Journal
JOURNAL OF CORPORATE FINANCE
Volume 34, Issue -, Pages 311-330Publisher
ELSEVIER SCIENCE BV
DOI: 10.1016/j.jcorpfin.2015.07.013
Keywords
Insider trading; Surveillance; Exchange trading rules; Law and finance
Categories
Funding
- Investment Industry Regulatory Organization of Canada (IIROC)
- Capital Markets CRC Limited
- Social Sciences and Humanities Research Council of Canada
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We examine the impact of stock exchange trading rules and surveillance on the frequency and severity of suspected insider trading cases in 22 stock exchanges around the world over the period January 2003 through June 2011. Using new indices for market manipulation, insider trading, and broker agency conflict based on the specific provisions of the trading rules of each stock exchange, along with surveillance to detect non-compliance with such rules, we show that more detailed exchange trading rules and surveillance over time and across markets significantly reduce the number of suspected cases, but increase the profits per suspected case. (C) 2015 Elsevier B.V. All rights reserved.
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