Insiders and the law: the impact of Regulatory Change on Insider Trading

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dc.contributor.authorGilbert, A
dc.contributor.authorTourani-Rad, A
dc.contributor.authorWisniewski, T
dc.date.accessioned2011-02-21T02:49:18Z
dc.date.available2011-02-21T02:49:18Z
dc.date.copyright2004
dc.date.created2004
dc.date.issued2004
dc.description.abstractThe impact of regulations in minimizing the detrimental effects of insider trading is unsettled. In this paper, we investigate the impact of the introduction of the Securities Market Amendment Act 2002 in New Zealand on several aspects of the market. After examining a sample of companies listed before and after the new laws introduction, we find strong evidence of a reduction in the cost of capital, bid-ask spreads and volatility accompanied by increases in liquidity, all as predicted. We conclude that the change in regulations has had a positive impact on the market.
dc.identifier.other14-2004
dc.identifier.urihttps://hdl.handle.net/10292/1143
dc.publisherAUT Faculty of Business
dc.relation.urihttp://www.aut.ac.nz/__data/assets/pdf_file/0006/48471/enterprise_and_innovation_14-2004.pdf
dc.rights2004 © - Copyright of the Author(s)
dc.rights.accessrightsOpenAccess
dc.sourceEnterprise and Innovation, 2004, 14
dc.subjectInsider Trading
dc.subjectMarket Microstructure
dc.subjectRegulation
dc.subjectCost of Capital
dc.titleInsiders and the law: the impact of Regulatory Change on Insider Trading
dc.typeWorking Paper
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