search query: @indexterm Insider trading / total: 155
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| Author: | Kose, John Narayanan, Ranga |
| Title: | Market manipulation and the role of insider trading regulations |
| Journal: | Journal of Business
1997 : APR, VOL. 70:2, p. 217-247 |
| Index terms: | INSIDER TRADING REGULATIONS SPECULATION |
| Language: | eng |
| Abstract: | The authors argue that regulation requiring corporate insiders to disclose their trades ex post creates incentives for informed insiders to manipulate the market by trading against their information. Insiders' trading profits increase when they maintain information advantage over the market for a longer period of time which lowers initial bid-ask spreads. The article shows how the insider's likelyhood of manipulation is affected by her information advantage , the number other insiders, market liquidity, the early arrival of public information, and the choice of trade size. |
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