Impact of investor meetings/presentations on share prices, insider trading and securities regulation
نویسندگان
چکیده
منابع مشابه
Impact of Investor Meetings/Presentations on Share Prices, Insider Trading and Securities Regulation
The purpose of this article is to investigate whether the securities regulation put forward by the EU contributes to an efficient stock market. An event study of investor meetings/presentations held by listed Danish firms is conducted. The article finds significantly positive abnormal returns a few days around investor meetings. Share turnover reaches maximum one day after investor meetings. Th...
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I clnulyze in this article the imp& ojinsideltrading regulatron (ITRJ on (I securities market and ML soctal welfure, and argue that the in+osition “j ITR forces n reallocation of wealth and rusk thut decreases social welj&e. Three wason.~ pxfiloin &IIU result: First, ITR inrrzuses the volutdity of securitiesprices; second, it worsens the Ibk s/la&g “mong investors; and, third, it dzverts resoux...
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Managements (“insiders”) of many corporations, especially small or newly-public firms, invest considerable resources in investor relations. We develop a model to explore the incentives of insiders to undertake such costly investments. We point out that insiders may undertake such investments not necessarily to improve the share price, but to enhance the liquidity of their block of shares. This ...
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I argue in this article that the imposition of insider trading regulation on a securities market generates not only a reallocation of wealth from insiders to liquidity traders, but also a reallocation of risk from the former to the latter. I show that this reallocation of risk (usually ignored in the literature), unlike the reallocation of wealth (usually addressed in the literature), has a cri...
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I consider in this paper the impact of insider trading regulation (ITR) on a securities markets and on social welfare, and suggest that society would be better off if ITR were eliminated. In addition, acknowledging that such an abrupt change in policy is not likely to be made, at least in the short run, I propose two alternative policies, both consisting of allowing insider trading and imposing...
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ژورنال
عنوان ژورنال: International Review of Law and Economics
سال: 2003
ISSN: 0144-8188
DOI: 10.1016/j.irle.2003.09.001