Download or read book German Insider and Stock Exchange Law written by Konrad Mohr and published by . This book was released on 1994-01 with total page 339 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Insider Regulation and Timely Disclosure written by Klaus J. Hopt and published by Springer. This book was released on 1996-02-27 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: The general problems regarding the timely topic of regulation of insider dealing and timely disclosure of new facts are discussed in a comparative fashion in this lecture in the light of the EC Directive of 13 November 1989 And The German Securities Exchange Act. In particular, attention is given to efforts to harmonize German law with the EC Directive.
Download or read book German Securities Regulation written by Hartmut Krause and published by Butterworths. This book was released on 2001 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt: This new title is the only book to provide an English translation of German securities law and regulatory Codes, along with the text in the original language. The book covers statutory and regulatory provisions dealing with the admission of securities for listing at a Stock Exchange, the distribution of non-listed securities and the rights and obligations resulting from public offerings and exchange listings. It also includes prohibition of insider trading, duty to disclose information, disclosure of shareholdings and the regulation of takeover bids.The book contains: The Stock Exchange Act Regulations concerning the Admission of Securities to the Official List of a Stock Exchange Securities Prospectus Act Regulations on Securities Propectuses Securities Trading Act Takeover Code of the Stock Exchange Expert Commission at the Federal Ministry of FinanceThe vast size and importance of the German Stock exchange ensures that this long awaited title covering Securities regulation and law in Germany will be essential reading for customers in the UK.
Download or read book Ad hoc disclosure A law and economics approach written by Veronika Fischer and published by GRIN Verlag. This book was released on 2009-07-08 with total page 91 pages. Available in PDF, EPUB and Kindle. Book excerpt: Diploma Thesis from the year 2006 in the subject Law - Comparative Legal Systems, Comparative Law, grade: 1,3, University of Augsburg (Prof. Dr. Möllers), course: Diplomarbeit, language: English, abstract: The economic analysis of the duty of ad-hoc disclosure and related issues in this paper led to the following conclusions: Due to information asymmetries between issuers and investors, a regula-tion of the rules of disclosure is necessary, which reduces the incentive for individual investors to costly gather information, and transfer this in-formation process onto issuers. The legislator‟s goal for such reason can be found in the safeguarding of capital market efficiency as to both correct pricing and liquidity (or sufficient investor participation). The duty of ad-hoc disclosure should fully be transferred to the issuer, as it is the cheapest cost avoider and has sufficient own interests to provide correct and timely information. Nevertheless, legislation must avoid that the issuer can be held liable for information as if it was advice by detail-ing which information has to be given in which form. Furthermore, it must be ensured that investors are not flooded with information, but that only a sensible amount of pertinent information as opposed to advertising information is published. For the lesion of this duty of disclosure, not only the issuer as an entity, but as well the board members should be held liable, as this introduces additional incentives for compliance and adds liable capital for possible damaged parties. Nevertheless, both legislator and jurisdiction will have to limit the risk of abusive investor claims, which are likely to occur in such a constellation. If liability for defective ad-hoc disclosure can be established, the awarded damage should be out-of-pocket measure, as it limits liability to the actual amount of damage and does not transfer the risk of an investment in a way inconsistent with the general principles of the capital market. Furthermore, it provides advantages in processing multiple claims and can be unequivocally determined by a finance-mathematical method based on the Capital Asset Pricing Model.
