INSIDER TRADING: THE CASE AGAINST THE “VICTIMLESS CRIME” HYPOTHESIS

Norman Douglas

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Securities Regulation and Market Practices Financial Markets and Investment Strategies Corporate Finance and Governance

Abstract

ABSTRACT This paper challenges the long held hypothesis that insider trading is a victimless crime. Using utility maximization analysis, the author examines both the good news and bad news cases. Injury is demonstrated. Separability of the insider's trade from the insider's information monopoly is also examined utilizing the generally accepted market structure analysis. Separability is rejected.

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1978The Private and Social Value of Information and the Reward to Inventive Activity 1969Information and Efficiency: Another Viewpoint 1972Information and Efficiency:Another Viewpoint 1976INSIDERS AND MARKET EFFICIENCY 2016Where Are We in the Theory of Information 1974The Effect of Regulation Changes on Insider Trading 1971Information and Capital Markets 1965The stock market and economic efficiency

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1991The Consequences of Insider Trading and the Role of Academic Research

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