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| Tekijä: | Estrada, J. |
| Otsikko: | Insider trading: regulation, securities markets, and welfare under risk aversion |
| Lehti: | Quarterly Review of Economics and Finance
1995 : WINTER, VOL. 35:4, p. 421-450 |
| Asiasana: | TRADE REGULATIONS WELFARE RISK |
| Kieli: | eng |
| Tiivistelmä: | The author analyses in this article the impact of insider trading regulation (ITR) on a securities market and on social welfare, and argues that the imposition of ITR forces a reallocation of wealth and risk that decreases social welfare. Three reasons explain this result: First, ITR increases the volatility of securities prices; second, it worsens the risk sharing among investors; and third, it diverts resources from the productive sector of the economy. Further, although the author formally establishes conditions under which ITR makes society better off , he argues that those conditions are not useful to justify the imposition of this regulation. |
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