This Essay briefly reexamines the great debates on the role of insider trading in the corporate system from the perspectives of efficiency of capital markets, harm to individual investors, and executive compensation. The focus is on the mystery of why trading by all kinds of insiders as well as...

Prior to 1862, with insignificant exceptions, American colleges and universities were either strongly tied to a particular religious denomination or they reflected an elitist social consciousness that, like religion, helped define the “mission” of the schools. The non-profit status (usually...