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APPROACHES TO INSIDER TRADING

Year 2017, Volume: 4 Issue: 2, 5 - 19, 29.12.2017
https://doi.org/10.30798/makuiibf.295925

Abstract

Insider trading prevents transparency of the market and undermines the investors’ confidence. Although it is
forbidden at many financial markets, it has not been decided whether to forbit or not. With the increasing
number of countries which have stock exchange, there is an increasing number of countries that promulgate
regulations. However, less than half of the countries apply regulations. In this study, prohibitive and supportive
approaches to insider trading are reviewed and the topic is discussed with its sociologic, economic and judicial
dimensions. The research concludes that socioeconomic impacts of insider trading to market, especially to
investors, must be empirically tested.

References

  • BEBCHUK, L.A., & CHAIM, Fershtman (1990), “The effect of insider trading on insiders' reaction to opportunities to “waste” corporate value”, Northwestern University Kellogg Business School, Discussion Paper 889, 1-30
  • BENY, L.N. (2004), “A comparative empirical investigation of agency and market theories of insider trading”, Law & Economics Working Papers, 1-67
  • BERGMANS, Bernhard (1991). Inside information and securities trading: a legal and economic analysis of the foundations of liability in the U.S.A. and the European community, Graham & Trotman
  • BHATTACHARYA, Utpal, DAOUK, Hazem (2002), “The world price of insider trading”, The Journal of Finance, 57(1), 75-108
  • BRIS, Arturo (2005), “Do insider trading laws work. European Financial Management”, 11(5), 267-312
  • BRODSKY, D.M. (1984), “Insider trading and the insider trading sanctions act of 1984: new wine into new bottles?”, Washington And Lee Law Review, 41(3), 921-941
  • BRUDNEY, Victor (1979), “Insiders, outsiders, and informational advantages under the federal securities laws”, Harvard Law Review, 93(2), 322-376
  • CACCESE, Michael S. (1997), ”Insider trading laws and the role of securities analysts'”, Financial Analysts Journal, 53(2), 9-12
  • CARLTON, Dennis W., FISCHEL, Daniel R. (1982), “The regulation of insider trading”, Standford Law Review, 35, 857-895
  • CHUNG, Kee H., CHAROENWONG, Charlie (1998), “Insider trading and the bid-ask spread”, Financial Review, 33(1), 1-20
  • COLVIN, Oliver (1991), “A dynamic defination of and prohibition against insider trading”, Santa Clara Law Review, 31, 603-640
  • EASTERBROOK, Frank H., FISCHEL, Daniel R. (1996), “The economic structure of corporate law”, Harvard University Press
  • ESTRADA, Javier (1994), “Insider trading, regulation, deregulation and taxation”, Swiss Review of Business Law, 5, 209-218
  • FINNERTY, J.E. (1976), “Insiders' activity and inside information: a multivariate analysis”, The Journal of Financial and Quantitative Analysis, 11(2), 205-215.
  • GEORGAKOPOULOS, Nicholas (1993), “Insider trading as a transactional cost a market microstructure justification and optimization of insider trading regulation”, Connecticut Law Review, 26, 1-51
  • GOSHEN, Z., PARCHOMOVSKY, Giedeon (2001), “On insider trading, markets, and “negative” property rights in information”, Virginia Law Review, 87(7), 1229 – 1277
  • GRECHENIG, Kristoffel R. (2007), “Positive and negative information - insider trading rethought”, University Of St. Gallen Law School Law And Economics Research Paper Series, 28, 2-13
  • HAFT, Robert J. (1982), “The effect of insider trading rules on the internal efficiency of the large corporation”, Michigan Law Review, 80, 1051–1071
  • HENNING, Peter J. (2011), “Why is ınsider trading wrong?”, http://dealbook.nytimes.com/2011/04/11/Why-is-insider-trading-Wrong/, (Erişim: 20.05.2016)
  • JAFFE, J.F. (1974), “Special information and insider trading”, The Journal of Business, 47(3), 410-428
  • JEGADEESH, Narasimhan, KIM, J., D. KRISCHE, S., & LEE, M. C. (2004), “Analyzing the analysts: when do recommendations add value?”, Journal of Finance, 59, 1083-1124
  • JENSEN, Michael C., MECKLING, William H. (1976), “Theory of the firm: managerial behavior, agency costs, and ownership structure”, Journal of Financial Economics, 3(4), 1976, 305-360
  • JULAN, Du, SHANG-JIN, Wei (2004)”, Does insider trading raise market volatility”, The Economic Journal, 114(498), 2004, 916-942
  • KRAAKMAN, Reinier (1991), The legal theory of insider trading regulation in the United States, European insider dealing: law and practice, Lexis Law.
  • KYLE, A. S. (1985), “Continuous auctions and insider trading”, Econometrica, 53, 1315–1336
  • LANGEVOORT, Donald C. (2010), “Cross-Border insider trading”, Dickinson Journal of International Law, 19, 161-180
  • LIPPKE, R. (1993), “Justice and insider trading”, Journal of Applied Philosophy, 10(2), 215-226
  • LORIE, J. H., NIEDERHOFFER, V. (1968), “Predictive and statistical properties of insider trading”, Journal of Law And Economics, 11, 35-51
  • MACEY, J.R. (1984), “From fairness to contract: the new direction of the rules against insider trading”, Hofstra Law Review, 13(1), 9-64
  • MACEY, Jonathan R. (1988), “Ethics, economics and insider trading: Ayn Rand meets the theory of the firm”, Yale University Law School Faculty Scholarship Series, Paper 1738, 785-804

