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The Harm from Insider Trading and Informed Speculation

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  • Michael Manove

Abstract

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.

Suggested Citation

  • Michael Manove, 1989. "The Harm from Insider Trading and Informed Speculation," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 104(4), pages 823-845.
    • Handle: RePEc:oup:qjecon:v:104:y:1989:i:4:p:823-845.
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