The Harm From Insider Trading and Informed Speculation
通过理论模型说明，内幕交易者和其他知情投机者会侵占公司投资收益，损害其他股东，从而抑制公司投资并降低效率。
Insider traders and other speculators with private information are able to appropriate some part of the returns to corporate investments made at the expense of other shareholders. As a result, insider trading tends to discourage corporate investment and reduce the efficiency of corporate behavior. In the context of a theoretical model, measures that provide some indication of the sources and extent of the investment reduction are derived.