possession of inside information, but also the stock market as a whole, undermining investor confidence. Severe sanctions under the administrative, civil and criminal law are necessary to discourage the offense. In this, Brazil’s securities regulator, the CVM - Comissão de Valores Mobiliários, plays a particularly important role because it wields the state’s power to intervene in the capital markets. At the same time, liability for insider trading offense should be based on a strong body of evidence, even if the evidence of insider trading is indirect only. The use of information barriers, which reduces the potential for conflicts of interest by restricting access to undisclosed material information, is not in itself sufficient to exclude liability for insider trading. Theories such as the 'corporate mind' can make Chinese walls ineffective protection against liability, even if they properly perform their function of segregating information. The theory of constructive or imputed knowledge cannot be applied in determining liability for insider trading
O insider trading é ilícito de elevado potencial danoso, pois impacta não só as pessoas diretamente relacionadas com a operação realizada com a informação privilegiada, mas também o mercado de capitais como um todo, afetando a confiança dos investidores. É importante, portanto, a repressão severa do ilícito nas esferas administrativa, civil e penal, destacando-se o papel regulador da Comissão de Valores Mobiliários, enquanto representante da intervenção do poder estatal no âmbito do mercado de capitais. Não obstante, para a responsabilização pelo ilícito do insider trading, deve-se exigir um conjunto probatório robusto, ainda que apenas indiciário. A utilização de uma espécie de muralha segregadora, se minimiza situações de conflito de interesses ao evitar o acesso amplo a informações relevantes não divulgadas ao mercado, não é, por si só, capaz de excluir responsabilidade por eventual insider trading. Importante ter cuidado com construções teóricas, como a da 'mente corporativa', capazes de esvaziar de utilidade barreiras como uma Chinese Wall. Impossível transpor a teoria do domínio do fato à apuração de ilícitos de insider trading.
31
"Insider trading and stock volatility". 2004. http://library.cuhk.edu.hk/record=b5892058.
Testo completoAbstract (sommario):
Tam,Tsz-Wa.Thesis (M.Phil.)--Chinese University of Hong Kong, 2004.
Includes bibliographical references (leaves 105-109).
Abstracts in English and Chinese.
Abstract --- p.i
Acknowledgement --- p.iv
Table of Contents --- p.v
Chapter Chapter 1 --- Introduction --- p.1
Chapter 1.1 --- Insider Trading and Corporate Governance --- p.1
Chapter 1.2 --- Insider Trading and Stock Volatility --- p.3
Chapter 1.3 --- Objective of the Thesis Research --- p.4
Chapter Chapter 2 --- Literature Review --- p.6
Chapter 2.1 --- Review of Theoretical Literature --- p.6
Chapter 2.2 --- Review of Empirical Literature --- p.18
Chapter Chapter 3 --- Insider Dealing Regulations in Hong Kong --- p.24
Chapter Chapter 4 --- Data --- p.27
Chapter 4.1 --- Data Collection --- p.27
Chapter 4.2 --- Summary Statistics of Insider Trading Data --- p.30
Chapter Chapter 5 --- Methodology --- p.31
Chapter 5.1 --- Hypothesis --- p.31
Chapter 5.2 --- Event Study --- p.32
Chapter 5.3 --- Vector Autoregression (VAR) Analysis --- p.41
Chapter Chapter 6 --- Empirical Results: Event Study --- p.51
Chapter 6.1 --- General Description of Results --- p.51
Chapter 6.2 --- Volatility Change Immediately before Insider Trading --- p.53
Chapter 6.3 --- Volatility Immediately before and after Insider Trading --- p.61
Chapter 6.4 --- Volatility Change Immediately after Insider Trading --- p.67
Chapter 6.5 --- Intermediate Term Volatility before and after Insider Trading --- p.72
Chapter 6.6 --- Chapter Summary and Discussion --- p.79
Chapter Chapter 7 --- Empirical Results: Vector Autoregression (VAR) Analysis --- p.83
Chapter 7.1 --- Volatility of Hang Seng Index Return --- p.83
Chapter 7.2 --- Volatility of Market Value Weighted Index Return --- p.85
Chapter 7.3 --- Volatility of Equal Weighted Index Return --- p.87
Chapter 7.4 --- Aggregate Total Volatility --- p.89
Chapter 7.5 --- Aggregate Abnormal Return Volatility --- p.91
Chapter 7.6 --- Aggregate Firm Specific Volatility --- p.93
Chapter 7.7 --- Chapter Summary and Discussion --- p.95
Chapter Chapter 8 --- Conclusion --- p.97
Bibliography --- p.105
32
"Insider dealing activities in Hong Kong". Chinese University of Hong Kong, 1995. http://library.cuhk.edu.hk/record=b5888315.
