Open Access. Powered by Scholars. Published by Universities.®
Business Law, Public Responsibility, and Ethics Commons™
Open Access. Powered by Scholars. Published by Universities.®
Articles 1 - 2 of 2
Full-Text Articles in Business Law, Public Responsibility, and Ethics
Insider Trading Enforcement And The Private Information Environment: Evidence From The Newman Ruling, Andrew T. Pierce
Insider Trading Enforcement And The Private Information Environment: Evidence From The Newman Ruling, Andrew T. Pierce
Graduate Theses and Dissertations
I exploit a shock to U.S. insider trading law to investigate whether a reduction in the enforceability of tipper-tippee insider trading restrictions leads to changes in information parity among investors and the efficiency of price discovery. The December 2014 Federal Second Circuit Court of Appeals ruling in US v. Newman constrained enforcement by restricting the types of exchanges between managers and investors that trigger tipper-tippee insider trading liability. Following Newman, I find that Second Circuit hedge funds experienced a significant increase in their stock picking ability of Second Circuit stocks in terms of preempting future earnings announcement returns and future …
You Can Run But You Can’T Hide: The Advance Of Shareholder Activism, Kendall Greenberg
You Can Run But You Can’T Hide: The Advance Of Shareholder Activism, Kendall Greenberg
CMC Senior Theses
Shareholder activism has exploded in popularity since the turn of the century, due in large part to impressive relative returns generated by its major participants. The result has thus been a surge in assets invested in the category, to in excess of $170 billion today up from less than $3 billion in 2000 (Inglis 2015; Romito 2015). This influx of capital, in absolute dollars and pace of growth, has caused many to wonder whether activists truly create shareholder value and, if so, if the value generated is sustainable. Numerous studies of activist interventions prior to 2009 reveal significant stock price …