Insider Trading (Corporate Law Series) (Corporate Law, 1)

The media could not be loaded. ANTI-INSIDER TRADING REGULATIONS IN THE US - THE THEORY, THE HISTORY, THE DEBATEAn appreciation by Phillip Taylor MBE and Elizabeth Taylor of Richmond Green ChambersIf you're a fan of Michael Douglas's performance as the ruthless Gordon Gekko (`greed is good') in the film `Wall Street', you may well be intrigued by the learned articles in this book on insider trading. Compiled in one handy hardback volume, this publication brings together some of the best learned commentary from the US on this often vexed and controversial subject.Part of Edward Elgar's admirable `Corporate Law' series, this engrossing collection of articles offers both a theoretical and historical perspective on insider trading. If you're doing research, or need some background on this subject, editor Stephen J. Bainbridge has cherry picked a collection of some of the most interesting articles on insider trading published in the US over a period of forty years or so, so you don't have to. How handy is that?Even though American, the articles have equal relevance in the UK and indeed in any country which has a developed capital market, as you are reminded by the editor that the United States was once virtually alone in aggressively prosecuting insider trading and that `even today, US insider trading law remains distinctive in the strict nature of its restrictions and in the vigor (sic.) with which it enforces them.'Rigorous regulation of insider trading, however, has apparently generated a spirited debate, primarily in America of all places, not on the morality or immorality of insider trading but on its practicability and its effectiveness.Some commentators, notably one Henry G. Manne back in 1960s, have argued against a prohibition against insider trading, thus generating tsunamis of indignation on the part of other commentators and academics who vociferously disagree. `Why insider dealing is wrong,' intones one article mentioned in the book's extensive bibliography. As the editor points out, insider trading is one of the most controversial issues in securities regulation, citing the examples of Japan and Hong Kong where, in the latter case, insider trading prohibition has been repealed.`It would be helpful to gather data on the effect of insider trading on investor confidence,' concludes the editor. Well yes, it would -- and our question is, where is all this data? Oddly, this book published in 2011 contains no articles, nor does its bibliography cite any article published after 2000 -- or maybe we've missed something hence the view that this work is of historic importance to the ongoing debate.Perhaps the next compilation published on this subject will advance the insider trading debate much further, with some more recent legislative developments and research, particularly since the regulatory/compliance framework has recently changed. Anyone involved in any way with financial services (like half of London) will await such a volume with eager anticipation as we all labour under the gaze and control of 21st century regulation and all it currently encompasses.