Testo completoAbstract (sommario):
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
33
Speedie, Miles Stuart. "The new insider trading provisions". Diss., 1994. http://hdl.handle.net/10500/16093.
Testo completoAbstract (sommario):
It is unfair to the investing public and detrimental to the
interests of the security markets for a person to trade on the
basis of inside information. In this short dissertation, the
laws regulating insider trading in South Africa prior to the
current legislative provisions are briefly discussed. It is
found that the old provisions were inadequate in deterring and
punishing insider trading activities. The current legislative
provisions are analysed in detail. It becomes clear that whilst
the current provisions are a substantial improvement on their
predecessor, certain aspects need to be reconsidered. These
include the widening of their scope to include trading in all
kinds of derivatives; the reformulation of the statutory civil
action and the empowerment of the securities regulation panel
to bring a civil action against insider traders.Private Law
LL.M.
34
Johannesson, Erik. "Former Insiders' Trading". Thesis, 2018. https://doi.org/10.7916/D89G740Z.
Testo completoAbstract (sommario):
Using detailed and unique data from Sweden, I show that former insiders trade profitably in the shares of companies with which they used to be affiliated. A trading strategy mimicking former insiders’ trading behavior yields abnormal returns of 7.6% per year. These returns are primarily driven by post-separation purchases rather than by sales. They do not reflect general stock-picking skills: former insiders earn significantly lower abnormal returns when trading in companies with which they have no affiliation. I show that former insiders’ informational advantage diminishes over time, but less so if they have ties to current insiders. The importance of such ties increases in the presence of value-relevant information. My results are consistent with former insiders benefiting from both a retained informational advantage and from inside information obtained post-separation when trading in inside stock.
35
Yuan, Daniel, e 袁義昕. "Insider Trading in Securities Market - A Information Property Perspective". Thesis, 2002. http://ndltd.ncl.edu.tw/handle/73766659954123093155.
Testo completo
36
Baty, Michael. "Insider trading as a signal used in investment decisions on the AltX : the influence of insider ownership and control". Diss., 2009. http://hdl.handle.net/2263/24090.
Testo completoAbstract (sommario):
Much work has been conducted on the signalling effect that a directors’ trade has on outsiders. This is based on the premise that insiders, or directors, shareholders and managers of companies have access to information about their companies that outsiders do not (Bhana, 2007; Fidrmuc, Goergen and Renneboog, 2006; Hodgson and van Praag, 2006), raising questions about the efficiency of markets (Fidrmuc, Goergen and Renneboog, 2004). Other research concludes that the greater the shareholding percentage or percentage control held by an insider, the greater would be their access to company information, and that this would lead directly to an increase in the strength of the signal to the market. Hillier and Marshall (2002) find that the abnormal returns occur most strongly where directors have increased their shareholding. Fidrmuc, Goergen and Renneboog in various studies found that the opposite is true, particularly for purchases, citing a perceived danger of increased entrenchment as the reason for this anomaly. This study will use the AltX of the JSE and attempt to show that there is a positive return on shareholder investment following an insider purchase and a negative return on investment following an insider sale as outsiders react to these signals and the information contained in these trades. This study will also attempt to prove that the percentage control of a director who purchases their own shares has an inverse relationship to the abnormal returns. This study uses the event study methodology and analyses the abnormal returns in the event windows extending back to twenty days prior to the events and for the following twenty days after the event. Abnormal returns are modelled using the control portfolio model of Mordant and Muller (2003) which is based on the Fama and French Three-Factor model. These abnormal returns are then tested for significance using T-tests and the bootstrapping technique. Relationships between shareholding interest and returns is established using linear correlation. No statistical significance could be found on the returns compared to the market following either a purchase or sale insider trade. However, it was found that the reaction to purchases was significantly higher than the reaction to sales, and results indicate that the reaction to sales on the AltX of the JSE leads to abnormal losses in the short term. This study finds that there is no indistinguishable relationship between shareholding and returns that are different to zero. While it is clear that other bourses internationally demonstrate clear evidence of the existence of signals contained in insider trades, and other South African studies find corroborative evidence on the JSE main board, there is no evidence that insider trades on the AltX contain any signalling value in them for outsiders, particularly pertaining to purchases. Although not economically significant, sales do suggest that there is information contained in the trade, but is this reaction in the market due to the information contained in the trade, or simply due to a culture of trading on market sentiment?Dissertation (MBA)--University of Pretoria, 2010.