Download or read book The Regulation of Insider Trading written by Barry Alexander K. Rider and published by . This book was released on 1979 with total page 500 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Do German Capital Markets React When Corporate Insiders Exercise Stock Options written by Simon Oertel and published by GRIN Verlag. This book was released on 2009-05-26 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: Diploma Thesis from the year 2007 in the subject Business economics - Business Management, Corporate Governance, grade: 1,7, University of Tubingen, language: English, abstract: Trading by corporate insiders in their company’s stock and the impact of insider trading on capital markets has long been a field of interest for academics as well as policy makers and regulators who aim to guarantee the effectiveness and fairness of capital markets. Outside investors are following corporate insiders’ trading behavior closely and might intend to mimic their trading strategies, trying to realize abnormal profits. Newspapers and information services regularly report insider trading activity.3 The term insider trading will generally be used to describe trading by corporate insiders. It does,however, not necessarily imply illegal behavior. Corporate insiders might trade for a multitude of reasons which do not have to include the illegal exploitation of inside information. The definition of corporate insiders might differ from country to country and their corresponding regulations. The differences in the definition of corporate insiders between the US, the UK, and Germany will later be explained.The academia has provided a multitude of papers on insider trading over different decades (e.g., Jaffe (1974), Seyhun (1986), Rozeff and Zaman (1998), and Lakonishok and Lee (2001)) and research has been conducted to analyze the effects of insider trading on different countries’ capital markets (e.g., Jeng et al. (2003) for the US, Fidrmuc et al. (2006) for the UK, Eckbo and Smith (1998) for Norway, and Betzer and Theissen (2005) for Germany). The majority of research publications, however, excludes stock option exercises from the analysis. The reasons for the exclusion of stock options are versatile. Early papers on insider trading exclude the exercises due to the complexity of identifying reasons for the exercise of stock options4 or the difficulty of getting price information associated with option exercises.5 Rozeff and Zaman (1998), Jeng et al. (2003), and Fidrmuc et al. (2006) do not give any specific reasons but exclude stock options from their sample as well. Other studies retain the sale of the shares in their sample when stock options are exercised and the acquired shares are sold immediately.6 Nonetheless, a new strand of literature has emerged that specifically focuses on the exercise of stock options by corporate insiders. Carpenter and Remmers (2001) pioneer in this field with their research on inside information related to the decisions by corporate insiders to exercise their stock options.
Download or read book Insider Dealing and Money Laundering in the EU written by R. C. H. Alexander and published by Ashgate Publishing, Ltd.. This book was released on 2007 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work presents a comparative study of the provisions relating to insider dealing under the EC Insider Dealing Directive. The book considers the measures taken in 15 jurisdictions compared to the directive and, where appropriate, other member states and even by jurisdictions outside Europe.
Download or read book Corporate Acquisitions and Mergers in Germany A Practical Guide to the Legal Financial and Administrative Implications written by Dieter Beinert and published by Springer. This book was released on 1991-05-28 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book International Capital Markets and Securities Regulation written by Harold S. Bloomenthal and published by West Group Publishing. This book was released on 2002 with total page 844 pages. Available in PDF, EPUB and Kindle. Book excerpt: This multi-volume looseleaf series is a guide to international securities regulation in the industrialized nations. The work examines the international applications of U.S. securities law. Regulations and procedures in the world's major capital markets are described in the work.
Download or read book Regulation of Trading Systems on Financial Markets written by Jean-Baptiste Zufferey and published by Springer. This book was released on 1997-07-23 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: Profound changes in the financial markets have caused many lawmakers to modernise their legislation. This work provides a fundamental analysis of the questions raised by the laws ruling trading systems. In doing so, it defines such terms as: stock exchange analogous system protection of investors protection of the market function It also offers answers to questions such as: What trading rules do the financial intermediaries (banks) have to observe? What objectives should be pursued by lawmakers? What role is to be left to competition? What should be left to self-regulation? This work takes both a critical and comparative approach, looking in particular at Anglo-Saxon, Continental, and European legislation. it provides a comparative analysis of each subject covered, including the advantages and disadvantages that exist in the diverse legal solutions envisaged, As well as the current state of the various controversies in the existing doctrine.
Download or read book The New Stock Market written by Merritt B. Fox and published by . This book was released on 2019-01-08 with total page 395 pages. Available in PDF, EPUB and Kindle. Book excerpt: The institutions and regulation of trading markets -- The social function of stock markets -- The economics of trading markets -- High frequency trading -- The economics of informed trading -- The regulation of informed trading -- Manipulation -- Short selling -- Broker-dealers -- Dark pools -- Maker-taker fees -- Payment for order flow -- Conclusion
Download or read book Research Handbook on Insider Trading written by Stephen M. Bainbridge and published by Edward Elgar Publishing. This book was released on 2013-01-01 with total page 498 pages. Available in PDF, EPUB and Kindle. Book excerpt: In most capital markets, insider trading is the most common violation of securities law. It is also the most well known, inspiring countless movie plots and attracting scholars with a broad range of backgrounds and interests, from pure legal doctrine to empirical analysis to complex economic theory. This volume brings together original cutting-edge research in these and other areas written by leading experts in insider trading law and economics. The Handbook begins with a section devoted to legal issues surrounding the USÕs ban on insider trading, which is one of the oldest and most energetically enforced in the world. Using this section as a foundation, contributors go on to discuss several specific court cases as well as important developments in empirical research on the subject. The Handbook concludes with a section devoted to international perspectives, providing insight into insider trading laws in China, Japan, Australia, New Zealand, the United Kingdom and the European Union. This timely and comprehensive volume will appeal to students and professors of law and economics, as well as scholars, researchers and practitioners with an interest in insider trading.
