The World Price of Insider Trading
研究发现，内幕交易法的存在本身不降低股权成本，但首次执法起诉后股权成本显著下降，对理解法律执行的经济影响有参考价值。
ABSTRACT The existence and the enforcement of insider trading laws in stock markets is a phenomenon of the 1990s. A study of the 103 countries that have stock markets reveals that insider trading laws exist in 87 of them, but enforcement—as evidenced by prosecutions—has taken place in only 38 of them. Before 1990, the respective numbers were 34 and 9. We find that the cost of equity in a country, after controlling for a number of other variables, does not change after the introduction of insider trading laws, but decreases significantly after the first prosecution.