Gordon Institute of Business Science (GIBS)
unrestricted
37
Lo, Hsiao-Wen, e 羅筱文. "Should Debt Securities Be Covered by the Insider Trading Regulations?" Thesis, 2009. http://ndltd.ncl.edu.tw/handle/36667173413250823389.
Testo completoAbstract (sommario):
碩士中原大學
財經法律研究所
97
Abstract Article 157-1 is the most important law for governing insider trading in Taiwan. While Article 157-1 covers only equity securities, Article 6 defines securities to include both equity and non-equity securities. Does the discrepancy between these two Articles create a loophole? The legislators in Taiwan seem to think so, as a new bill that adds non-equity securities to the insider trading regulations has passed the First Reading. I disagree with that opinion, and this paper discusses the rationales for the disagreement. The regulations of insider trading are usually justified on the bases of fairness and/or other equity grounds because insiders have access to confidential information their counterparties in the markets do not have. However, privileged information exists in all kinds of market, why single out the stock market? This paper seeks to answer this question through comparative analysis of legal regimes in the United States, where Taiwan borrowed most of its insider trading regulations. I first discuss why debt securities are excluded from insider trading regulations in the United States. I will then focus on the theoretical foundation of Article 157-1 and why non-equity securities should not be included in the insider trading regulations.
38
LIN, HSIN TI, e 林欣笛. "The Decriminalization of Insider Trading in Securities Market of Taiwan". Thesis, 2011. http://ndltd.ncl.edu.tw/handle/51504253863891297863.
Testo completoAbstract (sommario):
碩士國立中央大學
產業經濟研究所
99
According to Taiwan’s Securities and Exchange Act, the sentence of insider trading is three to ten years in prison if the illegal profit was less than one hundred million NT dollars. And at least seven years sentence if the illegal profit was more than one hundred million NT dollars. The sentence of insider trading in Taiwan is so severe that it should be reexamined its rationality and justification. To criminalize insider trading, the legislators concluded several reasons as follow: 1. Refer to foreign legislation. 2. Maintain the fair trading of securities market. 3. Deter insider trading. This article analyzed those reasons above and pointed out the varying views in some legal issue. Checking the existed cases of insider trading in Taiwan, there are different opinions on many law issues. It is still pending whether the sentence of insider trading is matched up with the principles of Criminal Law, which is modest consideration, profit protection, statutory principle, proportional principle and possibilities expectation. The sentence of insider trading was revised more and more severe in the past. This article analyzed insider trading in economic aspect to bring more extensive eyesight, reconsidered the rationality and justification to the criminalization of insider trading, and finally summitted some advices to decriminalization of insider trading in securities market of Taiwan.
39
"Stock price synchronicity and insider trading: the evidence from China". 2011. http://library.cuhk.edu.hk/record=b5894861.
Testo completoAbstract (sommario):
Zhang, Yujie."August 2011."
Thesis (M.Phil.)--Chinese University of Hong Kong, 2011.
Includes bibliographical references (leaves 53-56).
Abstracts in English and Chinese.
Abstract --- p.ii
摘要 --- p.iii
Acknowledgement --- p.iv
Chapter 1. --- Introduction --- p.1
Chapter 2. --- Institutional background and research hypotheses --- p.8
Chapter 2.1 --- Rules and regulations in China --- p.8
Chapter 2.2 --- Ownership structure and corporate governance in China --- p.11
Chapter 2.3 --- Research hypothesis --- p.13
Chapter 3. --- Construction of variables and model specification --- p.17
Chapter 3.1 --- Stock return synchronicity (SYNCH) --- p.17
Chapter 3.2 --- Insider trading --- p.18
Chapter 3.3 --- Control variables --- p.21
Chapter 3.4 --- Ownership structure and corporate governance indicators --- p.23
Chapter 4. --- Descriptive statistics --- p.30
Chapter 4.1 --- Insider trading --- p.31
Chapter 4.2 --- Synchronicity --- p.34
Chapter 4.3 --- Summary of all variables --- p.35
Chapter 5. --- Regression analysis --- p.37
Chapter 5.1 --- Effect of insider trading on stock price synchronicity --- p.37
Chapter 5.2 --- Effect of insider trading by different identities on stock price synchronicity --- p.39
Chapter 5.3 --- Effect of insider trading on stock price synchronicity under various corporate governance --- p.42
Chapter 6. --- Robustness checks --- p.46
Chapter 6.1 --- insider trading and industry-level return --- p.46
Chapter 6.2 --- The effect of insider trading on industry vs. firm-specific earnings information --- p.47
Chapter 7. --- Conclusions --- p.51
References: --- p.53
Appendix: Variable definitions: --- p.80
40
Sidgman, Jurgen. "Analysis of Form 4 SEC electronic delivery system and information content of footnote disclosures /". 2009. http://proquest.umi.com/pqdweb?did=1757299021&sid=4&Fmt=2&clientId=14215&RQT=309&VName=PQD.
