12 Insider trading earnings account for 0.1% of total compensation on the median and 1.1% on common, while on the 90th percentile, buying and selling earnings are equal to 6.7% of complete compensation. Although we discover that round-trip transactions differ from nonround-trip transactions, we additionally discover that dollar earnings remain small and that variables that predict returns don't predict profits. Second, our article adds to the literature on insider trading behavior as a proxy for corporate governance points.

div style="text-align:center"> <iframe width="568" height="315" src="https://www.youtube.com/embed/5ImFI3kAhJA" frameborder="0" alt="Profit from Insider Trading" allowfullscreen></iframe></div> This graph stories the coefficients of a regression of trade size on abnormal returns estimated separately in each year of our sample for observations with abnormal returns ?0.5%. The graph plots the coefficient on abnormal returns and the 95% confidence interval . 1 However, there was almost no analysis analyzing how much financial worth insiders extract from their superior info, that's, insiders’ dollar income. Legal insider buying and selling occurs often, corresponding to when a CEO buys again shares of their company, or when different workers purchase inventory within the company during which they work. Often, a CEO purchasing shares can influence the value motion of the stock they personal.

h2>The Historical Past Behind Insider Trading</h2> One of the corporate's best-selling medication was underperforming, however this was confidential information that was not yet public. The info on this type is made public through the Electronic Data Gathering, Analysis, and Retrieval system also referred to as EDGAR, which is the primary system for firms and others submitting paperwork to the SEC underneath the Securities Act of 1933. In some cases, the insider might have to chorus from trading (often until the personal information turns into public) and may commerce during a specific trading window in the future. While insider trading typically includes buying and selling stocks of individual companies based mostly on details about them, it can involve any type of information about the economy, a commodity or anything else that strikes markets. For instance, say you're employed as an govt at an organization that plans to make an acquisition. It becomes against the law should you either inform a pal about it ? and that person then buys or sells a financial asset using that data ? or should you make a trade yourself. Dollar income also predict trade frequency, trade worth, and yearly dollar profits?these results are untabulated.

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dKkX3EtEgKCPHssR0tza5+hthSXHydWqYuSqrMCWpZWEqUoHjyUgpI6k87h8umJi4rNsmrQsqxswwnmoOS6B4UAqCENvLUL8bFJJKTc/DGuvLFMpYcE/LFNG3i/uQIPl53F/jhzfnLCoEd?+mZZlhDsl07g03t39RcX8RHPF+nPONOpsiBFTInykONqUUDu3NyugvyfnY82woKQhNabMy1HR7nT8rURLjtkrcVT21qAv5bgdp+QuMa1LgZehVllybTqYptKgpSPdG3B189wKf+vphUqNdjlaIceDHEYuFXdoaQFWNh1Av5dL8YRKu8jcGUU9poJJPeAE3GFQGndX0yIOy9rFLyrAypodlOBIpjiGqs07l+EA+pVudwb8Y4PUeY+QtdpZ2buzlKyZGk1Ts8acyXPe5qC/JypAdUUplOpSCS1fhIA+mOZPZkzU1l3UXL1VfZUhhbyor13OXVGxaShIHUrATfoL82HI68aT92rIEMAKd7yZPcs4oqSLy3T04HniNtw?