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The Efficient Capital Market Hypothesis, Chaos Theory, and the Insider Filing Requirements of the Securities and Exchange Act of 1934: The Predictive Power of Form 4 Filings

30 Pages Posted: 24 May 2009  

Patrick J. Glen

Government of the United States of America - Department of Justice

Date Written: May 23, 2009

Abstract

This article is primarily an examination of whether the filing of form 4's under the '34 Act has a particular effect on the movement of securities prices. The ultimate results are then analyzed under traditional market theories, which are introduced earlier in the paper. The main question presented is the worth of information for traders. If chaos theory is correct in the weight it gives to information, then the filing requirements become very important, as does any movement that could be associated with those requirements. The paper is an initial step in an area that has not been addressed to a large extent, and could serve as the departure point for more rigorous empirical study of the questions presented.

Keywords: corporate law, securities law, chaos theory, efficient capital market hypothesis

Suggested Citation

Glen, Patrick J., The Efficient Capital Market Hypothesis, Chaos Theory, and the Insider Filing Requirements of the Securities and Exchange Act of 1934: The Predictive Power of Form 4 Filings (May 23, 2009). Fordham Journal of Corporate and Financial Law, Vol. 11, No. 1, 2005. Available at SSRN: https://ssrn.com/abstract=1409206

Patrick James Glen (Contact Author)

Government of the United States of America - Department of Justice ( email )

950 Pennsylvania Avenue, NW
Washington, DC 20530-0001
United States
202-305-7232 (Phone)

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