Testo completoAbstract (sommario):
Thesis (Ph.D.)--University of Nebraska-Lincoln, 2009.Title from title screen (site viewed October 15, 2009). PDF text: viii, 117 p. : ill. ; 1.43 Mb. UMI publication number: AAT 3355631. Includes bibliographical references. Also available in microfilm and microfiche formats.
41
"Insider trading and market reaction: the change in disclosure regulations". 2006. http://library.cuhk.edu.hk/record=b5892921.
Testo completoAbstract (sommario):
Wan Yanyan.Thesis (M.Phil.)--Chinese University of Hong Kong, 2006.
Includes bibliographical references (leaves 53-56).
Abstracts in English and Chinese.
Chapter I. --- Introduction --- p.1
Chapter II --- Disclosure of Interests (DI) Regimes in Hong Kong --- p.5
Chapter II.1. --- Development of Disclosure of Interests (DI) Regulations --- p.5
Chapter II.2. --- Differences in Two Disclosure of Interests (DI) Regimes --- p.8
Chapter III. --- Literature Review and Hypotheses --- p.11
Chapter IV. --- Data and Methodology --- p.15
Chapter IV.1. --- Data --- p.15
Chapter IV.2. --- Descriptive Statistics --- p.20
Chapter IV.3. --- Methodology --- p.22
Chapter V. --- Results --- p.24
Chapter V.1. --- Market Reaction to Insiders，Transactions --- p.24
Chapter V.2. --- Information Asymmetry Hypothesis --- p.28
Chapter V.2.1. --- Company Size Effect --- p.28
Chapter V.2.2. --- Index Membership Effect --- p.32
Chapter V.2.3. --- Industry Effect --- p.34
Chapter V.2.4. --- Tests of Information Asymmetry Hypothesis for Subsamples --- p.41
Chapter V.3. --- The Effect of Different DI Regulations --- p.42
Chapter V.3.1. --- Full Sample --- p.43
Chapter V.3.2. --- Subsamples --- p.48
Chapter VI. --- Conclusion --- p.49
Reference --- p.53
Appendices --- p.57
Appendix 1 --- p.57
Appendix 2 --- p.67
Appendix 3 --- p.70
42
"Insider trading in the Hong Kong stock market: facts and analyses". 2001. http://library.cuhk.edu.hk/record=b5890690.
Testo completoAbstract (sommario):
Cheuk Man Yin.Thesis (M.Phil.)--Chinese University of Hong Kong, 2001.
Includes bibliographical references (leaves 87-94).
Abstracts in English and Chinese.
ABSTRACT --- p.i
ACKNOWLEDGEMENT --- p.iv
TABLE OF CONTENTS --- p.v
LIST OF TABLES --- p.viii
Chapter
Chapter I. --- INTRODUCTION --- p.1
Chapter 1.1 --- Introduction --- p.1
Chapter 1.2 --- Objectives --- p.5
Chapter II. --- LITERATURE REVIEW --- p.7
Chapter 2.1 --- Backgrounds --- p.7
Chapter 2.1.1 --- Information Content and Predictability of Insider Trading --- p.7
Chapter 2.1.2 --- "Market Efficiency, Market Liquidity and Insider Trading" --- p.9
Chapter 2.2 --- Review of Insider Trading Literature --- p.11
Chapter 2.2.1 --- Review of Studies on the U.S. Market --- p.11
Chapter 2.2.2 --- Review of Studies on the European and Canadian Markets --- p.17
Chapter 2.2.3 --- Review of Studies on the Emerging Stock Markets --- p.18
Chapter III. --- INSIDER TRADING REGULATION IN HONG KONG --- p.20
Chapter 3.1 --- Backgrounds: Arguments For and Against Insider Trading --- p.20
Chapter 3.2 --- The Securities (Insider Dealing) Ordinance --- p.22
Chapter 3.3 --- The Securities (Disclosure of Interests) Ordinance --- p.23
Chapter IV. --- DATA AND METHODOLOGY --- p.27
Chapter 4.1 --- Data --- p.27
Chapter 4.2 --- Statistics on Insider Trading Samples --- p.33
Chapter 4.2.1 --- Statistics on Entire Sample --- p.33
Chapter 4.2.2 --- Statistics by Year of Transaction --- p.34
Chapter 4.2.3 --- Statistics by Calendar Month of Transaction --- p.36
Chapter 4.2.4 --- Statistics by Day of the Week of Transaction --- p.37
Chapter 4.2.5 --- Statistics by Industry Classification of the Firm --- p.38
Chapter 4.2.6 --- Statistics by Size of the Firm --- p.38
Chapter 4.2.7 --- Statistics by Book-to-Market Ratio of the Firm --- p.39
Chapter 4.2.8 --- Statistics by Price-Earnings Ratio of the Firm --- p.40
Chapter 4.2.9 --- Statistics by Relative Trading Volume in Shares --- p.41
Chapter 4.2.10 --- Statistics by Firm Size and Relative Trading Volume in Shares --- p.43
