Insider trading: regulation, risk reallocation, and welfare

Publication:
Insider trading: regulation, risk reallocation, and welfare

dc.affiliation.dpto	UC3M. Departamento de Economía	es
dc.contributor.author	Estrada, Javier
dc.contributor.editor	Universidad Carlos III de Madrid. Departamento de Economía
dc.date.accessioned	2009-04-07T10:00:48Z
dc.date.available	2009-04-07T10:00:48Z
dc.date.issued	1995-02
dc.description.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.
dc.format.mimetype	application/pdf
dc.identifier.issn	2340-5031
dc.identifier.uri	http://hdl.handle.net/10016/3900
dc.language.iso	eng
dc.relation.ispartofseries	UC3M Working Paper. Economics;
dc.relation.ispartofseries	1995-08-04
dc.rights	Atribución-NoComercial-SinDerivadas 3.0 España
dc.rights.accessRights	open access
dc.rights.uri	http://creativecommons.org/licenses/by-nc-nd/3.0/es/
dc.subject.eciencia	Economía
dc.subject.other	Insider trading
dc.subject.other	Securities Regulation
dc.title	Insider trading: regulation, risk reallocation, and welfare
dc.type	working paper	*
dspace.entity.type	Publication