search query: @indexterm Insider trading / total: 155
reference: 75 / 155
| Author: | Schirmeister, R. Wippler, A. |
| Title: | Informationseffizienz versus Kapitalmarktliquidität: Anmerkungen zu Insidergeschäften aus betriebswirtschaftlicher Sicht vor dem Hintergrund der Einführung eines Insiderhandelsverbots in Deutschland. |
| Journal: | Journal für Betriebswirtschaft
1995 : VOL. 45:4, p. 244-255 |
| Index terms: | INSIDER TRADING REGULATIONS SHARE PRICES STOCK MARKETS FINANCIAL INTERMEDIARIES GERMANY |
| Language: | ger |
| Abstract: | The new regulatory system of insider trading in Germany is discussed from an economic perspective. Efficiency considerations show that insider trading accelerates price adjustment to new information and therefore has a signalling effect on other investors. This criterion, however, has to be weighted against liquidity problems that may occur as outsiders refrain from trading as a result of their eroded confidence in the financial markets. The new German insider regulation has the primary aim to foster the national security markets by making them more attractive to (foreign) investors. At this point, however, it is impossible to conclude whether or not insider trading can effectively be banned from the capital market, especially as the prohibitiv system makes the conditions of insider trading for quasi-insiders - financial intermediaries - more favourable. |
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