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- Title
THE HARM FROM INSIDER TRADING AND INFORMED SPECULATION.
- Authors
Manove, Michael
- Abstract
Insider traders and other speculators with private information are able to appropriate some part of the returns to corporate investments made at the expense of other shareholders. As a result, insider trading tends to discourage corporate investment and reduce the efficiency of corporate behavior. In the context of a theoretical model, measures that provide some indication of the sources and extent of the investment reduction are derived.
- Subjects
INSIDER trading in securities; STOCK exchanges; INVESTMENTS; STOCKBROKERS; CORPORATE culture
- Publication
Quarterly Journal of Economics, 1989, Vol 104, Issue 4, p823
- ISSN
0033-5533
- Publication type
Article
- DOI
10.2307/2937869