İÇERİDEN ÖĞRENENLER TİCARETİNE YAKLAŞIMLAR

Year 2017, Volume: 4 Issue: 2, 5 - 19, 29.12.2017
https://doi.org/10.30798/makuiibf.295925

Abstract

İçeriden öğrenenler ticareti,
piyasaların şeffaflığını engellemekte ve yatırımcıların piyasaya güvenini
sarsmaktadır. İçeriden öğrenenler ticareti günümüzde birçok finansal piyasada
yasaklanmış olmasına rağmen, yasaklanması veya serbest bırakılması konusunda
literatürde halen görüş birliğine varılamamıştır. Menkul kıymet borsası bulunan
ülke sayısındaki artışla birlikte, içeriden öğrenenler ticaretinin
engellenmesine yönelik düzenlemede bulunan ülke sayısında da artış yaşanmıştır.
Fakat bu ülkelerden yarısından daha azı, söz konusu düzenlemeleri
uygulamaktadır. Bu çalışmada, içeriden öğrenenler ticaretini destekleyici ve
yasaklayıcı yaklaşımlar incelenmiş olup; konu sosyolojik, ekonomik ve hukuki
boyutlarıyla ele alınmıştır. Çalışmada, içeriden öğrenenler ticaretinin yatırımcılar
başta olma üzere, piyasa oyuncularına sosyoekonomik etkilerinin test edilerek
tartışılması gerektiği sonucuna ulaşılmıştır.

