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- News (73)
- Research (143)
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- November 2004 (Revised February 2006)
- Background Note
Note on Insider Trading Liability
By: Lynn S. Paine and Christopher Bruner
Provides a general description and overview of U.S. law on insider trading, including the basic theories of liability, the responsibilities of securities firm managers to prevent and detect insider trading, and the potential penalties for insider trading. A rewritten... View Details
Paine, Lynn S., and Christopher Bruner. "Note on Insider Trading Liability." Harvard Business School Background Note 305-029, November 2004. (Revised February 2006.)
- December 2019 (Revised November 2023)
- Background Note
Legal Analysis: Insider Trading Liability
By: Trevor Fetter, Eugene F. Soltes and Grant Wahlquist
There are numerous restrictions against trading on material, nonpublic information (MNPI)—typically called “insider trading.” This note describes the limitations facing managers and investors as enforced civilly and criminally within the United States. View Details
Fetter, Trevor, Eugene F. Soltes, and Grant Wahlquist. "Legal Analysis: Insider Trading Liability." Harvard Business School Background Note 320-080, December 2019. (Revised November 2023.)
- July 2005
- Exercise
Insider Trading Quiz
By: Lynn S. Paine and Christopher Bruner
Designed to test understanding of basic theories of insider trading under U.S. law. Presents six scenarios based on actual situations in which insider trading was alleged to have violated U.S. law, as well as a seventh scenario that took place in Italy, permitting... View Details
Keywords: Crime and Corruption; Stock Shares; Governing Rules, Regulations, and Reforms; Law; Theory; Europe; Italy; United States
Paine, Lynn S., and Christopher Bruner. "Insider Trading Quiz." Harvard Business School Exercise 306-016, July 2005.
- 2018
- Working Paper
It is Easy to be Brave From a Safe Distance: Proximity to the SEC and Insider Trading
By: Trung Nguyen and Quoc H. Nguyen
We use hand-collected data from SEC’s litigation releases for insider trading violations to examine the effect of geographic distance on its enforcement activities and insider trading activities. First, we find that the SEC is more likely to investigate companies that... View Details
Keywords: SEC; Enforcement; Financial Misconduct; Insider Trading; Geographic Proximity; Governance Compliance; Law Enforcement; Geographic Location; Finance; Crime and Corruption
Nguyen, Trung, and Quoc H. Nguyen. "It is Easy to be Brave From a Safe Distance: Proximity to the SEC and Insider Trading." Working Paper.
- 14 Aug 2009
- Working Paper Summaries
Insider Trading Preceding Goodwill Impairments
- July 2005
- Teaching Note
Insider Trading Quiz - Answer Key
By: Lynn S. Paine and Christopher Bruner
Supplements the Insider Trading Quiz (9-306-016). View Details
- 1992
- Chapter
Arbitrage, Information Theft, and Insider Trading
By: Michael Jensen
Jensen, Michael. "Arbitrage, Information Theft, and Insider Trading." In New Palgrave Dictionary of Money and Finance, edited by Peter Newman, Murray Milgate, and John Eatwell. London: Macmillan Press, 1992. (Earlier version, Arbitrage, Information Theft, and the Mistaken Attack On Insider Trading, published in "Chief Financial Officer U.S.A.", John Thackray, ed. (Sterling Publications, London: 1988), pp. 114-115.)
- March 2010
- Article
Information Content of Insider Trades before and after the Sarbanes-Oxley Act
By: Francois Brochet
This paper examines the information content of Form 4 filings under the more timely disclosure regime introduced by Section 403 of the Sarbanes-Oxley Act of 2002 (SOX). Abnormal returns and trading volumes around filings of insider stock purchases are significantly... View Details
Keywords: Stocks; Corporate Disclosure; Governing Rules, Regulations, and Reforms; Government Legislation; Lawsuits and Litigation; Market Transactions; Volume; Sales
Brochet, Francois. "Information Content of Insider Trades before and after the Sarbanes-Oxley Act." Accounting Review 85, no. 2 (March 2010): 419–446.