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?/nd8zH+e8emK2dmjJSO2D7O1rSNCxKr2nOeIimWVK8Xua5KHFqPntMeTLA9VNYFmLH2tQ/oZ7L3R3R895DqOcTBmVFhQsuxQZzrax6oecYB9CgDCP7MGlZf0I0i1W7aeoiEtUijxk0Sk+Ky3lhaVPJRcf8Y65EaQR+tvB6YQPbD59qGbe0PlTSCkJ76FlKhspZitJJPv8ANXdYFuDdpuIAAODf1sLM659jDWaV2IdOOy9ovT6Y/LiuR5+anZM9MZDkhKC64ElQ8YMhZIHklpN8CFUX2tOlbGXNd6VrDQmm1UHU6ktVFqS0QW3JbKEod5HBJbVHXfz3n44l72SgP+597Q4sP8kb/wBRl4fnaJ7NGrlZ9mlSsq6lUeKvPWj7SZ0b3SWmQHaZG3NqstPF0w1Ekdf0A6kjDE9kr/wfu0P/AOKN/wCoy8CFy6xaP2ZAB7bWnN/N2eP/AOBIxVzFo?/Zkf8NrTj?/PT/8AUJGBCw+0xFu3DqePSRTf/VkXFYsWe9pl/wAOLVD/AMZp3/qyLisOBC26REZn1SHBkTUQ2ZEhtlySsXSylSgCsi4uADf6Y7C9v/tGap9irLWnWmHZyy9BoGVzTVo/KaqcJCE9yQhEdBUO7Sog71EgqUVAi3N+N98dBtBva25ryVkmFp3rhpjB1BplNjtxY09L4Yld0gBKQ+hxDjb5A4CvAfXccCExs9+1J141O0PzLo7n2g5dnyswNojJrrMbuXWI5Vd1JYsW1qUAEpWNhQLmxJBGx2cvaHdqNjOumekiM6QvzZ/K9Hy/7t+So+73IvtMlG/buvsNt3XzxZifkPsk?+0X0Nzxm/RnSdjIeoWUWFvtmNAYhLdf7tS20Pdx+ifbc7tSdyhuSebi1jzT7PVv8P+mVv/thRv8AXWsCF069pp2y9f8As26y5aydpRmuLTqZU8stVKQ09TmXyp8y5DZUFLBI8LaBbpxhC9mZqvnXOmVu03rDmCpNu5olx2Ku5KQwhCDJRFlqSvYBt4KUm1rcYi3213/COyX/AORTP+vy8Pb2PVQp9I0s17q1XpbdTgQYkOTKguISpMplEaWpbJCgUkKSCkggjnnjAhQJS/atds9ifGeVm?+kTwlxP8FdobBQ/yPAdiQrnpwQeet8Tl7UzJOVznLQ/WZvLbeX815z7pNchbQHVqb92WnvbfacaLq2yu1yNoPCRicOxZr?/2OO0dqHPoGn?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?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?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?/AA1P9jG0j2euiiuVLzFa4uROT9/2ML6Ug9/kmnozWD2m/m+icmtFW9kZrvqbW9WM8a95pTW6+tlcoQqVVmmQWmUMo2pMEkeBtN+et8Vv7T+UfZ2UTTAzezFqnmXMGdPygwgQ6hEnNte6EK71d34jSLiyLeK/PQ4nuP7OfQ9xI3yMwJPxnD6fqY2x7NzQzqpzMoHwnp?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?/zsWw9oLqz2UtaNTcl646Kahpl15x6PGzPT1UadGUGmilTUkqdZShS0p3NrCVKJAbsLJJKlK7EGjke53V7aDb/LR/Yw1al2SdK4qldwKwUpKR/lYJ5/5OEGKQE218k8dF6z7zPzfRWm7SWtHste1TUqBV9Utea8iRl6I5EiCm0arMp2uKSpW4GEq5ukc8Yr1qHkL2SkPIWYpWnetub52aGqXJXRYz8KpJbemhtRZQorgpSAV7Qdykj1IxHqOzJp26/PbRImJEBkvrC5yUKWnclNkAjxm6hwPK55x4ezbpCmQpl3MsgI2gocS84pKyWiu32OPFtRz5qv0BxpwNfUM6yNpson9HahhymRn5vorAdnPtAdiesdhaB2Ze0RqtPob8ia7IqESDSag48gJm+8M2eajON2JSgmxPHHGEP/AAb+xktdWvmdfpAqv?/u/ERMdnfRCLNUuTVapUYzTzaUpjvFHvLZB7wpUpIKFIO0WUnkn4HEualez30yp2ndPzrkNeY3X34omLiS3QVqa7vvTxtuhQRyRzax5wlQH0rc0jSoxgUxeGdYy5/7voqOavw9OIGpuZYOkFUk1PJbFQdRRJklDiXX4gPgWoOIQsEj?+MlJ+GLje0a7TuhuvGkmj?+WdKM8flypZWadTVmPybMje7ExY6B4n2kJX4m1jwFXT4jEKZE0MyJmiuGnyUVENJSVHZIAV/6OJpoPYq0gqygFqrafiJqbH/AEcZL8apo/WB8lou6G17TYOYfB30VCrG18W07D+sfZE0/hZpyb2n9JjWms1IRHTXw0ZfukYWKmQ0mzjJ3hK++ZUV3AFhtF7B0f2cWidTQhe/MllA8+/pSP8A0MLQ9mPocElSpOYuODaoJPP/ADMDcbpXC4v5Ko7ozWMNiW+f0Se1pb7GmGW86L1aqEinoUH/AMkmZUFFXIsgsBgSbc2te9vPzxCPbi7XuUe1BqxkGi6Z0uRDyXkhxEWnLkshpUhx11oLWlv/AItsJaaSkHng3AvbE8H2augyCe8m5iG0Gw/KCf7GM8L2eHZ7y88zW5VUzBHEN5D6VuVFAAUlQIBGznkYQ4xTOBAv5JWdHaxjg?