Insider trading laws and stock markets around the world: an empirical contribution to the theoretical law and economics debate.

The Journal of Corporation Law | January 1, 2007| | Copyright

ABSTRACT

The primary goal of this Article is to bring empirical evidence to bear on the heretofore largely theoretical law and economics debate about insider trading. The Article first summarizes various agency, market, and contractual (or "Coasian") theories of insider trading propounded over the course of this longstanding debate. The Article then proposes three testable hypotheses regarding the relationship between insider trading laws and several measures of stock market performance. Exploiting the natural variation of international data, the Article finds that ...

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