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Efficiency Analysis of Insider Trading Regulations in Russia

ФИО студента: Tafintsev Ilya

Руководитель: Luca Gelsomini

Кампус/факультет: International College of Economics and Finance

Программа: Double Degree Programme in Economics of the NRU HSE and the University of London (Bachelor)

Год защиты: 2016

This paper analyses the effect of implementation of insider trading regulation at Russian stock exchange market. The problem of efficacy of insider trading regulation has already been widely analysed and studied in USA and UK, but a little attention to this question has been given in emerging and developing markets, especially in Russia. In order to analyse the effect of IT law Implementation, two periods were considered: 2007-2010 – before introduction of the Federal Law, and 2010-2014 – after introduction of the Law. As there is no accessible information on the disclosed insider trades, calculation of liquidity proxies was used to assess the efficacy of insider trading law regulation. The model showed that introduction of the law has small, but negative effect on the liquidity, while law enforcement has no effect at all.

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