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Exchange trading rules, surveillance and insider trading
Aitken, Michael; Cumming, Douglas; Zhan, Feng - 2013
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 … of each stock exchange, along with surveillance to detect non-compliance with such rules, we show that more detailed …
Persistent link: https://www.econbiz.de/10010326674
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High frequency trading and end-of-day price dislocation
Aitken, Michael; Cumming, Douglas; Zhan, Feng - 2013
month. Moreover, the effect of HFT is more pronounced than the role of trading rules, surveillance, enforcement and legal …
Persistent link: https://www.econbiz.de/10010326664
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Covid, work-from-home, and securities misconduct
Cumming, Douglas J.; Firth, Christopher; Gathergood, John; … - 2021
We consider whether traders are more likely to commit securities violations when trading at home, a new form of working induced by the Covid pandemic. We examine data pre- and post-Covid, during which some traders were unexpectedly forced to work at home. The data indicate the presence of both a...
Persistent link: https://www.econbiz.de/10012705612
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Challenges in Securities Markets Regulation: Investor Protection and Corporate Governance
Tucker, Paul; Haliassos, Michael; Kockelkoren, Theodor; … - 2015
On November 14th, 2014, SUERF – The European Money and Finance Forum – and CNMV, Comisión Nacional del Mercado de Valores – the Spanish Authority for supervision of securities markets – jointly organized a conference in Madrid: Challenges in Securities Markets Regulation: Investor...
Persistent link: https://www.econbiz.de/10011689966
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Is regulation essential to stock market development? Going public in London and Berlin, 1900-1913
Burhop, Carsten; Chambers, David; Cheffins, Brian - 2011
This study of initial public offerings (IPOs) carried out on the Berlin and London stock exchanges between 1900 and 1913 casts doubt on the received law and finance wisdom that legally mandated investor protection is pivotal to the development of capital markets. IPOs that resulted in official...
Persistent link: https://www.econbiz.de/10010286711
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Short-Selling Bans around the World: Evidence from the 2007-09 Crisis
Beber, Alessandro; Pagano, Marco - 2010
Most stock exchange regulators around the world reacted to the 2007-2009 crisis byimposing bans or regulatory …
Persistent link: https://www.econbiz.de/10010325910
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An empirical analysis of legal insider trading in the Netherlands
Degryse, Hans; de Jong, Frank; Lefebvre, Jérémie - 2009
In this paper, we employ a registry of legal insider trading for Dutch listed firms to investigate the information content of trades by corporate insiders. Using a standard event-study methodology, we examine short-term stock price behavior around trades. We find that purchases are followed by...
Persistent link: https://www.econbiz.de/10010274331
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Law, culture, and innovation
Cumming, Douglas; Johan, Sofia - 2017
This chapter reviews theoretical and empirical research on the relationship between legal systems and innovation and culture and innovation. We highlight legal and cultural forces that encourage innovation activities, including strong patent protection, entrepreneur-friendly bankruptcy laws, and...
Persistent link: https://www.econbiz.de/10011944177
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Information sales and insider trading with long-lived information
Cespa, Giovanni - 2007
Fundamental information resembles in many respects a durable good. Hence, the effects of its incorporation into stock prices depend on who is the agent controlling its flow. Like a durable goods monopolist, a monopolistic analyst selling information intertemporally competes against herself. This...
Persistent link: https://www.econbiz.de/10010284162
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Transparency through financial claims with fingerprints: A free market mechanism for preventing mortgage securitization induced financial crises
Gründl, Helmut; Post, Thomas - 2009
Lack of transparency in securitization transactions significantly contributed to the severe financial crisis of 20072009. To increase transparency we propose a new mechanism: financial claims with fingerprints. They would allow market participants at each stage of the securitization process to...
Persistent link: https://www.econbiz.de/10010265673