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http://ssrn.com/abstract=249708
 
 

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The World Price of Insider Trading


Utpal Bhattacharya


Indiana University - Department of Finance

Hazem Daouk


Cornell University - School of Applied Economics and Management


Journal of Finance, February 2002

Abstract:     
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.

Does this matter? 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.

Number of Pages in PDF File: 47

Keywords: Insider trading, cost of equity, international finance

JEL Classification: G14, G15

Accepted Paper Series


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Date posted: December 22, 2000  

Suggested Citation

Bhattacharya , Utpal and Daouk, Hazem, The World Price of Insider Trading. Journal of Finance, February 2002. Available at SSRN: http://ssrn.com/abstract=249708

Contact Information

Utpal Bhattacharya (Contact Author)
Indiana University - Department of Finance ( email )
1309 E. 10th St.
Bloomington, IN 47405
United States
812-855-3413 (Phone)
812-855-5875 (Fax)
HOME PAGE: http://www.kelley.iu.edu/ubhattac/
Hazem Daouk
Cornell University - School of Applied Economics and Management ( email )
446 Warren Hall
Ithaca, NY 14853
United States
331-45-78-63-88 (Fax)
HOME PAGE: http://courses.cit.cornell.edu/hd35/
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