Details

Subject(s)

• Insider trading in securities [Browse]
• Stocks—Prices [Browse]
• Dividends [Browse]

Author

• Wei, Shang-Jin [Browse]

Series

Working paper series (National Bureau of Economic Research) ; Number 9541. [More in this series]

Summary note

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.

Source of description

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