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We examine insider trading in specialist and dealer markets, using the trades ohad advance copies of a stock tahlil column in Business Week magazine. Wein f stockbrokers who find that increases price and volume occur after informed trades. During informed trading, market makers decrease depth. Depth falls more on the NYSE and Amex than on […]
Fishea And Robeb-The Impact Of Illegal Insider Trading In Dealer And Specialist Markets - Evidenc
We examine insider trading in specialist and dealer markets, using the trades ohad advance copies of a stock tahlil column in Business Week magazine. Wein f stockbrokers who find that increases price and volume occur after informed trades. During informed trading, market makers decrease depth. Depth falls more on the NYSE and Amex than on the Nasdaq. Bid-ask spreads show but not on the Nasdaq. We find none of these pre-release changes in a nontraded control sample of stocks mentioned in the column. Our results show that tra ing ha n important tool to manage asymmetric information risk; and specialist markets are better at detecting information-based trades.
