In this edition of Insider Trading & Market Manipulation Literature Watch, members of our Finance Practice provide summaries and links to published research about insider trading and market manipulation. The team will provide an update each quarter.
The authors’ own abstracts are included in the newsletter and are unedited. Links to the full paper are provided. The inclusion of a paper in this newsletter does not signify that CRA or any of its experts agree or disagree with the content or conclusions therein.
In this edition, we feature pieces including a study documenting economically meaningful and persistent financial advisor fixed effects in target firms’ abnormal stock returns shortly prior to takeover announcements; a paper examining how climate impacts investor behavior and financial markets; a paper evidencing the financial consequences of insider trading for outsiders; a paper examining the impact of sentiment in an online message forum on stock returns; and an article defending the reemergence of the retail investor and its potential promise in enabling citizen capitalism.