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  1. What Is Really Unethical About Insider Trading? 150 (2003). Jennifer Moore. In William H. Shaw (ed.), Ethics at Work: Basic Readings in Business Ethics. Oxford University Press.
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  2. Mohammad Abdolmohammadi & Jahangir Sultan (2002). Ethical Reasoning and the Use of Insider Information in Stock Trading. Journal of Business Ethics 37 (2):165 - 173.
    The cognitive developmental theory of ethics suggests that there is a positive relationship between ethical reasoning and ethical behavior. In this study, we trained a sample of accounting and finance students in performing competitive stock trading in our state-of-the-art trading room. The subjects then performed trading of stocks under two experimental conditions: insider information, and no-insider information where significant performance-based financial awards were at stake. We also administered the Defining Issues Test (DIT). Ethical behavior, as the dependent variable was measured (...)
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  3. Emanuele Bajo, Marco Bigelli, David Hillier & Barbara Petracci (2009). The Determinants of Regulatory Compliance: An Analysis of Insider Trading Disclosures in Italy. [REVIEW] Journal of Business Ethics 90 (3):331 - 343.
    This paper investigates the determinants of regulatory compliance in corporate organizations. Exploiting a unique enforcement and reporting framework for insider trading in Italy, we present three main findings. First, board governance, such as chief executive–chairman duality and the proportion of non-executive directors, does not increase the propensity of firms to comply with regulation. Second, family firms and firms with a high degree of separation of ownership from control are most likely to comply with regulation. Third, corporate ethos is more important (...)
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  4. Joseph D. Beams, Robert M. Brown & Larry N. Killough (2003). An Experiment Testing the Determinants of Non-Compliance with Insider Trading Laws. Journal of Business Ethics 45 (4):309 - 323.
    Recent stories of corporate insiders avoiding losses and, in some cases, generating enormous personal profits as their companies crumbled have led investors to question the integrity of American business and the fairness of the United States stock markets. The SEC tries to ensure the fairness of the stock markets by making and enforcing laws against unfair practices such as insider trading. In the United States, when insiders trade stock based on non-public information, they have broken the law and betrayed the (...)
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  5. E. Mine Cinar (1999). The Issue of Insider Trading in Law and Economics: Lessons for Emerging Financial Markets in the World. [REVIEW] Journal of Business Ethics 19 (4):345 - 353.
    Growth of the private sector and privatization of state companies around the world have led to the emergence of various stock markets, some of which are depicted by insider trading. Law literature uses the arguments of unfairness, breach of fiduciary rights and damage to others to define and rule against insider trading. Economic literature can be used to interpret insider trading from other perspectives. This study argues that the question of insider trading in developing markets can be resolved by the (...)
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  6. Oldrich Dedek (1995). Insider Trading, Investor Protection and an Orderly Capital Market: Lessons for the Czech Republic. Business Ethics 4 (2):83–92.
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  7. Peter-Jan Engelen & Luc Van Liedekerke (2007). The Ethics of Insider Trading Revisited. Journal of Business Ethics 74 (4):497 - 507.
    Following Manne (1966, Insider Trading and the Stock Market (New York, Free Press)) we introduce a distinction between insider trading and market manipulation on the one hand and corporate insiders versus misappropriators on the other hand. This gives rise to four types of alleged inside transactions. We argue that the literature on insider trading has often targeted inside transactions type II, III and IV but that these arguments do not necessarily hold for type I transactions. We look for consequentionalist as (...)
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  8. Donald Grunewald & Philip Baron (2005). Jared Jackson's Dilemma. Journal of Business Ethics 57 (3):303 - 305.
    . Whether to use privileged information as a basis for a decision to sell stock is the central issue in thiscase. A conflict between a stockbrokers perceived obligations to maximize clients stock values and protect their investments (fiduciary responsibility) and violating Security and Exchange Commission insider trading regulations must be resolved.
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  9. Panagiotis Lekkas (1998). Insider Trading and the Greek Stock Market. Business Ethics 7 (4):193–199.
    This article is divided into two parts: in the first we explore the academic debate conducted at an international level about insider trading (IT). In particular, we exame IT on three grounds: economic, ethical and legal. In each section we present the arguments in favour of and against IT and then we give our personal opinion. In the second part we present the situation in the Athens Stock Exchange. We examine its past record on the issue of IT and recent (...)
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  10. Richard L. Lippke (1993). Justice and Insider Trading. Journal of Applied Philosophy 10 (2):215-226.
    While many countries are following the lead of the United States in making insider trading illegal, its moral status is still controversial. I summarise the scholarly debate over the fairness of insider trading and lay bare the assumptions about fairness implicit in that debate. I focus on the question whether those assumptions can be defended independently of a more comprehensive theory of social justice. Current analyses presuppose that we can intelligently discuss what the social rules regarding insider trading should be (...)
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  11. Yulong Ma & Huey-Lian Sun (1998). Where Should the Line Be Drawn on Insider Trading Ethics? Journal of Business Ethics 17 (1):67-75.
    Finance ethics have drawn increasing attention from both government regulators and academic researchers. This paper addresses the issue of insider trading ethics. Previous studies on insider trading ethics have failed to provide convincing arguments and consistent results. In particular, the arguments against insider trading are based primarily on moral and philosophical grounds and lack empirical rigor. This study intends to establish and examine the relationship between the ethical issue and economic issue of insider trading. We argue that the ethics of (...)
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  12. Deryl W. Martin & Jeffrey H. Peterson (1991). Insider Trading Revisited. Journal of Business Ethics 10 (1):57 - 61.
