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Culture And Enforcement Effects On Insider Trading, Market Reactions, And Firm Value: Evidence From The Market Abuse Regulation, Amanda M. Olsen
Culture And Enforcement Effects On Insider Trading, Market Reactions, And Firm Value: Evidence From The Market Abuse Regulation, Amanda M. Olsen
Doctoral Dissertations
This dissertation examines the changes to the European Union (EU) law on market abuse, market manipulation, and insider trading regulation made when the Market Abuse Regulation (MAR) was enacted. I detail the changes in comparison to the previous legislation under the Market Abuse Directive (MAD) and changes several Member States made to their domestic legislation to achieve compliance with MAR. I highlight the sanctions imposed in several Member States to argue the severity of punishment under MAR. This analysis provides evidence that MAR brought about a plausibly exogenous shock to the cost of insider trading. Next, I examine the effects …