インサイダー取引規制のプラセボ効果
Luca Enriques1, Yoon-Ho Alex Lee, Alessandro Romano
1Bocconi University, ECGI and EBI.
まとめ
企業インサイダーは非公開情報を 伝統的な取引やシャドー取引を通じて利用し 市場にも同様の影響を及ぼします しかし,現在の規制は,従来のインサイダー取引を抑制し,外部の投資家を犠牲にしてインサイダーに利益をもたらし,影の取引が継続することを可能にします.
科学分野:
- 財政問題
- 企業ガバナンス
- 市場規制
背景:
- 内部情報取引は,従来のものと影の情報の両方で,重要な非公開情報を活用することを意味します.
- 伝統的なインサイダー取引は会社の株を対象とし,シャドー取引は関連会社の株を対象としています.
- 既存の規制は主に従来のインサイダー取引を対象としています.
研究 の 目的:
- 伝統的な取引とシャドー取引の市場と企業ガバナンスの結果を分析する.
- 外部投資家に対するインサイダー取引規制の有効性を調査する.
- 現在の規制体制の欠陥にもかかわらず,その潜在的効率性を探求する.
主な方法:
- 伝統的な取引とシャドー取引の影響を比較した分析
- EU,英国,米国における規制アプローチのレビュー
- 200人の個人投資家の意見と経験を調査した.
主要な成果:
- 伝統的な取引とシャドー取引は,金融市場と企業のガバナンスに似た結果をもたらします.
- 規制当局は従来のインサイダー取引を重視し 影の取引を無視しています
- 小規模投資家は,従来のインサイダー取引のみを対象とした規制によって,偽りの安全感に惑わされることがあります.
結論:
- 現行のインサイダー取引規制は,影の取引がインサイダーにとって有効な利益の道であるため,外部投資家を完全に保護しない可能性があります.
- 伝統的なインサイダー取引禁止のプラセボ効果は,意図せず,影の取引を通じてインサイダー利益を促進する可能性があります.
- 投資家の保護に関する懸念にも関わらず,現在の規制環境は,ある程度の経済的効率性を持っているかもしれない.
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