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Spring 2009

ISSN 0890-913X

Volume 24, Number 2

Categories: Law | Spring 2009

Insider Trading: Is There an Economist in the Room?

Alexandre Padilla, Metropolitan State University of Denver

Brian Gardiner, The Metropolitan State College of Denver

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TheJournalofPrivateEnterprise24(2),2009,113-136InsiderTrading:IsThereanEconomistintheRoom?AlexandrePadilla*TheMetropolitanStateCollegeofDenverBrianGardinerTheMetropolitanStateCollegeofDenverAbstractThispaperexamineseconomists'opinionsoninsidertradingandtheirpolicyrecommendations.Wereviewtheeconomicliteratureandsurvey3,000economiststoaskthemtheirthoughtsoninsidertrading.Wefindthateconomiststraditionallyfavorgovernmentregulationofinsidertrading.Inaddition,theresultsofoursurveyshowthat,whenunfamiliarwithinsidertrading,economiststendtorelyonthemorefamiliarmodeloftheperfectlycompetitivemarketasanormativebenchmarktoassessthedesirabilityofinsidertrading.Asaresult,theseeconomistsalsotendtosupportgovernmentregulationofinsidertrading.Ouranalysisshedsanewlightontheformationofeconomists'normativeviews.Italsooffersapossibleexplanation,complementingPublicChoicemodels,fortheoriginsanddynamicsoftheregulatoryprocess.JELCodes:A11,K22Keywords:Economists;Insidertrading;Interventionism;Morality;Normative;Opinion;Regulation;SurveyI.IntroductionThispaperinvestigateseconomists'opinionsoninsidertrading.Moreparticularly,itinvestigatesthepolicyrecommendationsthateconomistsgive,withaspecialfocusonwhetherinsidertradingshouldberegulatedandwhetherthegovernmentshouldbethemainforcebehindtheregulation.Insidertradingisprobablythemostknownandpublicizedwhitecollarcrime.Themediaoftendepicttheperpetrators,theinsiders,ascutthroat,manipulative,greedyindividuals.Inaddition,sincethe*TheauthorswouldliketothankDanielB.Kleinforusefulsuggestionsandcomments.Theusualdisclaimerapplies.113

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Title	Insider Trading: Is There an Economist in the Room?
Authors/Creators:	Alexandre Padilla, Metropolitan State University of Denver Brian Gardiner, The Metropolitan State College of Denver
Year:	2009
Volume:	24
Number:	2
Pages:	113 - 136
Publisher:	The Association for Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles
Keywords:	Law, Criminal Law, Stock Exchange, Government policy, Economists, Interventionism, Ethics, Public choice theory

Citation:
Padilla, Alexandre; Gardiner, Brian / 2009. "Insider Trading: Is There an Economist in the Room?." The Journal of Private Enterprise, 24(2): 113-136.