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| Author: | Gilbert, A. Tourani-Rad, A. Wisniewski, T.P. |
| Title: | Insiders and the law: the impact of regulatory change on insider trading |
| Journal: | Management International Review
2007 : VOL. 47:5, p. 745-765 |
| Index terms: | insider trading regulations law change New Zealand |
| Language: | eng |
| Abstract: | The authors research the impact of the initiation of the Securities Market Amendment Act 2002 in New Zealand on various aspects of the market, namely bid-ask spreads, liquidity, price volatility and the cost of capital. The authors found strong evidence of predicted reductions in the cost of capital, bid-ask spreads and volatility accompanied by increases in liquidity; concluding that the change in regulations had a strenghtening effect on the market. |
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