Author: Jon A. Garfinkel
Publisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
This paper finds new evidence that the threat of legal sanctions significantly affects the trading behavior of insiders. Specifically, I examine the effects of the Insider Trading and Securities Fraud Enforcement Act (ITSFEA) on insider trading around earnings announcements. Given ITSFEA's stated concern with trading on private information prior to its release, I argue that insiders may respond to the Act by shifting their trading to the post-announcement period. The evidence presented below is consistent with the argument that insiders responded to Congress' clear disdain for trading on private information prior to its release. Following the Act, insiders focus more of their trading after an earnings announcement than before one. Moreover, insiders trade less frequently and earn smaller profits on their trades around earnings announcements after the Act. Finally, the observed shift in trade timing after the Act is accompanied by a change in insider trading strategies. Specifically, insiders' pre-announcement trading was uncorrelated with earnings surprise prior to the Act, while subsequent to the Act, pre-announcement insider trading was decreasing in earnings surprise.
Insider Trading and Securities Fraud Enforcement Act (Itsfea).
Author: Jon A. Garfinkel
Publisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
This paper finds new evidence that the threat of legal sanctions significantly affects the trading behavior of insiders. Specifically, I examine the effects of the Insider Trading and Securities Fraud Enforcement Act (ITSFEA) on insider trading around earnings announcements. Given ITSFEA's stated concern with trading on private information prior to its release, I argue that insiders may respond to the Act by shifting their trading to the post-announcement period. The evidence presented below is consistent with the argument that insiders responded to Congress' clear disdain for trading on private information prior to its release. Following the Act, insiders focus more of their trading after an earnings announcement than before one. Moreover, insiders trade less frequently and earn smaller profits on their trades around earnings announcements after the Act. Finally, the observed shift in trade timing after the Act is accompanied by a change in insider trading strategies. Specifically, insiders' pre-announcement trading was uncorrelated with earnings surprise prior to the Act, while subsequent to the Act, pre-announcement insider trading was decreasing in earnings surprise.
Publisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
This paper finds new evidence that the threat of legal sanctions significantly affects the trading behavior of insiders. Specifically, I examine the effects of the Insider Trading and Securities Fraud Enforcement Act (ITSFEA) on insider trading around earnings announcements. Given ITSFEA's stated concern with trading on private information prior to its release, I argue that insiders may respond to the Act by shifting their trading to the post-announcement period. The evidence presented below is consistent with the argument that insiders responded to Congress' clear disdain for trading on private information prior to its release. Following the Act, insiders focus more of their trading after an earnings announcement than before one. Moreover, insiders trade less frequently and earn smaller profits on their trades around earnings announcements after the Act. Finally, the observed shift in trade timing after the Act is accompanied by a change in insider trading strategies. Specifically, insiders' pre-announcement trading was uncorrelated with earnings surprise prior to the Act, while subsequent to the Act, pre-announcement insider trading was decreasing in earnings surprise.
Insider Trading and Securities Fraud Enforcement Act of 1988 (ITSFEA)
Author: Steven Kent Baldridge
Publisher:
ISBN:
Category : Insider trading in securities
Languages : en
Pages : 74
Book Description
Publisher:
ISBN:
Category : Insider trading in securities
Languages : en
Pages : 74
Book Description
Insider Trading and Securities Fraud Enforcement Act of 1988
Author: Arthur F. Mathews
Publisher:
ISBN:
Category : Commercial crimes
Languages : en
Pages : 418
Book Description
Publisher:
ISBN:
Category : Commercial crimes
Languages : en
Pages : 418
Book Description
Ferrara on Insider Trading and the Wall
Author: Ralph C. Ferrara
Publisher: Law Journal Press
ISBN: 9781588520692
Category : Business & Economics
Languages : en
Pages : 960
Book Description
The authors analyze the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Sarbanes-Oxley Act and SEC regulations regarding selective disclosure and insider trading.
Publisher: Law Journal Press
ISBN: 9781588520692
Category : Business & Economics
Languages : en
Pages : 960
Book Description
The authors analyze the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Sarbanes-Oxley Act and SEC regulations regarding selective disclosure and insider trading.
Insider Trading and Securities Fraud Enforcement Act of 1988
Author: United States. Congress. House. Committee on Energy and Commerce
Publisher:
ISBN:
Category : Business ethics
Languages : en
Pages : 47
Book Description
Publisher:
ISBN:
Category : Business ethics
Languages : en
Pages : 47
Book Description
Insider Trading and Securities Fraud Enforcement Act of 1988
Author: Kirkland & Ellis (Firm)
Publisher:
ISBN:
Category : Commercial crimes
Languages : en
Pages :
Book Description
Publisher:
ISBN:
Category : Commercial crimes
Languages : en
Pages :
Book Description
Insider Trading, Fraud, and Fiduciary Duty Under the Federal Securities Laws
Author:
Publisher:
ISBN:
Category : Insider trading in securities
Languages : en
Pages : 618
Book Description
Publisher:
ISBN:
Category : Insider trading in securities
Languages : en
Pages : 618
Book Description
The Insider Trading and Securities Fraud Enforcement Act of 1988 and Expansion of Control Person Liability
Author: Samuel J. Winer
Publisher:
ISBN:
Category : Insider trading in securities
Languages : en
Pages : 106
Book Description
Publisher:
ISBN:
Category : Insider trading in securities
Languages : en
Pages : 106
Book Description
Insider Trading
Author: William K. S. Wang
Publisher: Aspen Publishers
ISBN:
Category : Business & Economics
Languages : en
Pages : 1288
Book Description
Here, at last, is a clear, practical guide on what's legal and what isn't in insider trading. It's the only book that gives you everything you need to: Identify every potential source of insider trading liability -- Deter inadvertent violations with an effective compliance program -- Raise powerful defenses to government and private actions, formations, and transactions. With comprehensive, up-to-date coverage and analysis of such significant aspects as government enforcement, which private plaintiffs can sue, and transnational transactions, you'll find more information -- and more readily usable strategy -- than in any other source on the subject. In one convenient volume, Insider Trading shows you all the ways to avoid liability exposure under all applicable law, including: The Supreme Court case, United States v. O'Hagan -- Federal mail and wire fraud statutes -- Section 10(b) and Section 16(b) -- Bilateral treaties and SEC memoranda with 21 foreign jurisdictions -- Transnational transactions -- State law pitfalls.
Publisher: Aspen Publishers
ISBN:
Category : Business & Economics
Languages : en
Pages : 1288
Book Description
Here, at last, is a clear, practical guide on what's legal and what isn't in insider trading. It's the only book that gives you everything you need to: Identify every potential source of insider trading liability -- Deter inadvertent violations with an effective compliance program -- Raise powerful defenses to government and private actions, formations, and transactions. With comprehensive, up-to-date coverage and analysis of such significant aspects as government enforcement, which private plaintiffs can sue, and transnational transactions, you'll find more information -- and more readily usable strategy -- than in any other source on the subject. In one convenient volume, Insider Trading shows you all the ways to avoid liability exposure under all applicable law, including: The Supreme Court case, United States v. O'Hagan -- Federal mail and wire fraud statutes -- Section 10(b) and Section 16(b) -- Bilateral treaties and SEC memoranda with 21 foreign jurisdictions -- Transnational transactions -- State law pitfalls.
Insider Trading and Securities Fraud
Author:
Publisher:
ISBN:
Category : Consolidation and merger of corporations
Languages : en
Pages : 1436
Book Description
Publisher:
ISBN:
Category : Consolidation and merger of corporations
Languages : en
Pages : 1436
Book Description