Chapter 4.3 --- Methodology --- p.43
Chapter 4.3.1 --- Measurement of Stock Price Performance for Insider Trading Events --- p.43
Chapter 4.3.2 --- Aggregate Industry-wide Insider Trading Prior to Major Adjustment in the AOI Sectorial Index --- p.47
Chapter V. --- EMPIRICAL RESULTS AND DISCUSSIONS --- p.51
Chapter 5.1 --- Stock Price Performance Around Insider Trading Events: Abnormal Returns and Cumulative Abnormal Returns --- p.51
Chapter 5.1.1 --- On the Entire Sample --- p.51
Chapter 5.1.2 --- By Year of Transaction --- p.55
Chapter 5.1.3 --- By Calendar Month of Transaction --- p.59
Chapter 5.1.4 --- By Day of the Week of Transaction --- p.61
Chapter 5.1.5 --- By Industry Classification of the Firm --- p.62
Chapter 5.1.6 --- By Size of the Firm --- p.64
Chapter 5.1.7 --- By Book-to-Market Ratio of the Firm --- p.66
Chapter 5.1.8 --- By Price-Earnings Ratio of the Firm --- p.67
Chapter 5.1.9 --- By Relative Trading Volume in Shares --- p.69
Chapter 5.1.10 --- By Firm Size and Relative Trading Volume in Shares --- p.70
Chapter 5.2 --- Aggregate Industry-wide Insider Trading Prior to Major Adjustment in the AOI Sectorial Index --- p.74
Chapter 5.2.1 --- Finance Industry --- p.76
Chapter 5.2.2 --- Utilities Industry --- p.77
Chapter 5.2.3 --- Properties Industry --- p.78
Chapter 5.2.4 --- Consolidated Enterprises Industry --- p.80
Chapter 5.2.5 --- Industrials Industry --- p.81
Chapter 5.2.6 --- Hotels Industry --- p.82
Chapter VI. --- CONCLUDING REMARKS --- p.85
BIBLIOGRAPHY --- p.87
43
SHIN, LAI SHIN, e 賴欣欣. "The Insider Trading of Securities Exchange Law---Critical viewpoints of Criminal Law". Thesis, 2002. http://ndltd.ncl.edu.tw/handle/01917413637505398564.
Testo completo
44
Yi-Chun, Lu, e 盧怡君. "The Research about The Regulated Subjects of Insider Trading in Securities Exchange Act and Futures Trading Act". Thesis, 2011. http://ndltd.ncl.edu.tw/handle/18271531285885899114.
Testo completoAbstract (sommario):
碩士玄奘大學
法律學系碩士班
99
Because of the Securities Exchange Act and Futures Trading Act of differences in law-making background, resulting in R.O.C. must be strictly distinguished by the Securities and Futures jurisdiction and application. It only regulates participants in the securities market by Securities Exchange Act, and then Futures Trading Act also regulates participants in the futures market. The results of such a specification may be because of the law-making background; however, in view of financial products are derivative and innovates constantly on the market and futures market transactions more derivatives derived from stocks or other equity securities. When securities market and futures market trade with a certain degree of relevance of the subject, the transaction prices will inevitably produce a situation of mutual influence. In other words, when the Securities and Exchange Act and the Futures Trading Act regulate their own market participants only, they ignore the possibility of cross-market transactions. It can be easily affected on the characteristics with the market price by using its stock market or futures market to know enough information about the trading price on another trading market concentratively to manage derivatives or securities transactions, so the perpetrator is able to relatively favorable transaction price, snatch buy or sold into the initiative and the purchase price or higher for the lower selling price in order to obtain greater benefits of the spread. Even man transacts more secretively, it does not have to trade the same commodity, but also through the sale of related financial products or more complex derivatives to get the purpose of engaging in insider trading. So hope the following article is discussed about regulated subjects by the Securities Exchange and Futures Trading Act of insider trading to highlight R.O.C.'s lack of subjects as well as the need for the integration of the subjects.
