search query: @author Fishman, M. / total: 3
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| Author: | Fishman, M. Hagerty, K. |
| Title: | The mandatory disclosure of trades and market liquidity |
| Journal: | Review of Financial Studies
1995 : FALL, VOL. 8:3, p. 637-676 |
| Index terms: | DISCLOSURE TRADE MARKETS LIQUIDITY |
| Language: | eng |
| Abstract: | Financial market regulations require various "insiders" to disclose their trades after the trades are made. The authors show that such mandatory disclosure rules can increase insiders' expected trading profits. This is because disclosure leads to profitable trading opportunities for insiders even if they possess no private information on the asset's value. The authors also show that insiders will generally not voluntarily disclose their trades. |
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