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The Efficacy Of Insider Trading Regulation: An Analysis Of The 1942 Introduction Of Sec Rule 10b-5, Kamila Melikova, Eric Hughson
The Efficacy Of Insider Trading Regulation: An Analysis Of The 1942 Introduction Of Sec Rule 10b-5, Kamila Melikova, Eric Hughson
CMC Senior Theses
Existing research has thoroughly examined the impact of insider trading regulations, finding mixed results regarding the effectiveness of new law introductions. Although this topic has received considerable attention, there is still a notable lack of research on the first regulation of insider trading: the 1942 introduction of Section 10(b), an amendment to the Securities Exchange Act of 1934. This paper uses a newly compiled dataset of earnings announcements from large public companies between 1937 and 1946, combined with event study methodology, to investigate the effectiveness of the very first ban on insider trading. Through the application of t-tests and regression …
The Rise Of The Dark Side: Dark Pool Trading And The Two-Tiered Implication, Katerina Ruth Mills
The Rise Of The Dark Side: Dark Pool Trading And The Two-Tiered Implication, Katerina Ruth Mills
Electronic Theses and Dissertations
The United States equity market is made up of both private and public trading venues, creating a framework dark and light trading liquidity. Private or non-publicly visible liquidity is housed in dark venues while liquidity visible to the public sits in light locations. Light markets follow strict real-time public reporting requirements for trade volume and price; their dark counterparts execute transactions without a real-time reporting requirement. The informational asymmetries that result from this difference in reporting create a "two-tiered" market. The dark sector's participants know both the public and dark, private, trade volumes and price, while the public participating in …