45
Matos, Cátia Isabel Correia Rosa Miguel de. "Insider trading: o abuso de informação privilegiada". Master's thesis, 2017. http://hdl.handle.net/10071/17573.
Testo completoAbstract (sommario):
The financial market should be guided by its efficiency, integrity, transparency
and equal access to information. All these values are called upon question by situations
of market abuse, such as the crime of insider trading.
The illicit of insider trading occurs when a person possesses inside information
and uses that information by acquiring or disposing of, for its own account or for the
account of a third party, directly or indirectly, financial instruments to which that
information relate, obtaining for himself an undue benefit from the inside information to
the disadvantage of third parties who are unaware of such information. This illicit
practice results in the weakening of the integrity of financial markets and investor
confidence.
In order to ensure the integrity of the markets and the trust of the acting agents,
the practice of insider trading crime should be censored and, as a consequence,
sanctions should be applied.O mercado de valores mobiliários dever ser pautado pela sua eficiência, integridade, transparência e igualdade de acesso à informação. Todos estes valores são postos em causa com as situações de abuso de mercado, como é exemplo o crime de abuso de informação privilegiada. O ilícito de "insider trading" ocorre quando uma pessoa que dispõe de informação privilegiada utiliza essa informação ao adquirir ou alienar, por sua conta ou por conta de um terceiro, direta ou indiretamente, instrumentos financeiros a que essa informação diz respeito, obtendo para si um benefício indevido a partir da informação privilegiada em detrimento de terceiros que desconhecem tal informação. Esta prática ilícita resulta na fragilização da integridade dos mercados financeiros e da confiança dos investidores. Por forma a garantir a integridade dos mercados e confiança dos agentes que lá atuam, a prática do crime de abuso de informação privilegiada deve ser censurada e, como consequência, ser aplicadas as devias sanções.
46
Lu, Kuo-Pin, e 呂國平. "The Research of Insider Trading in Securities Regulation in The View of Economic Analysis". Thesis, 2007. http://ndltd.ncl.edu.tw/handle/a6mudz.
Testo completoAbstract (sommario):
碩士銘傳大學
法律學系碩士班
95
The stock market is the window of the economic developments.It’s the place for companies to raise capital easily. The investors will get enormous profit losses when a corporate insider purchases or sells securities on the basis of material, non-public information .Insider trading is harmful for trading order and destroy the confidence of investors and thus lessens both liquidity and investment in the stock market. For instance, the Enron and Worldcom debacles led to significant new developments in the area of enforcement and disclosure. First, pursuant to the Sarbanes-Oxley Act enacted July 30, 2002 to increase the public confidence in the U.S. public securities markets. U.S. insider trading regulation can best deter unlawful activity and support and promote the integrity of the securities markets if it more clearly and precisely identifies and punishes those who undermine or challenge that market integrity by engaging in transactions based on their privileged access to significant, undisclosed information. Insider trading occurs frequently in the Taiwan stock market. For instance, Lee Jin-chan the chief of The Financial Examination Bureau disclosed material, nonpublic information（accounting fraud）to Lin Ming-dar and his friends and they all used the information to sell stock in the Taiwan listed company, Power Quotitent International Corporation, that they have traded on profitably. Recently, Dr. Chao Chien-ming, President Chen Shui-bian’s son-in-law was held incommunicado at the Taipei detention house in Tucheng on suspicion of insider trading on May 25, 2006. He was notorious all over the world. From the mentioned above, the issue of insider trading has never disappeared from academic and public policy debates during the past four decades, and this practice has attracted a great deal of publicity and near-universal condemnation. Recently, and in the wake of the stock market decline and numerous corporate scandals, insider trading, treated as one of the chief symptoms of the business world''s corruption, once again captured public attention. In order to avoid deterring investors from making trades in the future, the insiders should be punished for trading based on the information in most countries. However, many law and economic scholars have argued that market efficiency as a goal is consistent with the idea of easing restrictions on insider trading. This research primarily focuses on “Is it necessary that insider trading should be punished？” by the view of economic analysis . The scheme of the research comprises seven parts as follows： Part I illustrates the motives, goal, methods, limitations and realm of this paper. Part II illustrates some fundamental concepts and theories. For example, maxmizing utility, efficiency and equity, Game Theory, Coase Theorem etc. Part III focuses on the brief introduction about the definition of insider trading and the necessity that insider trading should be punished. Part IV discusses the basic structure of insider trading regulation in the United States. This Part reviews the common-law development of insider trading laws under section 10(b) of the Securities Exchange Act and SEC Rule 10b-5 promulgated thereunder. In doing so, this Part examines the four theories of insider trading：the disclosure or abstain , fiduciary duty ,classical and misappropriation theories. Misappropriation liability is an insider trading theory of relatively recent vintage, only having been endorsed by the U.S. Supreme Court in 1997. Accordingly, there is much room for interpretation of its various facets. Part V explores the insider trading regulation in Taiwan. Meanwhile, this Part discusses some case of the insider trading in Taiwan by the view of economic analysis Part VI bases its interpretation in the view of economic analysis, by which to explore the problems of insider trading, such as Pareto efficiency, the noise theory, the random walk theory and efficient market hypothesis. This Part also discusses the correlation of increasing the punishment and reducing the crime of the insider trading by the analysis of regression. Part VII ultimately concludes this research.