Download or read book Insider Trading The Laws of Europe the United States and Japan written by Emmanuel Gaillard and published by Springer. This book was released on 1992-02-10 with total page 494 pages. Available in PDF, EPUB and Kindle. Book excerpt: Regulation of insider trading has changed dramatically in the past few years. In reaction to highly publicized insider trading scandals and the internationalization of securities markets, all European countries have recently either strengthened their existing rules (France and the United Kingdom) or implemented new rules (Denmark, Greece, The Netherlands, Belgium, Ireland, Spain, Portugal, Luxembourg, and Italy). The United States continues to refine its insider trading regulations, and Japan has recently enacted legislation in this field. As a result of the increasingly international nature of insider trading, supervisory authorities throughout the world now closely coordinate their efforts. Drawing from the experience of law professors, governmental officials and practising lawyers, this book explores the regulations of eighteen countries in Europe, the United States and Japan, as well as the EC Directive Coordinating Regulations on Insider Dealing, and the Council of Europe's Convention on Insider Trading. This book is an indispensable tool for practising lawyers, legislators, academics, and international business and finance professionals. Combining legal doctrine and practical information, it analyzes, for each legal system, how insider trading is defined and controlled. Further, it addresses other stock-related infractions and international law issues such as jurisdiction and international cooperation.
Download or read book International Law written by Sanford Silverburg and published by Routledge. This book was released on 2018-04-19 with total page 590 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers diverse, multinational perspectives on traditional and emergent issues in the practice and study of international law. It deals with the evolving foundations of international law and covers a wide range of issues that link international politics to international law.
Download or read book Does Insider Trading Raise Market Volatility written by Mr.Julan Du and published by International Monetary Fund. This book was released on 2003-03-01 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the role of insider trading in explaining cross-country differences in stock market volatility. The central finding is that countries with more prevalent insider trading have more volatile stock markets, even after one controls for liquidity/maturity of the market and the volatility of the underlying fundamentals (volatility of real output and of monetary and fiscal policies). Moreover, the effect of insider trading is quantitively significant when compared with the effect of economic fundamentals.
Download or read book Insider Trading and the Stock Market written by Henry G. Manne and published by . This book was released on 1966 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book European Capital Markets Law written by Rüdiger Veil and published by Bloomsbury Publishing. This book was released on 2022-03-24 with total page 787 pages. Available in PDF, EPUB and Kindle. Book excerpt: “The richness, clarity and nuances of the structure and methodology followed by the contributors make the book a very valuable tool for students... seeking to obtain a general understanding of the market and how it is regulated.” – Ligia Catherine Arias Barrera, Banking & Finance Law Review The fully updated edition of this user-friendly textbook continues to systematise the European law governing capital markets and examines the underlying concepts from a broadly interdisciplinary perspective. The 3rd edition deals with 3 central developments: the project of the capital markets union; sustainable finance; and the further digitalisation of financial instruments and securities markets. The 1st chapter deals with the foundations of capital markets law in Europe, the 2nd explains the basics, and the 3rd examines the regime on market abuse. Chapter 4 explores the disclosure system and chapter 5 short-selling and high-frequency trading. The role of intermediaries, such as financial analysts, rating agencies, and proxy advisers, is described in chapter 6. Chapter 7 explains compliance and corporate governance in investment firms and chapter 8 illustrates the regulation of benchmarks. Finally, chapter 9 deals with public takeovers. Throughout the book emphasis is placed on legal practice, and frequent reference is made to the key decisions of supervisory authorities and courts. This is essential reading for students involved in the study of capital markets law and financial law.
