Gilbert, Aaron; Tourani-Rad, Alireza and Wisniewski, Tomasz Piotr
(2007).
| DOI (Digital Object Identifier) Link: | https://doi.org/10.1007/s11575-007-0043-z |
|---|---|
| Google Scholar: | Look up in Google Scholar |
Abstract
Abstract and Key Results
- Despite the importance of insider trading laws in promoting a strong financial market, the impact of regulations in minimizing the detrimental effects of insider trading is unsettled.
- We add to the literature by examining the impact of the introduction of the Securities Market Amendment Act 2002 in New Zealand on several aspects of the market, namely bid-ask spreads, liquidity, price volatility and the cost of capital.
- We find strong evidence of predicted reductions in the cost of capital, bid-ask spreads and volatility accompanied by increases in liquidity. We conclude that the change in regulations has had a positive impact on the market.
| Item Type: | Journal Item |
|---|---|
| Copyright Holders: | 2007 Gabler Verlag |
| ISSN: | 1861-8901 |
| Keywords: | Insider Trade; Regulatory Change; New Zealand |
| Academic Unit/School: | Faculty of Business and Law (FBL) > Business > Department for Accounting and Finance Faculty of Business and Law (FBL) > Business Faculty of Business and Law (FBL) |
| Item ID: | 55395 |
| Depositing User: | Tomasz Wisniewski |
| Date Deposited: | 12 Jun 2018 11:29 |
| Last Modified: | 08 Dec 2018 08:48 |
| URI: | http://oro.open.ac.uk/id/eprint/55395 |
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