47
Liu, Cheng-Yong, e 劉成墉. "The Knowing Possession versus Use Debate on Insider Trading Prohibition under Securities Exchange Law". Thesis, 2009. http://ndltd.ncl.edu.tw/handle/02416645405570568097.
Testo completoAbstract (sommario):
碩士銘傳大學
法律學系碩士班
97
This thesis is to explore the "Knowing Possession" versus "Use" debate on insider trading prohibition under Securities Exchange Law, focusing on: does the plaintiff need to demonstrate the causal connection between the material nonpublic information and the defendants'' trading? Commentators supporting "Knowing Possession" standard claim that the plaintiff need not prove that the defendants purchased or sold securities because of the material nonpublic information that they knowingly possessed. It is sufficient if the plaintiff proves that the defendants purchased or sold securities while knowingly in possession of the material nonpublic information. However, Commentators supporting "Use" standard deem that the plaintiff must, at a minimum, prove that the suspect used the information in formulating or consummating his trade. In United State, this debate originated from a circuit split among federal courts as to insider trading’s "Scienter" requirement. In order to settle the dispute, SEC promulgated Rule 10b5-1 in 2000, imposing liability when a person is "aware" of the material nonpublic information when they participate in a securities trade. Nevertheless, U. S. courts and commentators still doubt whether "aware" standard really resolve the problem. In Taiwan, article 157-1, Paragraph 1 of the Securities and Exchange Law imposes liability when a person is learning about the material nonpublic information when they trade. Even so, the reasons of amendment to that article in 1988 revealed that insider trading is someone "using" the material nonpublic information to trade. The split opinions showed that there is "Knowing Possession" versus "Use" debate in Taiwan since 1988. The author discusses the debate in Taiwan, and advocates possible solutions to the dilemma in this thesis. The scheme of this thesis comprises six chapters as follows: Chapter I illustrates the motives, methods and realm of this thesis. Chapter II explores the theoretical underpinnings of insider trading regulation. First of all, the author illustrates several theories in U.S., and then explores the theoretical underpinnings of insider trading regulation in Taiwan. In the end, the author stands for the Information Property Theory, and advocates that the insider trading prohibition is more easily justified as a means of protecting property rights in information than as a way of protecting investors. And that property right is assigned to corporation paying to produce information. The rationale for assigning the property right to the firm is precisely the same as the rationale for prohibiting patent infringement or theft of trade secrets: protecting the economic incentive to produce socially valuable information. Chapter III illustrates the "Knowing Possession" versus "Use" debate on insider trading prohibition in U.S. before 2000. The federal judicial decisions in three recent cases frame the debate. The Second Circuit in United States v. Teicher stated in dicta that possession of material nonpublic information was the correct standard for courts to use in cases of insider trading. In SEC v. Adler and United States v. Smith, the Eleventh and Ninth Circuits, respectively, found that actual use of nonpublic information was necessary to find that an insider trading violation occurred. Chapter IV explores the recent situation of the debate in U.S. The SEC promulgated Rule 10b5-1 in 2000 to resolve the circuit split between the possession or use standards in cases of insider trading. Although debate existed over whether or not the SEC should offer a formal definition, the SEC determined that the time had come to provide a definition and contended that "aware" standard including several affirmative defenses best satisfy the goals of insider trading laws to protect investors and the market. However, most U.S. courts and some commentators don’t agree with SEC on "aware" standard, and still support "Knowing Possession" or "Use" standard. In sum, this debate exists in U.S. until now. Chapter V illustrates the "Knowing Possession" versus "Use" debate on insider trading prohibition in Taiwan. As we know, article 157-1, Paragraph 1 of the Securities and Exchange Law imposes liability when a person is learning about the material nonpublic information when they trade. However, the reasons of amendment to that article in 1988 revealed that insider trading is someone "using" the material nonpublic information to trade. The split opinions showed that there is "Knowing Possession" versus "Use" debate in Taiwan. After carefully studying major opinions made by courts and commentators, the author uses the former analysis of Chapter II ~ IV to discuss the debate in several aspects, including the theoretical underpinnings of insider trading regulation, Principles of Proportionality, Principles of the Clearness, and Subjective Constitutive Requirement and its proof. Finally, this thesis argues, for a violation of insider trading regulation, the plaintiff must, at a minimum, prove that: (1) there is a causal connection between the material nonpublic information and the defendants'' trading; (2) no matter having any intention or not, the defendants should willfully violate insider trading regulation. Chapter VI reviews all discussions in this thesis. The author advocates two possible solutions to the dilemma.
