The Ethics of Insider Trading Revisited |
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| Authors: | Peter-Jan Engelen Luc Van Liedekerke |
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| Institution: | (1) Utrecht School of Economics, Tjalling C. Koopmans Research Institute, Utrecht University, Utrecht, The Netherlands;(2) Centre for Economics and Ethics, Catholic University Leuven, Leuven, Belgium |
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| Abstract: | 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 well as non-consequentionalist arguments
against type I transactions and demonstrate that these are hard to find. Throughout the article we refer extensively to the
economic literature on insider trading in order to overcome a relative divide between the economic, legal, and philosophical
discussion on insider trading.
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| Keywords: | insider trading market manipulation fairness property rights |
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