Acknowledgments; Introduction; Part I. Law: 1. Early development of insider trading law in the United States; 2. Federal regulation and the modern era; 3. The problem of vagueness in the law; 4. Injustice, incoherence and irrationality – time for regime change; 5. The global experience; Part II. Ethics: 6. From Cicero to Laidlaw: two thousand years of debate over the propriety of information asymmetries; 7. The efficient, the right, the good, and legal reform; 8. The economics of insider trading; 9. Is insider trading morally wrong? 10. Greed, envy, and insider trading; Part III. Reform: 11. The path forward – an outline for reform; Index.
Explains why the current US insider trading regime is inefficient and unjust, and offers a clear path to reform.
John P. Anderson is a professor at the Mississippi College School of Law. He practiced in the areas of Securities Enforcement and White Collar Criminal Law at the Washington, DC law firms of Eversheds Sutherland and Wilmer Cutler Pickering Hale & Dorr before entering academia. Anderson has won numerous teaching awards and has published several articles in top law reviews and peer review journals on the topics of insider trading, legal and political philosophy, and business ethics. He received a Ph.D. in Philosophy and a J.D. from the University of Virginia, and a B.A. in Philosophy from the University of California, Berkeley.
'This book provides a richly textured account of insider trading,
offering historical, comparative, philosophical, and economic
perspectives on this vexed practice. Anderson argues persuasively
that the American law of insider trading is badly in need of
reform, and offers compelling proposals for getting it back on its
feet. This book will be an essential reference on insider trading
law for years to come.' Eric Posner, Kirkland and Ellis
Distinguished Professor of Law, Arthur and Esther Kane Research
Chair, University of Chicago Law School
'Why the United States - and increasingly, the world - regulates
insider trading with such intensity has long been a mystery. In his
new book, John P. Anderson helps explain that mystery, knitting
together insights from sources that range from transaction cost
economics to virtue ethics and philosophical pragmatism. The reader
comes away not only knowing so much more about why this subject is
such a challenge, but also how we might actually move forward to a
more measured, coherent form of regulation.' Donald C. Langevoort,
Thomas Aquinas Reynolds Professor of Law, Georgetown Law,
Washington, DC
'John P. Anderson's book is a timely and thoughtful exploration of
the law against insider trading in securities markets. The
discussion ranges widely with erudition and insight over the
injustice of current law and economic, moral, and ethical
perspectives, allowing the final chapter to outline a plan for
reform.' Andrew N. Vollmer, Director of the John W. Glynn, Jr, Law
and Business Program, University of Virginia School of Law
'This is the book that we have needed for a long time. And I could
easily see using this as the basis for a course.' J. Kelly Strader,
Southwestern Law School, Los Angeles
'Insider Trading: Law, Ethics, and Reform is a masterfully written
book that takes readers on an amazing journey through the quagmire
of the legal and ethical challenges facing insider trading
enforcement; at the end of the road it offers ways to reform the
current legal structure.' Ellen S. Podgor, Gary R. Trombley Family
White-Collar Research Professor of Law, Stetson University College
of Law
'John P. Anderson takes a topic about which much ink has been
spilled and asks provocative new questions about when and why
information asymmetries in the capital markets raise legal, moral
and ethical concerns. This book will provide fresh insights for
even the most well-read insider trading scholar.' Jill Fisch, Perry
Golkin Professor of Law, Co-Director, Institute for Law and
Economics, University of Pennsylvania Law School
'Overall, a smart … well-researched book that should be included in
any literature review on the subject of financial crime or
malfeasance, particularly as it is the first one to come along in
some time devoted to scholarship rather than sensationalism.' L. L.
Hansen, Choice
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