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Gilbert, Aaron; Tourani-Rad, Alireza and Wisniewski, Tomasz Piotr
(2007).
DOI: https://doi.org/10.1007/s11575-007-0043-z
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.
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About
- Item ORO ID
- 55395
- Item Type
- Journal Item
- ISSN
- 1861-8901
- Keywords
- Insider Trade; Regulatory Change; New Zealand
- Academic Unit or 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) - Copyright Holders
- © 2007 Gabler Verlag
- Depositing User
- Tomasz Wisniewski