While insider trading has been the subject of significant attention
from law makers and regulators, the impact on financial markets of
these laws is uncertain. Even the question of whether such rules
restrain and limit insiders is undecided. However, the lack of
clear guidance on the effectiveness of insider trading regulations
or on the best way to structure such rules has not prevented their
enactment in almost all countries with a financial market. In this
book, we seek to explore this issue in more depth by examining the
experience of New Zealand in moving from a lax insider trading
regime to a strong regime. The impact of this regulatory change is
examined with respect to its impact on insiders trading behaviour,
the impact on certain aspects of the market such as transaction
costs, liquidity and costs of information asymmetry in the market.
Finally, we offer some suggestions on the structure of insider
trading rules by investigating the legal regimes enacted in 18
countries. We attempt to offer some guidance to policy makers on
the features that will minimise the harm of insider dealing while
improving the informational efficiency of the market.
General
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