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Manne on insider trading as compensation

Henry Manne has a new version of the arguments he’s been making for years for insider trading as an efficient compensation mechanism. It’s Entrepreneurship, Compensation, and the Corporation.  Here’s...

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The taste for insider trading law

Steve Bainbridge responds to my post about insider trading as compensation with a suggestion that rules against insider trading are an example of a case “where mandatory rules are appropriate.” I was...

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SEC dismisses the Gupta case

Amid yesterday’s market turmoil it’s easy to forget about Rajat Gupta.  He’s the guy whose suit against the SEC led a federal judge to put the agency under judicial supervision. Now the SEC has...

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Can insider trading combat accounting fraud?

Last year I suggested that regulators would better fight corporate fraud by letting those in the know trade on the information than through the complex whistleblowing rules like those in Dodd-Frank....

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Congressional insider trading

CBS is all hot and bothered about insider trading by Congress.  Steve Bainbridge is not so sure it’s illegal. Neither am I, and I question whether it should be on policy grounds (see here, first...

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Why do insiders trade illegally?

Not, as economic theory would predict, because they need the money, according to Bhattacharya and Marshall, Do They Do it for the Money?  Here’s the abstract: Using a sample of all top management who...

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Let Congress trade!

I have previously discussed here and here the policy arguments against a broad ban on Congressional insider trading (this is apart from Steve Bainbridge’s serious problems with the proposed...

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The Twitter campaign for the STOCK act

Professor Bainbridge is urging his readers to pressure Eric Cantor into dropping his opposition to pending legislation that would ban Congressional insider trading.  But before you Twitter Cantor,...

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A Decision-Theoretic Approach to Insider Trading Regulation

Regular readers will know that several of us TOTM bloggers are fans of the “decision-theoretic” approach to antitrust law.  Such an approach, which Josh and Geoff often call an “error cost” approach,...

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Contemplating Disclosure-Based Insider Trading Regulation

TOTM friend Stephen Bainbridge is editing a new book on insider trading.  He kindly invited me to contribute a chapter, which I’ve now posted to SSRN (download here).  In the chapter, I consider...

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Anabtawi on Spring-loaded Options

Over at Professor Bainbridge’s place, Iman Anabtawi has some thoughts on the granting of “spring-loaded” options, an option granted at a market price that does not incorporate some favorable non-public...

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Jenkins channels Manne

Today’s WSJ has a great article by Holman Jenkins on reporting on the backdating “scandal.”  Larry is, of course, on the case.  I would also — modestly — point out that much of what Jenkins says in...

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Revisiting Two Classics as the New Semester Begins

Last Friday was the first day of my Business Organizations class. We began with two articles that have profoundly influenced my thinking about the world in general and the business world in particular....

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Insider Trading: Sin or Crime? (or None of the Above?)

R. Foster Winans knows insider trading. A former author of the Wall Street Journal‘s Heard on the Street column, Winans was a key figure in an insider trading case that went all the way to the U.S....

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The Nacchio Trial Begins

The insider trading trial of former Qwest CEO Joseph Naccio began yesterday. I’ve posted a couple of times (here and here) on Nacchio’s innovative defense, which the WSJ labeled a “black box” defense....

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PIPEs

I recently posted on SSRN one of the two articles I have committed to write for the Entrepreneurial Business Law Journal. It’s entitled PIPEs (note that I went with a “micro-title” and...

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Some Thoughts on the Nacchio Decision and Insider Trading

On the flight back from my spring break ski trip, I had a chance to read the recent Tenth Circuit opinion reversing the insider trading conviction of former Qwest CEO, Joseph Nacchio. Mr. Nacchio had...

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Verret on the Self-Defeating Bailout

My colleague JW Verret has an interesting take on the bank bailout at Forbes.com: This deal was intended to bolster public confidence in banks, while at the same time minimizing the cost of the bailout...

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Learning to Love Insider Trading

Today’s Wall Street Journal includes a terrific article explaining why insider trading should be deregulated. Following up on last week’s high-profile insider trading charges, George Mason economist...

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The Collected Works of Henry G. Manne

I’m delighted to report that the Liberty Fund has produced a three-volume collection of my dad’s oeuvre.  Fred McChesney edits, Jon Macey writes a new biography and Henry Butler, Steve Bainbridge and...

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