Insider trading, costly monitoring, and managerial incentives
We derive conditions under which permitting manager “insiders” to trade on personal account increases the equilibrium level of output and the welfare of shareholders. These increases are produced by two effects of insider trading. First, insider trading impounds information about hidden managerial a...
| Үндсэн зохиолчид: | , |
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| Формат: | Journal article |
| Хэвлэсэн: |
2001
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