The world price of insider trading

被引：626

作者：

Bhattacharya, U ^{[1
]}

Daouk, H ^{[1
]}

机构：

[1] Indiana Univ, Kelley Sch Business, Bloomington, IN 47401 USA

来源：

JOURNAL OF FINANCE | 2002年 / 57卷 / 01期

关键词：

D O I：

10.1111/1540-6261.00416

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The existence and the enforcement of insider trading laws in stock markets is a phenomenon of the 1990s. A study of the 103 countries that have stock markets reveals that insider trading laws exist in 87 of them, but enforcement-as evidenced by prosecutions-has taken place in only 38 of them. Before 1990, the respective numbers were 34 and 9. We find that the cost of equity in a country, after controlling for a number of other variables, does not change after the introduction of insider trading laws, but decreases significantly after the first prosecution.

引用

页码：75 / 108

页数：34

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