The Effect of Transparency on Insider Trading Disclosure

William J. McNally and Brian F. Smith

Canadian Public Policy, 2010, vol. 36, issue 3, 345-358

Abstract: This paper documents the extent of errors in insider trading reports over the period 1988-2006. The proportion of reports with errors is over 40 percent in 1988 and falls to just over 10 percent in 2006. The improvement is largely attributable to regulatory changes that improved transparency: the shortening of disclosure deadlines and the implementation of an Internet-based reporting system. The authors offer some policy prescriptions for further reducing errors in insider trading disclosure.

Date: 2010
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