Visualizzazione post con etichetta insider trading. Mostra tutti i post
Visualizzazione post con etichetta insider trading. Mostra tutti i post

giovedì 4 agosto 2016

What do we really know about insider traders?

http://marginalrevolution.com/marginalrevolution/2016/08/what-do-we-really-know-about-insider-traders.html

Some aspects come pretty close to what we see in the movies. The average insider trader is 43 years old, and nine out of 10 are male. The practice also seems correlated with some features of recklessness: Insider traders are younger than their associates, less likely to own real estate, and have fewer family members on average. More than half have criminal records, with almost all charges stemming from traffic violations.

To my eye, the most striking data involve personal connections: Insider traders appear to be pretty careful in choosing their accomplices. Of the known pairs of people who provide and act upon private information (“tipper and tippee”), 64 percent met before college, and 16 percent met in college or graduate school. Another 23 percent are family relations — more siblings and parents than aunts and uncles, despite the added capital that the latter might have provided. Tips are also commonly shared among people with ethnically similar surnames: Of 24 tips coming from people with Celtic surnames, for example, 14 went to individuals who also had Celtic surnames.

The choice of accomplices demonstrates how hard it is to trust people you haven’t known very long, especially if you’re not all that trustworthy yourself. It also implies that modern corporations are, in some ways, more honest places than one might think. Not that people are always so law-abiding; rather, many workplace relationships may be too superficial and too transient to develop the trust and cooperation typically required for villainy and law-breaking.

giovedì 7 novembre 2013

venerdì 1 luglio 2011

IT

The problem is that outlawing IT and enforcing the law rigorously ensures that share prices (or whatever the asset is) do NOT...repeat NOT...reflect all the information available about their future profitability. This argument is quite persuasive to me.

http://mungowitzend.blogspot.com/2011/07/should-we-allow-insider-trading.html#links

domenica 29 agosto 2010

Todd Henderson sull' Insider trading

"Todd’s findings in the paper “are in line with Henry Manne’s original thesis from nearly 40 years ago that insider trading didn’t diminish firm market value on net and may serve a useful purpose as an executive compensation device to motivate managers to maximize the value of the firm.”


http://truthonthemarket.com/2010/10/03/brad-delong-on-todd-henderson/

lunedì 22 marzo 2010

Insider Trading? Don't worry.

Tre argomenti pro:

1. non crea danno per gli investitori di lungo periodo;

2. internalizza l' innovazione e la funzione imprenditoriale;

3. rende disponibili a tutti le informazioni.

Fonte: Henry Manne - The collected works of HM - Liberty Fund

martedì 20 ottobre 2009

Apologetica dell' IT

In difesa dell' Insider trading, altrochè.

link

E allora perchè lo si vieta? Perchè, senza sfavorire la società, sfavorisce la maggioranza dei votanti.