- 2010
- Working Paper
Decoding Inside Information
By: Lauren Cohen, Christopher Malloy and Lukasz Pomorski
Using a simple empirical strategy, we decode the information in insider trades. Exploiting the fact that insiders trade for a variety of reasons, we show that there is predictable, identifiable "routine" insider trading that is not informative for the future of firms.... View Details
Keywords: Forecasting and Prediction; Stocks; Financial Markets; Investment; Investment Return; Investment Portfolio; Market Transactions
Cohen, Lauren, Christopher Malloy, and Lukasz Pomorski. "Decoding Inside Information." NBER Working Paper Series, No. 16454, October 2010. (Winner of Institute for Quantitative Investment Research (INQUIRE) Grant presented by Institute for Quantitative Investment Research. Winner of Chicago Quantitative Alliance Academic Paper Competition. First Prize presented by Chicago Quantitative Alliance.)
- June 2012
- Article
Decoding Inside Information
By: Lauren Cohen, Christopher Malloy and Lukasz Pomorski
Using a simple empirical strategy, we decode the information in insider trading. Exploiting the fact that insiders trade for a variety of reasons, we show that there is predictable, identifiable "routine" insider trading that is not informative for the future of firms.... View Details
Keywords: Strategy; Financial Markets; Forecasting and Prediction; Law Enforcement; Opportunities; Geographic Location; Business Earnings
Cohen, Lauren, Christopher Malloy, and Lukasz Pomorski. "Decoding Inside Information." Journal of Finance 67, no. 3 (June 2012): 1009–1043. (Winner of Chicago Quantitative Alliance Academic Paper Competition. First Prize presented by Chicago Quantitative Alliance. Winner of Institute for Quantitative Investment Research (INQUIRE) Grant presented by Institute for Quantitative Investment Research.)
- October 2020
- Article
IQ from IP: Simplifying Search in Portfolio Choice
By: Huaizhi Chen, Lauren Cohen, Umit Gurun, Dong Lou and Christopher J. Malloy
Using a novel database that tracks web traffic on the SEC’s EDGAR servers between 2004 and 2015, we show that mutual fund managers gather information on a very particular subset of firms and insiders, and their surveillance is very persistent over time. This tracking... View Details
Keywords: Tracked Trades; Return Predictability; Institutional Trading; Insider Trading; Institutional Investing; Information; Investment Portfolio; Decisions; Management
Chen, Huaizhi, Lauren Cohen, Umit Gurun, Dong Lou, and Christopher J. Malloy. "IQ from IP: Simplifying Search in Portfolio Choice." Journal of Financial Economics 138, no. 1 (October 2020): 118–137. (Winner of the First Prize, Crowell Memorial Award for Best Paper in Quantitative Investments, PanAgora Asset Management, 2019.)
- December 2016 (Revised November 2024)
- Case
Rajat Gupta
By: Paul Healy and Eugene Soltes
Rajat Gupta, former managing director of McKinsey & Company; a director of Goldman Sachs, Procter & Gamble, and AMR; and a well-known philanthropist, was convicted of engaging in insider trading. The case explores Gupta’s rise and the later legal problems he faced. View Details
Healy, Paul, and Eugene Soltes. "Rajat Gupta." Harvard Business School Case 117-004, December 2016. (Revised November 2024.)
- 08 Dec 2010
- Working Paper Summaries
Decoding Inside Information
- September 2005
- Article
Managerial Foresight and Attempted Rent Appropriation: Insider Trading on Knowledge of Imminent Breakthroughs
By: Gautam Ahuja, Russell W. Coff and Peggy M. Lee
In order to establish a competitive advantage, firms must acquire or create resources at a price below their value in use. Absent pure luck, this requires managers to exercise foresight about a resource's future value and/or complementarities with pre-existing... View Details
Ahuja, Gautam, Russell W. Coff, and Peggy M. Lee. "Managerial Foresight and Attempted Rent Appropriation: Insider Trading on Knowledge of Imminent Breakthroughs." Strategic Management Journal 26, no. 9 (September 2005): 791–808.