References

  • BEBCHUK, L.A., & CHAIM, Fershtman (1990), “The effect of insider trading on insiders' reaction to opportunities to “waste” corporate value”, Northwestern University Kellogg Business School, Discussion Paper 889, 1-30
  • BENY, L.N. (2004), “A comparative empirical investigation of agency and market theories of insider trading”, Law & Economics Working Papers, 1-67
  • BERGMANS, Bernhard (1991). Inside information and securities trading: a legal and economic analysis of the foundations of liability in the U.S.A. and the European community, Graham & Trotman
  • BHATTACHARYA, Utpal, DAOUK, Hazem (2002), “The world price of insider trading”, The Journal of Finance, 57(1), 75-108
  • BRIS, Arturo (2005), “Do insider trading laws work. European Financial Management”, 11(5), 267-312
  • BRODSKY, D.M. (1984), “Insider trading and the insider trading sanctions act of 1984: new wine into new bottles?”, Washington And Lee Law Review, 41(3), 921-941
  • BRUDNEY, Victor (1979), “Insiders, outsiders, and informational advantages under the federal securities laws”, Harvard Law Review, 93(2), 322-376
  • CACCESE, Michael S. (1997), ”Insider trading laws and the role of securities analysts'”, Financial Analysts Journal, 53(2), 9-12
  • CARLTON, Dennis W., FISCHEL, Daniel R. (1982), “The regulation of insider trading”, Standford Law Review, 35, 857-895
  • CHUNG, Kee H., CHAROENWONG, Charlie (1998), “Insider trading and the bid-ask spread”, Financial Review, 33(1), 1-20
  • COLVIN, Oliver (1991), “A dynamic defination of and prohibition against insider trading”, Santa Clara Law Review, 31, 603-640
  • EASTERBROOK, Frank H., FISCHEL, Daniel R. (1996), “The economic structure of corporate law”, Harvard University Press
  • ESTRADA, Javier (1994), “Insider trading, regulation, deregulation and taxation”, Swiss Review of Business Law, 5, 209-218
  • FINNERTY, J.E. (1976), “Insiders' activity and inside information: a multivariate analysis”, The Journal of Financial and Quantitative Analysis, 11(2), 205-215.
  • GEORGAKOPOULOS, Nicholas (1993), “Insider trading as a transactional cost a market microstructure justification and optimization of insider trading regulation”, Connecticut Law Review, 26, 1-51
  • GOSHEN, Z., PARCHOMOVSKY, Giedeon (2001), “On insider trading, markets, and “negative” property rights in information”, Virginia Law Review, 87(7), 1229 – 1277
  • GRECHENIG, Kristoffel R. (2007), “Positive and negative information - insider trading rethought”, University Of St. Gallen Law School Law And Economics Research Paper Series, 28, 2-13
  • HAFT, Robert J. (1982), “The effect of insider trading rules on the internal efficiency of the large corporation”, Michigan Law Review, 80, 1051–1071
  • HENNING, Peter J. (2011), “Why is ınsider trading wrong?”, http://dealbook.nytimes.com/2011/04/11/Why-is-insider-trading-Wrong/, (Erişim: 20.05.2016)
  • JAFFE, J.F. (1974), “Special information and insider trading”, The Journal of Business, 47(3), 410-428
  • JEGADEESH, Narasimhan, KIM, J., D. KRISCHE, S., & LEE, M. C. (2004), “Analyzing the analysts: when do recommendations add value?”, Journal of Finance, 59, 1083-1124
  • JENSEN, Michael C., MECKLING, William H. (1976), “Theory of the firm: managerial behavior, agency costs, and ownership structure”, Journal of Financial Economics, 3(4), 1976, 305-360
  • JULAN, Du, SHANG-JIN, Wei (2004)”, Does insider trading raise market volatility”, The Economic Journal, 114(498), 2004, 916-942
  • KRAAKMAN, Reinier (1991), The legal theory of insider trading regulation in the United States, European insider dealing: law and practice, Lexis Law.
  • KYLE, A. S. (1985), “Continuous auctions and insider trading”, Econometrica, 53, 1315–1336
  • LANGEVOORT, Donald C. (2010), “Cross-Border insider trading”, Dickinson Journal of International Law, 19, 161-180
  • LIPPKE, R. (1993), “Justice and insider trading”, Journal of Applied Philosophy, 10(2), 215-226
  • LORIE, J. H., NIEDERHOFFER, V. (1968), “Predictive and statistical properties of insider trading”, Journal of Law And Economics, 11, 35-51
  • MACEY, J.R. (1984), “From fairness to contract: the new direction of the rules against insider trading”, Hofstra Law Review, 13(1), 9-64
  • MACEY, Jonathan R. (1988), “Ethics, economics and insider trading: Ayn Rand meets the theory of the firm”, Yale University Law School Faculty Scholarship Series, Paper 1738, 785-804
There are 30 citations in total.

Details

Primary Language Turkish
Subjects Business Administration
Journal Section Articles
Authors

M.fevzi Esen

Publication Date December 29, 2017
Submission Date March 2, 2017
Published in Issue Year 2017 Volume: 4 Issue: 2

Cite

APA Esen, M. (2017). İÇERİDEN ÖĞRENENLER TİCARETİNE YAKLAŞIMLAR. Journal of Mehmet Akif Ersoy University Economics and Administrative Sciences Faculty, 4(2), 5-19. https://doi.org/10.30798/makuiibf.295925