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Stanford Business School Research: Despite SEC Rules on Insider Trading, Playing Field May Not Be Level.

Publication: Business Wire
Publication Date: 16-JUL-07 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
STANFORD, Calif. -- Insider trading. The words conjure up visions of unscrupulous executives taking advantage of their positions to reap illegal profits in the stock market.

In fact, trading by insiders, individuals who by dint of their management position come regularly into contact with private firm-related information, is a normal, and generally legal, part of the day-to-day workings of Wall Street. What isn't legal? Trading on material nonpublic information.

The Securities and Exchange Commission has worked to balance the right of executives who hold large amounts of stock in their own company to diversify their portfolios by selling shares from time to time, with the right of the public to invest in a market that functions fairly. After all, the commission's fundamental premise is that the market should constitute "a...

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