+7dPerQ0VoRGxdgpV6WvjzMlRYfhus98BwSVJF7G3y+OGvU9aNN6ckRX65HkLWm6ktFLmz+cAeD04NjhpS9Z9HpDa3ZOZ2GXdu894Si/qAk9SOOmOWbSzEd1q6aqq4TLd5sUiZuyBQ60mS7LQ1IBTZLm7lKh1JHTFRtWtKWYUxxNIj94VXILYvYH1GLUydUMiVJ52n0jMcGQhweFKHLKJPFjzwcMbNILThdV3alOJNihN7A/sNz1t5YuUss1I6zxoqtTBBWtOU6qh1Qy9Iiq5bU0skjxfr2NvpjUbiOAoT3SASeLpv5Ys/nvJ8CrxUFuI2p0p4KD+tckm1uOBiv+YKDLoLykutFbQJupSfFb5Hpjo6arEw965Stw91N3uCxsMRXXW2zJdDir95ZIKfoOn44HpLSErQmH3aAeXEpLi0jyBJUAPmAP2YTG6hsWAEAp6I3C9sKBbTJShbykspufFYFJFrm3x6fHFvdZwSvTp0ExVBuprVKWdqUtxzY/wA5ZAFuPK/U4vn7MbUypUTMdY01r8lQiV5v32nN3Bb95btvKPUqQbEDkd1z04ojQskZlq1MfqtGZLjcQFzugbqIH2toHoMPbSbP1U0xzDT890maliVDeUw6NygrxeEq468K+yeFcpUCm4xD1jS6wKl6h+W5C7tIcALgWUkm3Q9eMZypTiEgeFO3piLNANSaTqrpzCzXT33VKUpTcovOJWsOp6lRSAkbuCEpFgDYWAxJ6pSLIRHbU8bWujp9/T8cWG6hRFaT6WkyTvjhxVhYlRt9w64j/UZ5UZ1BQ220VKv4UD0Hr0/DEhyGpinA7YNJNgQpV/6AcMrO2XWpUht?+RNfKlKNgghIAt8bn8cMlHdT4z3lX95Uh2qzGw4Qj3lYcAFrgOptyPjfCBSlx4xmOS322GlISFrUQkcs8fDkqA+oHpjbqeYV02c+1Bh+9vSVlSFFwJaSkzWGySoXJP6TcEjrtIuOuGVk5yoVvLsl?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?+OK78NEbbRlTw4y2R95W6K5edNa5NKStxbrjauVN/q9CPx5+eKpaydoDOeY3mqcisuiKhZcUlpak3KSQCbHr9frhx13MK8zUwbHw5IUCUpbQpRUP4yhayen1GIOqlKqM2a5HREAWSVKdUQhDafVSlWCRz1JxJR07GG7907Ea58jAItAkZ7NGbp8rvGJa3FqG0qVfkDphco2Wq9WkJMuapHVRsCev441Y7WXactbU6rvqIISfdWgAfW7ixcHnoEH54eFIc0wqZUx7nmacptIKl+8qQUcgX8KhcfQc?/jqXda4XOjLfvL7iZdcpKBKYqi0PJT47G5V6HDsynqC9Hkt0yskyGlHbdxwlX0F+n0xhrWkOWKrChytN8xV5NQUSZsSSVORkDakjY+4htQXuJCkFCgnabLVxjNSdIq9I7tmrzo0Zq4v7uourcv8Aa3LNlW+Fwm9+MVZ2Md+8K0aaZ7TaJqfs6sUCqIXGyrSXahLaGx0bdrLah0K3QDb+aNyreWGRmbR8ZmZcm1aogyQLIQ2ju0D18FyQOn2icTJQ8svUKltR4sZSI7Te1IS2E3HUnaBwT064bObKsiMk9+lzpbZe9z6geXT+vGUJuqdaNbZg65l5uKrBXNJ3qPMX7xIV3CQrasNkXIF7deDhJn5TcogcRLdDqUIDqVk?/bQUhQIHxv9+LHS0xKyyUvNbhtICkp4STwMJFV0bbqOWnKtTpCVPRTdTHXvWreIJN+DYEj5W4vjUhrrts/dYNRhmV/cWHQbVrK8SLGoMakRowjJ2qW+LuOk8ElR6/LyGMuq2nVOg1qrVSj01aKfVKU5VWUAXShxs7nAAeo8V7eivlhJTpJk2ZQns05bzaGqlTGUvpjd1ZSzuACVXNvXkDrbre?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?+lxj7iyWS2Fly4Sqwt1NyQMRFl7Pi5MJiIl?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?/RxGUgeoKiR/KRitPO6V8k7uGg8Su+wjD4I6ejwgEHrD1stjoGt2B5e9R0jKsuTohmHPlUkIV75VG2IjDiUhT6kpUqQ6CefNHTzSb?+uK3V2JNMhAp0aPGYeBV77KshsAfa27iN5Hom9vO2LpViZT8k6WzIVdok33iJUG6JSIVUpzrMdLMYEvvlSkgOd?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?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?/LrkmPTWSV7xGb3+FsenmLegth3Uw9nqS6g1LMTz9d2hl5iYyFBCzYGyibgixN7fTDe7SGouUn9N2tE8jvia3MmNynlISCqyFAgm5HJUPh+zFmMl0oyjdVJ/wBnA8E7KuWllY/IuZnKhB75M92MWqWI6yhaJpWnu1hSeRtsTx528sdgKTrpQablqlM16QlyqtwGBObirKgHtg3hPmobr2uegxzY7ENEMnXiBlxdBVUmQxKMu/RtCW+FX8rLCB81Y6XNZJTt/wB5Mnw++6KdfZBbA9RZSr/MgY3JHPDu4uXhY1zczk0a92l5iEOHLeS35gSbpU6ypw9f4hwwsxdoDWtplmd+ZZDb1ygJhDgX48JGJ6Gm+Z5jFpVdiU0Dm8ZKUlP/ACbhB+vOI6zrpBUXpLaYeq6m29nPerHKrngBKTYWthj2zkXF05xiGgsoZgZbhfk?+m3bSow4QitlSegSpB/pQPxwr0CEhk1CIgWab2WTboO7bsMblMYC6fHvfxFZ/EDGWjtXmVUEfrNfi0zjoMut1i51uVBsMwiUJud6OPXxH+rEGaqZNZqGcanUFoS8pL0i5PFkJKeefQKT8cT1WEhEJNjyXEH8VYYudVMu5jqcCMlCi7McZ5Fie8ZZNvlwcZOMC0IceBXR9G3DtTm82lRtlXJrLCGYlTZSulvKDxDgJ3LHko+YsT88RhqhpnTM11mVUabLNLlRnVGPJioAB8rlHCbXt?/Rf1nLO8Zyh0VxD84RShHespQLeO1h9eCMRtEmKbZZW4EOB5IF/LcTjnhUFrbhdDLStEpLtUydP6RqLlWUxDreblVyjPP2cL0uT3qQlJcSkNKUUWPd2PwUfhi0EVuBVMqLlMONoVtS6orTYNkdUq?/i9OD8uuGnUsuU4UKnVNNMCxAlMKeUhPRhd23Fn+SkOFavLaknyw?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?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?/lbyxZrI2YadpTo?/qhJ3wzKodfl05t6PHDC5DwbQ0ySkEgXWL2TwAhR8zijlKzrXc2TqZRckxHJrlRkhj3phklXiKUlITx4ySR0tz154mjNkyu1TMWY8lwFuON1KvPSjGFyVyVOqbQb?/DvFY04pnQutb/Ctbo/gzMVzh7rNGUnwBufOyl?