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| we950804.pdf | -- 2009-04-07 -- Available on Internet -- preprint | 295,84 kB | Adobe PDF | |  |
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| Title: | Insider trading: regulation, risk reallocation, and welfare |
| Author(s): | Estrada, Javier |
| Publisher: | Universidad Carlos III de Madrid. Departamento de Economía |
| Issued date: | Feb-1995 |
| URI: | http://hdl.handle.net/10016/3900 |
| Abstract: | I argue in this paper that the imposition of insider trading regulations on a securities market generates not on1y a reallocation of wealth from insiders to liquidity traders, but also a reallocation of risk from the former to the latter. I further argue that, although the wealth reallocation has no impact on social welfare, under plausible assumptions, the risk reallocation imposes a cost on society. |
| Serie / Nº.: | UC3M Working Paper. Economics;
1995-08-04 |
| Keywords: | Insider trading
Securities Regulation |
| Appears in Collections: | Economists Online
DE - Working Papers. Economics. WE
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