A substantive body of equity-market academic research documents an extensive range of costs arising from the SEC's October 2000 adoption of strictures on selective disclosure and insider trading; suggesting an unusual outcome, specifically, an increase in informed trading. We investigate the...

We investigate the effects of government oversight, such as the Federal Reserve, on trading based on material non-public information by examining the impact of regulatory supervision at the firm level. We categorize firms in financial services, pharmaceuticals, and utilities as supervised....

We investigate the impact of government agency oversight, such as by the Federal Reserve, on insider trading at the firm level. Regulatory supervision potentially limits trading based on material, nonpublic information, as it provides another layer of corporate governance to mitigate outflows of...