Do insiders play by the rules?

被引：8
|
作者：
McNally, WJ [1 ]
Smith, BF [1 ]
机构：
[1] Wilfrid Laurier Univ, Sch Business & Econ, Clar Financial Serv Res Ctr, Waterloo, ON N2L 3C5, Canada
来源：
CANADIAN PUBLIC POLICY-ANALYSE DE POLITIQUES | 2003年 / 29卷 / 02期
关键词：
D O I：
10.2307/3552451
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
The article studies compliance with insider trading regulations of the Ontario Securities Act (OSA) and the Toronto Stock Exchange. In contrast to the scarcity of prosecutions, we find large-scale evidence of insider trading and reporting violations. For example, from 1987 to 2000, approximately 50 percent of firms engaging in stock buybacks do not disclose their trades to the Ontario Securities Commission as required under the OSA. Furthermore, the volume of insider trading is much higher than expected before material news announcements. We offer a number of policy prescriptions to improve compliance.
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页码：125 / 144
页数：20
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