- Winter 2013
- Article
Mandatory IFRS Adoption and Financial Statement Comparability
By: Francois Brochet, Alan Jagolinzer and Edward J. Riedl
This study examines whether mandatory adoption of International Financial Reporting Standards (IFRS) leads to capital market benefits through enhanced financial statement comparability. UK domestic standards are considered very similar to IFRS (Bae et al., 2008),... View Details
Keywords: IFRS; Comparability; Private Information; Insider Trading; Ethics; Standards; Financial Statements
Brochet, Francois, Alan Jagolinzer, and Edward J. Riedl. "Mandatory IFRS Adoption and Financial Statement Comparability." Contemporary Accounting Research 30, no. 4 (Winter 2013): 1373–1400.
- 12 Oct 1999
- Research & Ideas
Rapid Response: Inside the Retailing Revolution
documented in their book, the authors are optimistic about the future of U.S. apparel and textile firms, even as many other commentators see danger ahead as a result of liberalized global trade agreements and the phasing out of the... View Details
- March 2021
- Article
The Effectiveness of White-Collar Crime Enforcement: Evidence from the War on Terror
By: Trung Nguyen
This paper analyzes the impact of changes in regulatory priorities and resource allocation on criminal enforcement of white‐collar criminal activities. Using the 9/11 terrorist attacks as a shock to the FBI's priorities and allocation of investigative resources, as... View Details
Keywords: White-collar Crime; Government Regulation; Financial Fraud; Securities Fraud; Insider Trading; Crime and Corruption; Finance; Governing Rules, Regulations, and Reforms; Law Enforcement
Nguyen, Trung. "The Effectiveness of White-Collar Crime Enforcement: Evidence from the War on Terror." Journal of Accounting Research 59, no. 1 (March 2021): 5–58.
- 02 Apr 2009
- Working Paper Summaries
The Flattening Firm and Product Market Competition: The Effect of Trade Liberalization
Keywords: by Maria Guadalupe & Julie M. Wulf
- July 2014 (Revised October 2014)
- Supplement
McKinsey & Co. - Protecting its Reputation (B)
By: Jay Lorsch and Emily McTague
On Tuesday March 15, 2011, all 1,200 global Partners of McKinsey & Co. gathered at the Gaylord National Hotel & Convention Center near Washington, DC for their annual Partners' conference. The atmosphere was tense as Partners, in addition to their normal agenda,... View Details
Keywords: Board; McKinsey; CONSULTING Firms; Risk; Risk Assessment; Partnerships; Insider Trading; Confidentiality; Personal Investing; Reputation; Corporate Accountability; Corporate Governance; Management Practices and Processes; Risk Management; Construction Industry; United States; California
Lorsch, Jay, and Emily McTague. "McKinsey & Co. - Protecting its Reputation (B)." Harvard Business School Supplement 415-022, July 2014. (Revised October 2014.)
- July 2014 (Revised October 2014)
- Case
McKinsey & Co. - Protecting its Reputation (A)
By: Jay Lorsch and Emily McTague
On Tuesday March 15, 2011, all 1,200 global Partners of McKinsey & Co. gathered at the Gaylord National Hotel & Convention Center near Washington, DC for their annual Partners' conference. The atmosphere was tense as Partners, in addition to their normal agenda,... View Details
Keywords: Board; McKinsey; Consulting Firms; Risk; Risk Assessment; Partnerships; Insider Trading; Confidentiality; Personal Investing; Reputation; Corporate Accountability; Corporate Governance; Management Practices and Processes; Risk Management; Consulting Industry; United States; California
Lorsch, Jay, and Emily McTague. "McKinsey & Co. - Protecting its Reputation (A)." Harvard Business School Case 415-021, July 2014. (Revised October 2014.)