Estrada, JavierUniversidad Carlos III de Madrid. Departamento de Economía2009-04-072009-04-071995-022340-5031https://hdl.handle.net/10016/3900I 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.application/pdfengAtribución-NoComercial-SinDerivadas 3.0 EspañaInsider tradingSecurities Regulationworking paperEconomíaopen access