/syZeyzQNIcw6mZylSWkyHFuRZTUpTTiAwdqO7IIutTqimxuFHaCDjc0UqVW1Lqy9TKvp1T6hMy68lDVY73un3F7CLFJshwoQQdxPhukpHlhv62RXsm5RyDoZQlKdly5CUBA8PfONpSglQ9VuvE/NN/LDx1aqMbs86EwNNaFOT+W62h2O68LBZCgDKeA8hdYbSfIFJHIxf1jPe9VgufFPfA3EQZac/t6qQtbYkZY26Em1tCkfVSJN16zTAzHl?/MlPk0SO03EVT0PBD8Qb0qdUUrISdykjxXBslI2m3LkzhFyPq?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?/rim7Jcq8xwsOKW40klP8vn7IGFOLXZjTaYrjK090bKKr33evzxFUYcxxu1SUmMPa3K/VWcr2enJ0Vx5ySlCnAAO9BVe3HBSLDkdbj69MNF/Py2Xu6L6k8lKrc3Pl9fliOIFbnupUVPObiPMcX+NuuNsOKnOtuKcDhDm69zf1sLfv/TiAUoZoVOa0yOuFNlOqwl05Lqlbt6dyybqsLA28iT0+/CPPnMmNZlO5zcb7uATYH68eWG1HzQafGEYP24uo256WNv6cYPy2pZQlaLIUq6SlJuVA+Z+ANsIIwDopHSE6FIdfowmVpFRbZspbdnUkE7iOh+duOmMWUqNp1Jz5HiaqP1WHSZKVBt+nKCXGnAPCbm9rqI8jhz0daJ0psKAQuxSNy+LWPrhrauUFuKzBqLQVcPFu9uDcfD0ti3TuJeAsur?/AHRK6KaE5CoelmXQrRLTwLZrCUuv1t+Y3JfnCwKbvlXKQf1AAkEq4viTJEDWSsotLnUumC10BEhbiwP5qU7f9LFD+yrr1mPTRTTEmUuTS3Cn3iKtdmzxZRTf7KvMEccG4t06PZVzTSM60WNmKgSUvxJCPCoX3IPmlQ8lC4+8dQcaBbrusppBGyi+paWZrqbDqa7qNNWPtBtmL3d+PVSlfv5YiKt6bgPuLZzvXAsrIsp9uwF/83i3tTjtrgqbdTuCknr?+/wAcVprMeIqU+VrUCHPIevPrirXANYLJjXuckOkvoTSoR453n5+MYxU95YlVMtqAupn6/o2h+zGKi/pKXTeeqL/9JjHSbrqdWF+N7CQPTwIx1fJYfEpQqDq?/cmjIUVDcg8fXDIRUI87UCoOLQQGqhICuQbBtKUXFj08I68+vOHnWVBMVponqUdPmf6sR3KVKbz5W6hDaaUzHqilLQpNgsq?+2LjrfcPjcc4xMdv1ItzXR9GrCpJPIpuaiVeZVYE2S87vaZTuVcXJO6yQPqrDDpaHEuRWXATtsonyvfDw1Voc6jNNSmwtinVOTsVHVypDibKTcny45GGrTQt2sMoW8ohpoDjoVW+HyxyfBde?+TNIFM1DmKMAIKErQlva5vRwbg3FuhFvphQ3VSjNhFKcQ9GPLMSQVr7m/UIcF1JT8FBduALDjCJlmSl2MI7lm9oKU7ehV1vb1GHxRITbzgU8552AJ4At0I9cSsPBWmBh1KbyJTNTQG59GqUJ5SfEQ0H0k/yS1dVvmlJ+GNJ2FSYUhPvWZXoif4splxoj5d4MS/HytDUgqKBu48Vh+/pj5RlJDjxC3CEK5Vztv8rYlEd9lGXDgVGtOdyEg9/JzExKW2Bfuz3ih/yUDGOoOvZ1cdo2T0SotOIUmRVHGS33SBa7bIULqcVz4j4QOb3xI1Uo+UaawESm23FFfKV+LoL/PCPLq8anhhMdltiO6oJSEgeI/34jc2+iYAXHVLWS40KlQ0UumMe7sRgAgWHiIAGEjVRIlUGVCfUp9uQytBufLpheyzIbklpCUXUpvcbG3I464Ss7wjILiVOgosdwCfj?+/3YnDLMTsozKvWmlNSzKm5flI7qdDlhTSrcPNrUVIcSfS25JHqg4lGoZZjxwX3EPMyfCQ61ylQ55I8x8Pxw0ajQ6bOqCXYFQep9UjX92ktKAWRx4DcFJTcX2qBF/LDug1vOLEJtmbBgVJKxsX41Rlqt1PRaVH6JHyxCSomxlp9yZmY2J0iQm0SlynOqStBQsD49fvvhvwMqJeqJlykpU6nlDbaEhDd?+pv1+pxJr7NIkW/KeTaq0b/aQptaVfLu1k/eBjIzUqHSB3lOy9UmFFPh/girk/XjEZa47KXK22yQM10uLDyyuKQUd40AlLaihQUbdUjhVx?/ScQdrUzRKrJp?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?+RII4t8MRDEdbcfqMx7xurTZC188/D/qw6Mx0GSwgyYqw4jaQFWJFvMeYvcj78MrM61UlMR2IoNpcbG4BQKgRzu?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?+93Q2veyfCEG5Jvx+w8/04s1ojq/X9OqqC4pUqmzFAyYyj4bXHKSOAsWNvW9j1Nqsse+0SoOtJ70SIjnu74Kv1kqKTbz8sSTliqOSWlBt4lwHxBy4A+vl/1XxeeMpKzG7LohB1o02r1OL7OaYrKg3dbUo90tBtyCDxf5E4rrXK/CfmPrjVWMUFxSkqS6ORfriLUVqI4z3KZkfds6CxSoni9z5839Pn5IVWhzkOiRTpy4wVyWjZSeR1Tf19CflbpirLH2kZSntaBqFMWXp6TSIBCSpTTI3BI3AErv1HzGMNMmSFVKoFhqxU83u3HzCUW4t8DhUyq0Dl6nLsbFjg?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?+IIlnXkbkN3QEqsSecaua6pEbadCCk8lO5R5I+XTFZcqaxVDLkVcXMCVNOp5PjuFJv1BPlcdMR9qd2qFvsqp9DU4t4LIJZP2f+V0H44nAc8Bo3UJnYDnJU5oaM6VVKuy+R3RK27KAtiUck1Wm12gQzZKypCTuIBuSAcUdydq?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?+OJdiZwjsxwxGptLRZoIQHZE2SQALAC7qRaw6AWxble1z8pOgACz8WjfRYZCyTWSZxkdz12+CkuNQqZTFAzJDDAUpTilPLCQBzzcnjEOdraJl?