《SECURITIES LAW:INSIDER TRADING》

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CHAPTER 1 INTRODUCTION1

The Policy Debate4

CHAPTER 2 ORIGINS OF THE INSIDER TRADING PROHIBITION7

The State Common Law of Insider Trading7

Three Rules for Face-to-Face Transactions8

Stock Market Transactions11

State Common Law Today14

Derivative Liability for Insider Trading under State Corporate Law16

The Federal Insider Trading Prohibi-tion: Statutory Background23

Digression: A Rule 10b-5 Primer29

The Federal Insider Trading Prohibi-tion: Common Law Origins41

Texas Gulf Sulphur42

CHAPTER 3 THE MODERN FEDERAL INSIDER TRAD-ING PROHIBITION49

Chiarella v.United States49

Dirks v.SEC53

The Disclose or Abstain Rule Today55

The Requisite Fiduciary Relationship and the Class of Potential Defendants57

Other Elements83

The Post-Chiarella Gaps94

The Misappropriation Theory94

O’Hagan Facts98

The Issues99

Holding109

Open questions112

Rule 14e-3118

Remedies and Penalties120

CHAPTER 4 WHY DO WE CARE? THE ECONOMICS OF INSIDER TRADING125

The Case for Deregulation127

Insider Trading and Efficient Pricing of Securities128

Insider Trading as an Efficient Compensa-tion Scheme136

Public Choice139

The Case For Regulation146

Non-economic Argument #1: Mandatory Disclosure146

Non-economic Argument #2: Insider Trading is Unfair148

Economic Argument #1: Injury to Investors149

Economic Argument #2: Injury to the Issuer158

Economic Argument #3: A Property Rights Analysis164

CHAPTER 5 SECTION 16（b）174

TABLE OF CASES183

INDEX187