Bidder country characteristics and informed trading in U.S. targets

摘要: Abstract Information leakages experienced by U.S. targets in the pre-bid period are especially pronounced when they involve foreign bidders whose countries have weak insider trading sanctions, perceived to prevalent activity, a low level of local merger and not classified as common law countries. Among countries, information less bidder's government has cooperative agreement with SEC. Enforcement cooperation agreements signed between SEC regulators serve an effective means enforcing stricter laws on more global scale.