/NeUY0ahzI0+dR0Kmr9zV3pbYNwsrWnhIskKtf9Q4+o2aKqJa0ICWnOVI7ihR7qAFrJUtK1fj549rFezXFoUl2qS6yzCdbV7wd4Zb2rFu72hKb3Bta3N+mIcsRaQuVLpCQdlSGI/GTJVCmqQ4lX2bgcg+YP18/uPF0LO2R4kxpDkZsJbcSCpJHDZJ9flz9cbOoTIo9dmNQyVRwsuME34F7hJUbG46f0YQYGaPymyadJ3JUgDYq9ret79f78Ug1zHXCv9Y1zMpTyyRk7RmRHRDzllETHyBs2PqaRcEDcSFAkEdPrizOXaJ2Y8oUKNLk5WoLqlN3QiUhLykEIAAJUSb8dL25PA6Cq8qi1adR2no6QtaB4X0HkC3AI+uI6qEDO9VnKhuTJQSFK3BCjxY+Qv8As9MK5hl1cVbhrWwtAy3PuV3K32zdOMrJfh5Zp7SW29wvHaCUD+aL8fW2IizN2rM2agzVMsxFtRnFbUsoUeB5k36k/sxGWT9CKxVg2X2ghKlcErCSSeo5468YnTJWhVEoakvTVe8PBI+wLJBt0N/6vLDXMjZpe6eayec6NA/qm3T36tLiqUhTnfOtlTniICQTwLWt5D4cYYWaaU9GevJVuU7chBHpxf779cWSnUaiUOD3TcFpLitylJUuwI+Ava3S1v68QFqfWIUV9xpJBKrEWWCCARcWH34bF61gq87r6uKjWTTFp3OqK7X42gj8MayllIDQunnhJN9xxmbkGeHFIRZCTz8P39cbKacl23eKt52Bt8vji2RwVTQr2mp7wIcuNyjwnkbfl64eNIZWm3dk7SQRfk+Zvb6fjhFpsUKdbbQpQSTckD9XzuP2YeVMhsMLCy4lW4btvKbHyH7/ABwZQkGhSzBiqqkpDLUZtTjx2pSjdclRJsATc9bDjy+eOrHZ60wXpTpBBy1NShubJbVOnBAtsecQLoJvyUgBN/5OKp9iLQd/NmYf8JGaaYPyLR1pMBty9pEoC4Pyb8KvQmw8ji/U/ciA+r9YNqI587Ys00WXUqvUyh5ytXGnWbLzdM1SzNFZCQn8sygkpsBYuKUPwOIxzhqTTcr09MWI4448RYJSobgSkhVz?/RYeXl5zt2iY9Kjat5mRWDJKahIK462FJSWDbk+Lg7iACPTpzimWq9El0urIkPzQ+3I3d2Ukm6R0Jv0Pw8sSyN75CgB0SfP1GzHLkLeTVJKA4blKHCm3zw9tPddcx0gLgVOS7UIm3hh5dyk/xgfn64hlzz+WMaHigkYCwJrXkldfMtzY79EghlosKS2bsqXuskm90nzTc2uefX1PxQRvqdUV6yW/6f7se0yCUZepsdxtTUuOyUgnqhQWoEK9enyxjy7IYVMqILhEn3htbrQTbYAeVD1QbjnqDx8TucljnjZbeYl?/pqWn+M+0flwcL8lw97IUDbxOfsw3MwOJcepfdi5TIZvu4/V/vwryZQD8gWuCpwD/AJ6cINyg7BQLrjBjkt1gocC2KktoFJASNwKufidt?+vl88JGVnUuR0IUArYoWI8zfpha1y95/NWTIb3d3+WWw4SAUgWctz1Bvxf6Hi+GXkGrLZ6oCQkm44vdV79OD5Y4jGGWqdOQXa4M+8OqkB5KWJIKACwFpWLgC55vz6f1DDnhQ0SaeVpQ4fCShdxYEXNhhHXH96gC6StpsblLuBYj155wu5UeS82qMkhKW7eG/UYx73K3YnAApPyVlyg0h6VWswuBVWfJIU9whtJ+y2m/n0vfrfC0Kw01MUliI2hZI5J6C/wAL246Y+K7lmBVVELcSoqUSbK5P3EeV/vxBWpWlOp?+XYa6pp5mZ4MOPFTsKSSvageaD155uCbYtQm5y3TDGT3hqrHvNR6wFpfmNNNr27buAblAdDfgi?/rxjUqOV2pDL6UuNvGwACClQuPvGKkZfpeo8hRezDm1+E6Gyru+72d0q/FyrwqSfgfxxITGnupcQwTFza4PeNwfedaIDKQQN3hN1dQbAetumLBJabFMGQizjZK2ZdL4WYpDjFUo8pK3SQCkAhIJ6Dnpz6YRIvZgokVwqFJJCBvNwCCL8EWx9sV3V+BXV5WiZoYeJBIdkKUAWkqsXLKSVhIuOnIv8cN6pZn1rpq1volodsBdxS3NyQbgD7+bDEgkFrAJDBENS5SNA0jg0dxqQloMhm3OwcG3FxhwR3lxSGDJbHdiyEAEpVc9fh1t9BivrHajzhQqkij5titrL7ZWFtgrTx1KvMcX5Hxw7cl6nPZsrLMulxHpIQLqab8SSu9wATYWHXrhsrXCxclbIG6NUwMmYtXu5ZdaQlZQ2tfO63S1sJebV1CLEUhslLiQSQlXUW8xh35VjVTMs5pUiImPFhC61KXvK1Dg3IuPPpht6lvMUjvSk3XuKOVW/D5Yq7PsNlP112FQTUUvS6g85KUbR2lLV8zx9OmG1AqMZGYhJkud2140XVccbSMOae+hMGQ+5dCnr94B57R0/b54XNGcmpr0admF+ltPhMjuIq1oSoWTypSdwNuVAXB/V+eLsEZlNlkTTCIB55pwZfp9Xisw6Gywt1+vusuhgm553oY3DyJ3rPTo4i/IOLu12ZC7O+gn5OhOd5UozPu8ddh/Cag6Lqc+KQbq5/VRbritVMy7V4D0efTGBGlRHUvsOoSLtuJN0qHHUEYXtTHdU9UaPAhVeqxVmkoX3SSzsDq1kArWU9VAAAWSB19TjTjAp2uLNStSLF6fFey0NV+zhYbvO+Y7/AETT7Pb2TF5nmZ3z1VEtiNHLMRD7Dshx6Q6q7zh2JVyACLnk94cWBTq1pbTpB/J0SfITsv8Awem92Cbnpv24hugaXSoNPahspRdoAklP2lEAkkbhySTjdhZOqSpKYzrllFKl8JFgAR88MZYDVZeP4mcVr3zt0Zs3wG3mpIna55beeachZNqzhYBJVILLaUptyeFq9PhiCNbdXKhnOX7rDCotMZUXGYyFAjgfbUf11EX+XS3qpajS6ZlaE/SGakmXU3k7CynYpLQ43brWsbX6dPP4wNOekPSHZLj5cUvjahQCTbi1uARhRYG4WNlLimlnRtVVaJdaQi1ykBJPIJufjz1OI0UHC/vZXscbNyAMSxV2HVoUi1whClgtbbDnn58XviN61TZLUsPQ0nerlQT0+GFu1ObBJyUjaTZ4hs1RqJUyWQRteQSLfzgMTc9Scuiaie1TUOsupulaAlISb+XPyP1xT9qaHClbqVR32jws8G/7flh2QdVMwUdsxFvrWwUhJSLgDzCh6Hn8emIXsa7Yq7G2UaZVZSRmGgw6eDMSgRdt0IIUpKh5pJPQX4+h5wi1bWCkQGtyURRdN1Dgn+LcE34+/jFdK9qdVakxsaF93AKjci9+ovbpYdPTnDHn1+pTnw686XVAEJBA8AJuQPQXwxsIPrKZzZ9msKnDNmuS6opx9D91u3TzayRxdNrYiirV2XmOokF7eEkFajfp0w2AuoSVqtvSFefOFiCkQU7W0ArULqV6/PE7GMj2VSSnqH7tToZdjwoqG2G+EAEm9ibfv+OB6poKiqyWrG9k+f1N/wBmEX3iS4mwSDt8hj4Q3Idu0WuTc3Pphwy3QYZAPVTxp1XU2lDLjbKSVFxTu4kkG1h18jc3+PwxYLs16P17WzOMShUwlUFhYeqMxSSUxWPNRI6qVayB5nrYAkRTo52e9QNVZjL9NiGDSG1Av1GYnaw0n9ZQtyqwB4HXoOSBi1Fd1IrXZko1NyvpHIFOTFbbkvJeYQqVV3lC5ffvcbCPsoB2pT0JJvidrQSqj866NZTypRcmUGFlzL8NEaDBbDbTaR95J8yTck+pxt1cH3F25tdJH4YrF2au3ZlTWSajJOeKd?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?/ACvSRVoq1KT38MoYDybpIIOzdYg8G2IQOumMJJAtddFE1uH4e2vyBxLgLH3gn+yluRqjpa6yAM3QCUkmxS5z8/D+/wAcIT2dtMXnSTmyFZSSkmy/w8OJ59qP2ONItCchZH1F0UyqiiQJVUkUqqobkPPh9TrIdjLu4pW0JDL4467x6YrV2B9D6H2gO0zlzIubacufl5lmVUqtHBUkOR2mjYFSCCkFxTYvfzt54k9HNPtlMZ0pcz/bs+PzWeTmLS5+5XmWHdXF7K4+XGEeTXclNHbHzRDfb62VuufvGJS9p/2aMj9nHWDLzOmVANIy1mKiiQ1H71x0JlNOqQ9ZSyTyktG1+L/HCv7LTstZA7Rues61PVfL/wCWct5apDLLcVTjrQM2Q9dCwttST4W2HgU/98B8hhpwtp9sqyzpnIz/AG8Z/A/NQKutZKJt+W43Pz/qx6mq5DSeK5Hva54V/Vhz63aN0rPHbRzBoV2cMotQ4RriaBSoPfrU2lTKEokPOOLUohG9DzhV5J8uLY6EZV9nh2JOzNkWJW+03minVerSE2kz65VDChF2wu3GYQpKlJHH2itR68XCQ30W377lY+3cv/Sx/H5rmr+XMlA7U1+JtHn4v6sbEatZHKwFZkhoHmfEf2Y6SZl9nx2Gu03keoT+zTmal0msRU2Yn0KqqmxW3rHaiUwtSiEnnpsV5g8EHknqrpjmzRjUSu6Z52hpjVrL8sxZKUklCxYKQ4g2F0LQUrSeLpUOmD0W375+CaenMpFuzR/H5qcMvVbSp18Nzs902IhRG5TiVHj6JOLI6P1nsNZddbqmetVaJVJCLLTHfQ8Wkq68p7vkj48YnHKnY/7BOTuzDkjWzWvJESnxZuWaLNq9VemTlBUqUwzdRS0okbnXPJNhfyw0mMs+xaqrgp8evZeZW8NgcXNqscJJ4vvWAlPzJxYiomx8SVlVfSaWr06prfC/zW3nTtqdl6kQJUbLedoNRK3FrhQoDLjMdog2StwlsC1uAkAmwHS5OKsZh1xyBmOrPVqp53guy317i5ZywFh4RccJA4AHkMODt4ezyy5ohk1rXrQevv1nT+Utn3uM48mSqAh4gMvNPp/xsdalISCbqBUnxKvcMfsAdhaT2tK7Ucy5uqc2k5Dy6+3HmvRkgSJ8lSd3uzC1ApQUpKVLWQdoWkAXVcSvp?+st3iFWgxpsOvUtJ99/mlKkam6TpnvVH8/qfEfQ2kBRS4CoE82IT1HXFwdGPaNaVQ6Q3lPU3UyE/wC7ItFq7geUtaB0Q74LlXorqfP1ws1TQv2Sun1RcyDmWbkSPV4S1R5DU7Mr65DTg4IcX3tkqvwQbG+IP7ZvYG7J2S9Ean2g9G9UDQYENITGipnflWBVH1GyI7CkkuodUo2vuUhIBKglKVKCsgybEpZ8bbOLOgaPC/zSL2s+0loxqXnWDU8uaiU+fHZpvcFbYdCdxcWTwUDmxGK4u5t04XyrNcRRuf439WLH9maneyvf0Kym7rxVaQ3n1UZ01pLy6mFh3v3Nl+6Gz/F939n+nFp8p9jr2beedNJGsOUskQqjk?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?+IlQ3Gx8JJHn0/uxqyAB+ixGXLblWPz52jqZl2Aqj5UbRKkgE++OoKm0E3I2Dqo/E8D0OKyZnz?/AFfMT0ufVJEqXKfUCe8WSRa/TmwFvL48YS5lSceKnw6tLhsbW4Tfzt5H4fD6lAn72XVOBaVgJCipCrpF+mGgF26BoFjnzlmPdKvLdfk83HHGEOZIXvU4lBJVyB6W5uRjakvrLRCG07Om5J6dMaLpNytSVEWBHN+OmH2slDrlbMFxRsglR6cH9/liBdZSW9SKqUq2kJjEW/zDeJ9pyQpwK8yLX8+PLEBa1Ap1Jqv82N/q7eKUH8YfA/1C62u/06z/AMg/+XLrJ2gKi32mfZRQc/Qj7zNptDp9Wf29RKgOBib9ElEg?/IYir2NeR6RlrLmqvaHzA2hpFNjIo7EpwbQzGbQZUw3PFjsjX9Nhw9/ZRVan6s9kXUjQusOB9qHImwXWFKvaHUoyhwPIFSX/AK3xq5qy5M7I3sl52W5qREzFnRpUadZO1S3qk+QtBBN7iGnYR/JJxqril8+0ojUbtIdiLTvtOZeigP0x6NOKQd5ZizkBuS0SOLofQwDfp3ah54VvZSw6bo32OM+a65raWzT359Qq7jiU3UuBTo9lKSOpO9MhIHqn44bnYDjr7R/s89S+zo++0udSDUIdKCxwyZKDKiqPwEoOKPw4w7e0Strs3+yhoeQLe51Ct0em0MtW2KVJmqMmWm3qQJBI+YwIVcfZHJGoXbMzZn?/MLLcmotZbqdYS4tO4ty5EyMhbiSeQdjzyb?+iyPPEb+1T1DzHnLth5qy9VKi47SsoNQ6XSou7wMIVFZedIHTcp1xZKupASP1RiSfYqvIb7SubmFKG93I8gpHmbT4V/6cQh7SZhyP229UW3UlKjNhLAI/VVAjKB+4jAhLHsxdQ8xZI7X+TKZSaq9Hp+aFPUeqRgr9HKaUytTYUPVLqUKB6gj0JvLvtqcuQKd2gcn5ijRUMyKvlVLclSAB3qmZLwSo?