Legal risk and insider trading
Do illegal insiders internalize legal risk? We address this question with hand-collected data from 530 SEC (the U.S. Securities and Exchange Commission) investigations. Using two plausibly exogenous shocks to expected penalties, we show that insiders trade less aggressively and earlier and concentra...
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| Main Authors: | , |
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| Format: | text |
| Language: | English |
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Institutional Knowledge at Singapore Management University
2024
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| Subjects: | |
| Online Access: | https://ink.library.smu.edu.sg/lkcsb_research/7420 https://ink.library.smu.edu.sg/context/lkcsb_research/article/8419/viewcontent/LegalRiskInsiderTrading_pvoa_cc_by.pdf |
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| Institution: | Singapore Management University |
| Language: | English |