This paper reviews recent research on the causes and consequence of different forms of
financial market misconduct and potential agency conflicts and the impact of regulating …

We document a rapid increase in retail trading in options in the United States. Facilitated by
payment for order flow (PFOF) from wholesalers executing retail orders, retail trading …

This paper exploits a novel hand-collected data set to provide a comprehensive analysis of
the social relationships that underlie illegal insider trading networks. I find that inside …

We examine insider trading in a sample of more than 500 firms involved in accounting
scandals revealed by earnings-decreasing restatements, and in a control sample of non …

Governments around the world are tackling the COVID-19 pandemic with a mix of public
health, fiscal, macroprudential, monetary, and/or market-based policies. We assess the …

There is sufficient evidence in the popular, legal, and financial literatures that informed
options trading ahead of scheduled and unexpected corporate events is pervasive. In this …

Using over 5,000 trades unequivocally based on nonpublic information about firm
fundamentals, we find that asymmetric information proxies display abnormal values on days …

Extending the literature that has focused thus far on stock price impact, this study
investigates the effect of data breach announcements on market activity, specifically through …

This paper examines transaction costs and liquidity in the index CDS market by matching
intraday quotes to real-time trade reports made available through the Dodd-Frank reforms …

The detrimental effects of insider trading on the financial markets and the economy are well
documented. However, resource-constrained regulators face a great challenge in detecting …