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?+eJ81GynoJ7TPsuztRMp0pyLX6cxLRSKhIjIbqFOqDCd5iuKF97Kzs3JuQUrChZQBAhcMTe/PXrjtT2LufZU19R5P5t5u5+krHFl9pxh5bLqSlbaihQPkRwcdpuxb?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?+IHaR6i4xLsiAy8z3bqilZTYE3G7z6+vwwwszZdWw?+ZjKD4Fjebc2v05+n3YpxuzCxUk0WU3CGZ5S2O7dc3C5CbHgkc3PS2HblnVB+kuCDOLiUgkBRFwOoxHLckIu26SVeXlYfLGZwsrRseQVAkH5fHEohB3UImdGbhTq3qGzKb2JeaeZtvVuNze?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?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?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?+nHaTsXceyor3H/a3m7+iXjl1E7PipjfeNZtZI8/4ITb/AEsSrlpWv?+Tchu6X5Y7QVYpuU5DL8Z2kx0ER1NP7u+Ttv0VvVcedzh?/b4DsfgVWd0UxZpsYv1N+aqOB64sdof4tOgg3t789x9E4bi+zg82Nxzaza1/8AJTc/Tdh95Ky1+ZeX/wAgCpNyv4Qt7vQjYOQOLEm3TFerljqYw1h48lr4Jh9TgtQ6erbZpaRuDqbcipDc7Qugy+fz6Hl/9GTfT/N4yO9pPRVmklqBn4+8IbX3aRTZYuux2jlq3XFEcAJHTG/2x6897LGryNa?+6FQaFSm6dnxKZ8CX3t/yZMNwE2BVdqx5AJHnyPPD3rXbJ0bXlhx6i50jCssR3VwmJFOnK7t63Le/uDuQpXiG8nmxO07ivnLuV64N6r3v+GFlrXyua8ixbxTRRsCtNpz2n/yuqqULWrNyJlPnpU9GnJhOKdiyD1H6NF1NlICQP1Sbjzw7Kd2hdJWNyH85pcSlQ2q/J8oBSR047vg9QfjiloUodDg3EC2KFbG2v1l3WpR1clCf2eyvoz2ktCCizuc0Iukgj8nTCfvDWE6oa/6FyArbncLCgQB+TZYsP/0sUbuel8GKAwuEbEq?+7Gp3ixAVsZ+sGkbjm6PmxJFrW9wkjz/zeNB7VzTNRK0ZsT8B7jI/sYq7c+uDEooIm7EqscQkcbkBWWc1dyACS1mZIN7/AOSP9f8AmY+f8M2SACBmHny?/gr39jFayb9cGJOyxpprpCrHO6v5GcSR+cB68ERnuB6fYxhd1YyKtICa5yOl4zx/9nFd8GDsrE3tj1OUrU7L9SWqPDzBGpaUWvJkxH3Sb9diEIPT+UR5Wvjcy/T+zs86qo5v1RlVaYSFlLsObHbJvyNrbKlEWv+unEA3/AAwXI6HFyBzIG2DATzOqrSyPl9qystnXV3T6DEprenOZ3IhpTneMtwIz8NpNkpsO72ALO4KutZKiD06kyHWO0xpbX8u056dmZpqpywh6fHEKUsR1lCNyN3d2UApKjxf7XU+VJ9xx4ST1xabXSNGX8VWNO06kq0mYdX9Nqk/BlQs3p7xtaW1lcKSNrVlbjfu?+twnpfqcaqtUNNAQynOUMt/yocy1rdP8AEH9z684rLc9MGK08hnfndupY29WLBWUc1I07DneIzvT7KHiHuc3+nuL2+eML2omnfu4SjO0FSlCygqJNNufK7HHniuOC+IcgUmYqwreoOnxcShzOUQIN7qTDlqI46gFkX5+OPBn7IS2k/wDZrAbJuSDDmX/BjFewSDfBfBlCTMVYhOfNOwrerOsC5HnFm?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" width="302px" alt="directors"> To profit constantly from insider transactions, it’s crucial to separate the informative trades from the uninformative ones. Insider buying and selling can lead to a lack of trust within the inventory market which may negatively have an effect on the complete nation's financial system. If you ever find yourself in the place of an insider, it's important to know the clear distinction between legal and illegal insider buying and selling to avoid any monetary and legal implications. Chip Skowron, a hedge fund co-portfolio supervisor of FrontPoint? Partners LLC's health care funds, was convicted of insider trading in 2011, for which he served five years in prison. He had been tipped off by a advisor to a company that the company was about to make a negative announcement regarding its scientific trial for a drug. At first Skowron denied the fees in opposition to him, and his protection attorney mentioned he would plead not guilty, saying "We look ahead to responding to the allegations extra fully in court docket on the acceptable time". However, after the advisor charged with tipping him off pleaded responsible, he modified his place, and admitted his guilt.

