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Exchange Trading Rules, Surveillance, and Insider TradingDouglas CummingYork University - Schulich School of Business Feng ZhanYork University - Schulich School of Business Michael J. AitkenUniversity of New South Wales (UNSW) - School of Banking and Finance; Financial Research Network (FIRN) July 6, 2012 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 - June 2011. Using new indices for market manipulation, insider trading, and broker-agency conflict based on the specific provisions in the trading rules of each stock exchange, along with surveillance of 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: 35 Keywords: Insider trading, Surveillance, Exchange Trading Rules, Law and Finance JEL Classification: G12, G14, G18, K22 working papers seriesDate posted: July 7, 2012 ; Last revised: October 8, 2012Suggested CitationContact Information
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