Insider trading is the trading of a public company's stock or other securities based on material, nonpublic information about the company. In various countries, some kinds of trading based on insider information are illegal. This is because it is seen as unfair to other investors who do not have access to the information, as the investor with insider information could potentially make larger profits than a typical investor could make. The rules governing insider trading are complex and vary significantly from country to country. The extent of enforcement also varies from one country to another. The definition of insider in one jurisdiction can be broad and may cover not only insiders themselves but also any persons related to them, such as brokers, associates, and even family members. A person who becomes aware of non-public information and trades on that basis may be guilty of a crime.
An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment banks, who also arrange for the shares to be listed on one or more stock exchanges. Through this process, colloquially known as floating, or going public, a privately held company is transformed into a public company. Initial public offerings can be used to raise new equity capital for companies, to monetize the investments of private shareholders such as company founders or private equity investors, and to enable easy trading of existing holdings or future capital raising by becoming publicly traded.
The efficient-market hypothesis (EMH) is a hypothesis in financial economics that states that asset prices reflect all available information. A direct implication is that it is impossible to "beat the market" consistently on a risk-adjusted basis since market prices should only react to new information.
The Hong Kong University of Science and Technology (HKUST) is a public research university in Sai Kung District, New Territories, Hong Kong. Founded in 1991, it was the territory's third institution to be granted university status, and the first university without any precursory existence upon its formation. It occupies a 60-hectare (150-acre) seaside site in Tai Po Tsai, Clear Water Bay Peninsula, and has established a satellite campus in Guangzhou, Guangdong, China.
Eugene Francis "Gene" Fama is an American economist, best known for his empirical work on portfolio theory, asset pricing, and the efficient-market hypothesis.
Black Monday was the global, severe and largely unexpected stock market crash on Monday, October 19, 1987. Worldwide losses were estimated at US$1.71 trillion. The severity of the crash sparked fears of extended economic instability or even a reprise of the Great Depression.
Jacob Aharon Frenkel is an Israeli economist and the Chairman of JPMorgan Chase International. He served as Governor of the Bank of Israel between 1991 and 2000.
Securities fraud, also known as stock fraud and investment fraud, is a deceptive practice in the stock or commodities markets that induces investors to make purchase or sale decisions on the basis of false information. The setups are generally made to result in monetary gain for the deceivers, and generally result in unfair monetary losses for the investors. They are generally violating securities laws.
Steven Ng-Sheong Cheung is a Hong Kong-born American economist who specializes in the fields of transaction costs and property rights, following the approach of new institutional economics. He achieved his public fame with an economic analysis on China open-door policy after the 1980s. In his studies of economics, he focuses on economic explanation that is based on real world observation. He is also the first to introduce concepts from the Chicago School of Economics, especially price theory, into China. In 2016, Cheung claimed to have written "1,500 articles and 20 books in Chinese" during his academic career.
Michael Cole Jensen was an American economist who worked in the field of financial economics. From 1967-1988, he was on the University of Rochester's faculty. Between 2000 and 2009 he worked for the Monitor Company Group, a strategy-consulting firm which became "Monitor Deloitte" in 2013. Until 2000, he held the position of Jesse Isidor Straus Professor of Business Administration at Harvard University.
Maureen Patricia O'Hara is an American financial economist. O'Hara is the Robert W. Purcell Professor of Management, a professor of finance, and acting director in Graduate Studies at the Samuel Curtis Johnson Graduate School of Management at Cornell University. She has won numerous awards and grants for her research, served on numerous boards, served as an editor for numerous finance journals, and chaired the dissertations of numerous students. In addition, she is well known as the author of Market Microstructure Theory. She was the first female president of the American Finance Association. She has been awarded honorary doctorates from three European universities.
Roni Michaely is an Israeli academic specializing in Economics and Finance. Michaely is Professor of Finance at the University of Hong Kong, School of Business and Economics. He was also appointed to a director of the Israel Securities Authority (ISA) in January 1998 and also serves as an associate editor for the Review of Financial Studies.
David Hirshleifer is an American economist who is currently the David G. Kirby Professor of Behavior Economics at the University of Southern California Marshall School of Business. From 2006-2021 he was a Distinguished Professor of Finance and Economics at the University of California, Irvine, where he also held the Merage Chair in Business Growth. From 2018 to 2019, he served as President of the American Finance Association, and is an associate at the NBER. Previously, he was a professor at UCLA, the University of Michigan, and Ohio State University. His research is mostly related to behavioral finance and informational cascades. In 2007, he was listed as one of the 100 most-cited economists in the world by Web of Science. On Google Scholar, he has more than 60,000 citations.
Gilles Hilary is an accountant academic, working as a Professor of Accounting and Control at Georgetown University.
Raghavendra Rau holds the Sir Evelyn de Rothschild Professorship of Finance at the Judge Business School at the University of Cambridge and the Mercer’s School Memorial Professor of Commerce at Gresham College. He is a founding director of the Cambridge Centre for Alternative Finance.
Hazem Daouk is a financial economist, known for his work on securities regulation, especially insider trading, earnings management and short selling. He is a professor at Cornell University where he holds the Peter J. & Stephanie J. Nolan chair. His articles have been cited over 4,000 times. Daouk is the general manager of United Insurance Company.
Bruno Solnik is a professor of finance at Hong Kong University of Science and Technology in Hong Kong. He was academic director of the HKUST-NYU Master in Global Finance. He is also distinguished emeritus professor of finance at HEC Paris.
HKUST Institute for Emerging Market Studies is a university-level institute under the Office of the Vice-President for Research and Graduate Studies of The Hong Kong University of Science and Technology (HKUST). It is launched on May 27, 2013, with 5 years of financial support from Ernst & Young. Over 30 faculty associates have joined the conversation about the challenges and opportunities facing businesses and policy-makers in emerging markets via HKUST IEMS. They mainly come from Division of Social Science in the School of Humanities and Social Science, and Departments of Economics, Finance, Management, Marketing, Accounting and ISOM of the School of Business and ManagementArchived 2013-09-05 at the Wayback Machine.
Wang Tao, better known as Frank Wang, is a Chinese aerospace engineer and businessman. He is the founder and CEO of the Shenzhen-based technology company DJI, the world's largest manufacturer of commercial drones. As of December 2020, he has a net worth of US$4.8 billion.
Alicia Garcia Herrero is a Spanish economist, academic and think-tanker based in Hong Kong. She has been the chief economist for Asia-Pacific at French investment bank Natixisand adjunct Professor at Hong Kong University of Science and Technology (HKUST) since June 2015. She is also an adjunct professor at Sunyatsen University and has recently joined insurance company AGEAS as an independent board member.