h3>Literature Evaluate And Speculation Development</h3> Rather, to kind our treatment group, we use an ex ante assessment of which corporations appeared likely to be in conflict with the model new guidelines. Our research is the first to examine simultaneously the impact of both blockholder structure and governance rules on insider trading. Our distinctive, hand-collected data set contains information on blockholder possession in addition to antishareholder units employed by the companies. For instance, illegal insider trading would occur if the chief govt officer of Company A discovered that Company A shall be taken over and then bought shares in Company A whereas understanding that the share price would likely rise. If returns had been uncorrelated or positively correlated with trade quantities, we might anticipate a strictly monotonic relation between returns and earnings, which would justify the usage of returns as a proxy for returns. Furthermore, since inside traders profit from privileged access to information somewhat than work, this makes folks imagine that the system is rigged. The issue was dramatized in Oliver Stone’s 1987 classic movie “Wall Street,” by which ruthless financier Gordon Gekko makes hundreds of thousands of dollars by trading on inside data on several companies obtained from his protege, Bud Fox. Lenkey argues that trading too aggressively has an adverse effect on insiders’ threat sharing capability in the future. Table IV reports a separate set of regressions, where every cell stories the coefficient and commonplace error for the respective knowledgeable buying and selling proxy for brevity. Average variety of antishareholder mechanisms employed by changers and nonchangers within the purchase subsample. This determine exhibits the number of antishareholder mechanisms at ex ante changers and nonchangers. Data run from 1999 to 2007 and are based on our purchase subsample, so that a firm’s antishareholder index is taken into account within the average in a given year if a authorized insider purchase took place at that firm in that yr. 9 The Code attempted to defuse one of the generally used antishareholder mechanisms by requiring that depositary receipt holders be granted voting rights at all times. It additional encouraged shareholder participation by advising companies to enable proxy voting and facilitate shareholder communication. Thus, the laws didn't go much additional than formalizing the established order. If, primarily based on the analysis of the inventory worth, the AFM suspects that an insider has traded on personal data, it launches an investigation. If there is adequate evidence to corroborate the preliminary suspicion, the AFM reports the case to the public prosecution, after which the insider is indicted. During our sample interval, the AFM started an annual common of forty-two inspections resulting in nine stories to public prosecution and one administrative fantastic per 12 months. https://public.sitejot.com/loandahlia62.html is that returns and greenback profits paint a markedly completely different image of insider trading, as a result of insiders who make high returns have a tendency to place small and infrequent trades. First, we present that dollar income are small for the standard corporate insider.

ul> <li>An inherent problem with this method is that firms that modified their governance buildings have a unique variety of antishareholder mechanisms, and thus belong to two totally different teams in different pattern years.</li> <li>There’s a rising bipartisan push to ban members of Congress from shopping for or promoting stocks.</li> <li>For example, say the vice president of a expertise company's engineering division overhears a meeting between the CEO and the CFO.</li> <li>The SEC stories that it has filed insider trading complaints in opposition to hundreds of people and monetary professionals, together with lawyers, company insiders, and hedge fund managers.</li> <li>Insiders are legally permitted to buy and sell shares, however the transactions should be registered with the SEC.</li></ul> An insider is defined by part 16 of the Securities Exchange Act as an individual who is directly or indirectly the useful owner of greater than 10% of a company's fairness securities. This typically contains administrators, officers, and principal stockholders who hold excessive positions on the company. While insider buying and selling can be done legally, illegal violators can face serious penalties. It additionally consists of passing along materials non-public data before it's made publicly obtainable. For https://www.folkd.com/submit/buybackanalytics.com/ , suppose you're employed for XYZ Company and learn that it is about to submit losses in its quarterly report, which may affect buyers. Insider trading is buying or promoting a publicly traded firm's stock by someone with non-public, material details about that company. In 2017, Billy Walters, Las Vegas sports bettor, was convicted of creating $40 million on personal data of Dallas-based dairy processing firm Dean Foods, and sentenced to five years in prison. Walters's source, company director Thomas C. Davis employing a pay as you go cellphone and sometimes the code words "Dallas Cowboys" for Dean Foods, helped him from 2008 to 2014 notice earnings and keep away from losses within the stock, the federal jury discovered.

The shares carry full voting rights and are sold at nominal value; nonetheless, the purchaser is just to pay 25% of the quantity upfront. The dimension of the issue could attain as much as 50% or, relying on the amendments in place, even 100% of the company’s outstanding nominal capital. Priority shares, usually sold to a friendly foundation, grant the bearer particular voting privileges over issues similar to merger approval, public offerings, the appointment of board members, constitution amendments, and liquidation. These instruments are similar to French or British “golden shares.” Certificates are tradable depositary receipts carrying full money flow rights however stripped of voting rights. They are issued in exchange for strange voting shares?the supervisory board has the authority to request such a transaction?which are then deposited with the issuer of the certificates, the administration workplace. Through this course of, the authorized ownership of the shares is transferred to the belief workplace, which thus assumes all voting rights on the shares withdrawn and often obtains nearly all of the votes as a consequence.


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Last-modified: 2023-10-09 (月) 01:46:36 (213d)