White-collar crime prosecutors and defense attorneys are likely to be busy follo...
WASHINGTON/BOSTON - White-collar crime prosecutors and defense attorneys are likely to be busy following a massive economic stimulus package from the U.S. Congress aimed at mitigating the fallout from the coronavirus, according to a new academic study of insider trading.
“Anytime the government picks winner and losers, there is a greater opportunity for insider trading by connected individuals,” said Daniel Taylor, an associate professor at University of Pennsylvania’s Wharton School and one of the authors of the report. The researchers examined open market purchases and sales by officers and directors at 497 publicly traded institutions between 2005 and 2011. They then compared the trades placed by insiders who appeared to have identifiable connections at regulators, the Treasury and Congress, with the trades placed by insiders who appeared to have no such connection.
Most notably, the U.S. dollar pared gains moments before the Federal Reserve announced last week that it was launching a new dollar funding facility for nine central banks to ease a global dollar crunch, Reuters reported. “I[t]s something that causes the insider to revise their beliefs about future value, but it’s not a hard piece of information. The legal definition of insider trading differs from the economic definition,” said Taylor.
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