search query: @indexterm INSIDER TRADING / total: 155
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| Author: | Bhattacharya, U. Daouk, H. |
| Title: | When no law is better than a good law |
| Journal: | Review of finance
2009 : OCT, VOL. 13:4, p. 577-627 |
| Index terms: | securities insider trading law international |
| Language: | eng |
| Abstract: | In this paper, it is argued both theoretically and empirically that sometimes no securities (hereafter as: sects.) law may be better than a good sects. law without enforcement. The sufficient conditions (here as: suff-cnds.) are formalized, and a specific sects. law, that is, the law prohibiting insider trading, is shown to be possibly satisfying the suff-cnds. This prediction is taken to the data. The cost of equity is found to be actually rising when some countries enact an insider trading law without enforcing it. |
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