Abstract

http://ssrn.com/abstract=2101826
 
 

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Exchange Trading Rules, Surveillance, and Insider Trading


Douglas J. Cumming


York University - Schulich School of Business

Feng Zhan


York University - Schulich School of Business

Michael J. Aitken


University of New South Wales (UNSW) - School of Banking and Finance; Centre for International Finance and Regulation (CIFR); Financial Research Network (FIRN)

October 15, 2013


Abstract:     
We examine the impact of stock exchange trading rules and surveillance on the frequency and severity of suspected insider trading cases in 22 stock exchanges around the world over the period January 2003 through June 2011. Using new indices for market manipulation, insider trading, and broker-agency conflict based on the specific provisions of the trading rules of each stock exchange, along with surveillance to detect non-compliance with such rules, we show that more detailed exchange trading rules and surveillance over time and across markets significantly reduce the number of cases, but increase the profits per case.

Number of Pages in PDF File: 52

Keywords: Insider trading, Surveillance, Exchange Trading Rules, Law and Finance

JEL Classification: G12, G14, G18, K22

working papers series


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Date posted: July 7, 2012 ; Last revised: October 29, 2013

Suggested Citation

Cumming, Douglas J. and Zhan, Feng and Aitken, Michael J., Exchange Trading Rules, Surveillance, and Insider Trading (October 15, 2013). Available at SSRN: http://ssrn.com/abstract=2101826 or http://dx.doi.org/10.2139/ssrn.2101826

Contact Information

Douglas J. Cumming
York University - Schulich School of Business ( email )
4700 Keele Street
Toronto, Ontario M3J 1P3
Canada
HOME PAGE: http://www.venturecapitalprivateequitycontracting.com/
Feng Zhan (Contact Author)
York University - Schulich School of Business ( email )
4700 Keele Street
Toronto, Ontario M3J 1P3
Canada
Michael J. Aitken
University of New South Wales (UNSW) - School of Banking and Finance ( email )
Sydney, NSW 2052
Australia
+61 2 9299 1883 (Phone)
+61 2 9299 1830 (Fax)
Centre for International Finance and Regulation (CIFR) ( email )
Level 7, UNSW CBD Campus
1 O'Connell Street
Sydney, NSW 2000
Australia

Financial Research Network (FIRN)
C/- University of Queensland Business School
St Lucia, 4071 Brisbane
Queensland
Australia

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References:  62
Citations:  2

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