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| Author: | McGee, R.W. |
| Title: | Analyzing insider trading from the perspectives of utilitarian ethics and rights theory |
| Journal: | Journal of Business Ethics
2010 : JAN, VOL. 91:1 p. 65-82 |
| Index terms: | insider trading ethics asymmetric information |
| Freeterms: | utilitarian rights theory level playing field fiduciary duty |
| Language: | eng |
| Abstract: | The paper applies two ethical principles, utilitarianism and rights theory, to determine when, and in what circumstances, insider trading is ethical. The views of Henry Manne, an early advocate of insider trading, are critically investigated, as are the major arguments against insider trading. The paper provides comments on the many arguments that have been made over the last few decades and presents an opinion on the strengths and weaknesses of the several positions that have been taken in the literature. The paper concludes by suggesting some guidelines or principles to determine when insider trading should be punished and when it should not. |
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