48
Lin, Chiou-Ping, e 林秋萍. "The Development of materiality in Insider Trading Cases under Securities Exchange Act of 1934". Thesis, 2012. http://ndltd.ncl.edu.tw/handle/29055256868696490615.
Testo completoAbstract (sommario):
碩士銘傳大學
法律學系碩士班
100
Recently, insider trading cases have attracted public. As the amount of money in issue from the litigation always comes to the insanity price, these cases bring in people’s astonishment, As a result, insider trading phenomenon turns into a popular and public issue. In our country, Security Exchange Law follows the United States’. The goal of its regulations is to effectively protect the order in securities market, to promote the economic efficiency and to avoid securities investors losing confidence in participating capital market. Nevertheless, the key element of insider trading regulation, “materiality” is either vague or uncertain. The way how to apply lacks of identical and unequivocal standards. However, “materiality” is often a key to judge whether the information is important and further whether committing a crime or incur liability under insider trading regime. Thus, to provide judicial courts a reference to judge materiality in specific cases, our Securities and Exchange Law Article 157-1, Paragraph 4, empowers securities authority to establish “Regulations Governing the Scope of Material Information and the Means of its Public Disclosure Under Article 157-1, Paragraph 4, of the Securities and Exchange Act” in administrative decree on Jan. 11th 2006, but there is still room for explanation. For determining materiality in judicial cases, it’s always relating to the finances or businesses of a company that would have a material impact on its stock price. Although it’s limited to foregoing information, there’s still certain range. Securities and Exchange Law Enforcement Rules Article 7 has regulated particular circumstances; nonetheless, making a comprehensive view of our courts can know that they have different opinions for “materiality.” Therefore, it’s necessary to thoroughly survey this part. This study is going to analyze the insider trading cases decided by the federal courts of the United States and focusing on the criterions of materiality to provide our courts guidelines to consider in their future cases.
49
"Market supervision by Hong Kong regulators on disclosure of interests and insider dealing". 1999. http://library.cuhk.edu.hk/record=b5889471.
Testo completoAbstract (sommario):
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
50
Lee, Su-Ming, e 李樹敏. "A stufocus on Act 157 of Taiwanese dy on the concept of「Insider」in insider trading regulation-with Securities act". Thesis, 2015. http://ndltd.ncl.edu.tw/handle/n3cw3a.
Testo completoAbstract (sommario):
碩士國立臺灣海洋大學
海洋法律研究所
103
Securities trading method 157th article of 1 1th items 5th paragraph provides, from company directors, and monitored people, and managers, and holdings over 10% 10% shareholders and the based on career or control relationship was informed that news of people, that for "news subject people" (Tippee), actual knows issued stock company has major effects the company stock price of news Shi, in the news clear Hou, not public Qian or public Hou 18 hours within, Shall not on the company of listed or in securities commercial business premises sale of stock or other has equity nature of securities, itself or to others name buy or sold, otherwise will faced people, and criminal of v Chase; with method 4th items provides, news subject people for preceding paragraph damage compensation, should and 1th items 1th paragraph to 4th paragraph provides news of people, negative joint compensation responsibility, but Qian said provides news of people has due reason left card the news has public who, not must burden compensation responsibility. However, securities trading method for news subject people applies range of defined not clear, except since company internal people directly made news who (doctrine called "directly news subject people" or "first-hand news subject people") outside, since first-hand news subject people again line passed and obtained news of "far from news subject people" (RemoteTippee, doctrine or called distant news subject people, and indirect news subject people or second hand news subject people), whether also by banned inside trading of limit? This paper will start with United States law and regulations and practices, and then discusses the theory and judicial practice views, and presents views and analysis, and proposals for amendments.