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Note on Insider Trading


R. Edward Freeman


University of Virginia - Darden School of Business

Rebecca Villa


affiliation not provided to SSRN

Andrew Wicks


University of Virginia - Darden School of Business

Darden Case No.: UVA-E-0069

Abstract:     
The action of insider trading is examined in its legal perspective, namely, as fraud. The proof of insider trading hinges on several factors, including the definition of nonpublic information, the action of an insider who is consciously trading or enabling others to trade on inside information, and the breach of fiduciary responsibility. The "test of scienter" requires the deliberate attempt to deceive, manipulate, or defraud. This note examines several court cases in relation to these factors.

Number of Pages in PDF File: 10

Keywords: business and society, fraud, investment banking, legal aspects, regulation

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Date posted: October 21, 2008  

Suggested Citation

Freeman, R. Edward, Villa, Rebecca and Wicks, Andrew, Note on Insider Trading. Darden Case No. UVA-E-0069. Available at SSRN: http://ssrn.com/abstract=908123

Contact Information

R. Edward Freeman (Contact Author)
University of Virginia (UVA) - Darden School of Business ( email )
P.O. Box 6550
Charlottesville, VA 22906-6550
United States
804-924-0935 (Phone)
804-924-6378 (Fax)
HOME PAGE: http://www.darden.virginia.edu/faculty/freeman.htm
Rebecca Villa
affiliation not provided to SSRN
No Address Available
Andrew Wicks
University of Virginia (UVA) - Darden School of Business ( email )
P.O. Box 6550
Charlottesville, VA 22906-6550
United States
HOME PAGE: http://www.darden.virginia.edu/faculty/wicks.htm
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