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In most capital markets, insider trading is the most common violation of the securities laws. It is certainly the violation that has most clearly captured the public’s imagination. Surely no other corporate or securities law doctrine has provided the plot line of as many crime thrillers and motion pictures as has insider trading. Insider trading also long ago captured the attention of academic lawyers and economists to a degree few other topics in corporate law or securities regulation can match. As a result, it attracts scholars in fields ranging from pure legal doctrine to empirical analysis to complex economic theory. This volume collects cuttingedge scholarship in all of these areas by many of the leading experts in insider trading law and economics. Insider trading jurisprudence is strongly skewed towards US law. This emphasis is not mere academic parochialism or chauvinism, however. The USA remains the world’s largest capital market. More important for present purposes, the USA was one of the first jurisdictions to ban insider trading and remains the jurisdiction in which the ban is most energetically enforced. To be sure, insider trading bans are now on the books in many jurisdictions and there is growing global emphasis on fighting the practice. A number of the chapters in this volume focus on these developments. Much of the volume nevertheless is appropriately devoted to US law. The long history and highly developed body of US law on the subject suggest that studying the legal doctrine and policy underpinnings of the US prohibition of insider trading will reward study not only for US corporate and securities law scholars, but for those of all countries. Accordingly, this Introduction provides a foundation for the chapters that follow by setting out the basic US legal rules and the policy debate those rules have engendered.

An overview of insider trading law and policy: an introduction to the Research Handbook on Insider Trading