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An event based approach for quantifying the effects of securities fraud in the IT industry

Lorne Switzer () and Jun Wang ()
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Jun Wang: University of Western Ontario

Information Systems Frontiers, 2017, vol. 19, issue 3, No 4, 457-467

Abstract: Abstract Detecting the incidence and impact of illegal insider trading is a difficult process since access to the actual trading records of insiders that overlap precisely with fraudulent events is difficult. This paper provides a case study of a specific IT stock in Canada that was successfully prosecuted in the Canadian court system for market manipulation and illegal insider trading violations. The study provides a quantification of the impact of insider trading activities by the President directly through his own account or through accounts under his control, and illustrates the impact of some off-exchange transactions by the impugned parties. Overall, the costs of the insider trading violations are quite high, given the significant wealth effects produced by the events surrounding this case.

Keywords: Insider trading; Market manipulation in IT industry; Market efficiency; Event studies (search for similar items in EconPapers)
Date: 2017
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DOI: 10.1007/s10796-017-9753-3

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