In most capital markets, insider trading is the most common violation of securities law. It is also the most well known, inspiring countless movie plots and attracting scholars with a broad range of backgrounds and interests, from pure legal doctrine to empirical analysis to complex economic theory. This volume brings together original cutting-edge research in these and other areas written by leading experts in insider trading law and economics. The book begins with a section devoted to legal issues surrounding the US's ban on insider trading, which is one of the oldest and most energetically enforced in the world. Using this section as a foundation, contributors go on to discuss several specific court cases as well as important developments in empirical research on the subject. The book concludes with a section devoted to international perspectives, providing insight into insider trading laws in China, Japan, Australia, New Zealand, the United Kingdom and the European Union. This timely and comprehensive volume will appeal to students and professors of law and economics, as well as scholars, researchers and practitioners with an interest in insider trading.
Contents: 1. An Overview of Insider Trading Law and Policy: An Introduction to The Insider Trading Research Handbook Stephen M. Bainbridge PART I: USA LAW AND POLICY 2. Launching the Insider Trading Revolution: SEC v. Capital Gains Research Bureau A.C. Pritchard 3. What were they Thinking? Insider Trading and the Scienter Requirement Donald C. Langevoort 4. Entrepreneurship, Compensation, and the Corporation Henry G. Manne 5. Regulating Insider Trading in the Post-Fiduciary Duty Era: Equal Access or Property Rights? Stephen M. Bainbridge 6. The Facebook Effect: Secondary Markets and Insider Trading in Today's Startup Environment Stephen F. Diamond 7. Regulation FD: An Alternative Approach to Addressing Information Asymmetry Jill Fisch 8. Decision Theory and the Case for an Optional Disclosure-Based Regime for Regulating Insider Trading Thomas A. Lambert PART II: STUDIES OF SPECIFIC DEFENDANTS 9. Applying Insider Trading Law to Congressmen, Government Officials, and the Political Intelligence Industry J.W. Verret 10. What Governmental Insider Trading Teaches Us About Corporate Insider Trading Sung Hui Kim 11. A Portrait of the Insider Trader as a Woman Joan MacLeod Heminway PART III: EMPIRICAL RESEARCH 12. Has Illegal Insider Trading Become More Rampant in the United States? Empirical Evidence from Takeovers Laura Nyantung Beny and H. Nejat Seyhun 13. The Changing Demand for Insider Trading Regulation M. Todd Henderson 14. Insider Trading: What is Seen and What is Not Seen Alexandre Padilla 15. The Political Economy of Insider Trading Laws and Enforcement: Law vs. Politics? International Evidence Laura Nyantung Beny PART IV. GLOBAL PERSPECTIVES SECTION A. ASIA 16. The Regulation of Insider Trading in China: Law and Enforcement Hui Huang 17. Punishing Possession - China's All-Embracing Insider Trading Enforcement Regime Nicholas Calcina Howson 18. Insider Trading Regulation in Japan J. Mark Ramseyer SECTION B. AUSTRALASIA 19. Insider Trading in Australia Keith Kendall and Gordon Walker 20. Insider Trading Law in New Zealand Gordon R. Walker and Andrew F. Simpson SECTION C. EUROPE 21. UK Insider Dealing and Market Abuse Law: Strengthening Regulatory Law to Combat Market Misconduct Kern Alexander 22. Insider Trading in European Law Katja Langenbucher 23. Takeover Bids and Insider Trading Matthijs Nelemans and Michael Schouten
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