    A recent article in this Journal argued that insider trading is an unethical practice leading to an inefficiently functioning market. The debate on this topic has primarily pitted ethical defenses of prohibition against economic arguments extolling its allowance. In addition to being incomplete, this approach ignores other unwanted economic effects of prohibition itself and unethical implications of its existence. This article shows that Adam Smith's free market concept, when properly interpreted, provides all the incentive structure necessary for an efficient and (...)
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  13. Robert W. McGee (2010). Analyzing Insider Trading From the Perspectives of Utilitarian Ethics and Rights Theory. Journal of Business Ethics 91 (1):65 - 82.
    The common view is that insider trading is always unethical and illegal. But such is not the case. Some forms of insider trading are legal. Furthermore, applying ethical principles to insider trading causes one to conclude that it is also sometimes ethical. This paper attempts to get past the hype, the press reports, and the political grandstanding to get to the truth of the matter. The author applies two sets of ethical principles – utilitarianism and rights theory – in an (...)
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  14. Robert W. McGee (2008). Applying Ethics to Insider Trading. Journal of Business Ethics 77 (2):205 - 217.
    Insider trading has received a bad name in recent decades. The popular press makes it sound like an evil practice where those who engage in it are totally devoid of ethical principles. Yet not all insider trading is unethical and some studies have concluded that certain kinds of insider trading are actually beneficial to the greater investment community. Some scholars in philosophy, law and economics have disputed whether insider trading should be punished at all while others assert that it should (...)
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  15. Jennifer Moore (1990). What is Really Unethical About Insider Trading? Journal of Business Ethics 9 (3):171 - 182.
    Insider trading is illegal, and is widely believed to be unethical. It has received widespread attention in the media and has become, for some, the very symbol of ethical decay in business. For a practice that has come to epitomize unethical business behavior, however, insider trading has received surprisingly little ethical analysis. This article critically examines the principal ethical arguments against insider trading: the claim that the practice is unfair, the claim that it involves a misappropriation of information and the (...)
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  16. Bill Shaw (1990). Shareholder Authorized Inside Trading: A Legal and Moral Analysis. [REVIEW] Journal of Business Ethics 9 (12):913 - 928.
    This article evaluates inside trading from a legal and a moral perspective. From both of these points of view, the practice of inside trading is fraudulent whether it occurs in the traditional format or in the variation known as misappropriation. Fraud is a legal tort and a moral wrong consisting of a breach of duty that intentionally causes harm to persons that the insider can reasonably foresee. In defense against allegations of fraudulent inside trading, the defendant may argue that one (...)
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  17. Milton Snoeyenbos & Kenneth Smith (2000). Ma and Sun on Insider Trading Ethics. Journal of Business Ethics 28 (4):361 - 363.
    Ma and Sun have recently argued that some forms of insider trading are ethically acceptable. We argue that the authors fail to prove three key premises of their argument, which is therefore unsound.
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  18. Meir Statman (2009). The Cultures of Insider Trading. Journal of Business Ethics 89 (1):51 - 58.
    Paul Bond is a lawyer who overheard two other lawyers at his office discussing the proposed purchase of a company by one of their clients. He proceeds to buy shares of this company. Would you rate Bond's behavior completely fair, acceptable, unfair, or very unfair? I posed this vignette to samples of university students in China, Taiwan, and the U. S. Most students in the U. S. and Taiwan samples rated Bond's behavior unfair or very unfair while most students in (...)
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  19. David E. Terpstra, Mario G. C. Reyes & Donald W. Bokor (1991). Predictors of Ethical Decisions Regarding Insider Trading. Journal of Business Ethics 10 (9):699 - 710.
    This paper examines potential predictors of ethical decisions regarding insider trading. An interactionist perspective is taken, in which person variables, situational variables, and the interaction of these two sets of variables are viewed as influencing ethical decisions. The results of our study support such a perspective. Ethical decisions regarding insider trading appear to be a function of a complex set of interacting variables related to both the person and the situation. The implications of these findings are discussed.
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  20. Khalil M. Torabzadeh, Dan Davidson & Hamid Assar (1989). The Effect of the Recent Insider-Trading Scandal on Stock Prices of Securities Firms. Journal of Business Ethics 8 (4):299 - 303.
    This paper addresses the impact of the unethical business conduct of a few individuals that shook the financial market in 1986. Specifically, in the study undertaken for this paper, the wealth status of the shareholders of securities firms was examined in relation to the public disclosure of the insider-trading scandals involving Dennis Levine, Ivan Boesky, and their confederates. It was hypothesized that the expected market-adjusted stock returns for the securities firms would be negative as a result of the scandals. The (...)
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  21. Patricia H. Werhane (1991). The Indefensibility of Insider Trading. Journal of Business Ethics 10 (9):729 - 731.
    The article, Inside Trading Revisited, has taken the stance that insider trading is neither unethical nor economically inefficient. Attacking my arguments to the contrary developed in an earlier article, The Ethics of Inside Trading (Journal of Business Ethics, 1989) this article constructs careful arguments and even appeals to Adam Smith to justify its conclusions. In my response to this article I shall clarify my position as well as that of Smith to support my counter-contention that insider trading is both unethical (...)
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  22. Patricia H. Werhane (1989). The Ethics of Insider Trading. Journal of Business Ethics 8 (11):841 - 845.
    Despite the fact that a number of economists and philosophers of late defend insider trading both as a viable and useful practice in a free market and as not immoral, I shall question the value of insider trading both from a moral and an economic point of view. I shall argue that insider trading both in its present illegal form and as a legalized market mechanism undermines the efficient and proper functioning of a free market, thereby bringing into question its (...)
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