Bebchuk, Lucian A.; Fershtman, Chaim - 2021
corporate value but do not differ in the managerial effort involved. In the absence of insider trading, and as long as managers … choices inefficiently. With such trading, managers night elect to have a lower corporate value -- that is, they may 'waste …' corporate value -- because having such a value might enable them to make greeter trading profits. We analyze the conditions …