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payout, liquidity Jesse M. Fried, Insider Trading via the Corporation, 162 U. Pa. L. Rev. 801, 8125 2014 hereinafter Fried Insider Trading. See e.g., Jesse M. Fried, Insider Signaling and Insider Trading with Repurchase Tender Offers, 67 U. Chi. L. Rev. 421, 427 2000 hereinafter Fried Insider Signaling. Jesse M. Fried, Informed Trading and False Signaling with Open Market Repurchases, 93 Cal. L. Rev. 1323, 1328 2005 hereinafter Fried Informed Trading.
Open Market Repurchase, OMR OMR SEC b OMR NASDAQ Repurchase Tender Offer See e.g., Fried, Insider Signaling, supra note 19, at 428. Fried, Insider Trading, supra note 18, at 812. NASDAQ material information See NASDAQ Rule 5250; IM52501 2014. See e.g., Fried Insider Trading, supra note 18, at 813; see also Michael Simkovic, The Effect of Mandatory Disclosure on Open-Market Stock Repurchases, 6 Berkeley Bus. L. J. 96, 109 2009.
SECb SEC b Securities Exchange Act of 1934 SEC b SEC b fiduciary duty SEC b material SEC b reasonable man Fried Insider Trading, supra note 18, at 813. 15 U.S.C. 78jb. See e.g., JAMES D. COX ET AL., SECURITIES REGULATION: CASE AND MATERIALS 905 7th ed. 2012. SEC b Chiarella v. United States, 445 U.S. 222, 22729 1980. 17 C.F.R. 240.10b5b. Fried, Insider Trading, supra note 18, at 808.
bombshell event SEC b SEC SEC b SEC b Id. at 809 quoting SEC v. Tex. Gulf Sulphur Co., 401 F. 2d 833, 849 2d Cir. 1968. SEC v. Tex. Gulf Sulphur Co. List v. Fashion Park, Inc., 340 F.2d 457, 462 2d Cir. 1965. Fried, Insider Trading, supra note 18, at 809. Basic Inc. v. Levinson, 485 U.S. 224, 240 n. 18 1988. Fried, Insider Trading, supra note 18, at 809. Id. Jesse M. Fried, Reducing the Profitability of Corporate Insider Trading Through Pretrading Disclosure, 71 S. Cal. L. Rev. 303, 336 1998 hereinafter Fried Reducing the Profitability. Fried, Insider Trading, supra note 18, at 809. Fried, Reducing the Profitability, supra note 36, at 332. Id.
SEC state of mind SEC sub-material information SEC b SEC b a trade-disclosure rule SEC beneficial owner Id. Ernst & Ernst v. Hochfelder, 425 U.S. 185 1976. Fried, Reducing the Profitability, supra note 36, at 332. Id. 15 U.S.C. 78pa. Fried, Insider Trading, supra note 18, at 810.
a SEC b SEC b SEC b a SEC b SEC b SEC b SEC b Id. Id. Id. Id. at 813. Mark J. Loewenstein & William K. S. Wang, The Corporation as Insider Trader, 30 Del. J. Corp. L. 45, 5859 2005. See e.g., Fried, Insider Trading, supra note 18, at 814. See Loewenstein & Wang, supra note 50, at 58.
SEC b a SEC Q K SEC Q K Fried, Insider Trading, supra note 18, at 814. Id. Id. Purchases of Certain Equity Securities by the Issuer and Others, 68 Fed. Reg. 64,952, 64,961 Nov. 17, 2003 codified at 17 C.F.R. 240.10b18 2013. Fried, Insider Trading, supra note 18, at 815.
bargain repurchase bargain repurchase bargain repurchase bargain repurchase bargain repurchase bargain repurchase bargain repurchase Id. Id. at 815816. Fried, Informed Trading, supra note 20, at 1357. Fried, Insider Trading, supra note 18, at 816. Id.
Bargain Repurchase bargain repurchase abnormal stock price return Fried, Informed Trading, supra note 20, at 1358. Fried, Informed Trading, supra note 20, at 1358. Id. See e.g., RICHARD A. BREALEY, PRINCIPLES OF CORPORATE FINANCE 405 11th ed. 2013., OMR. See Urs Peyer & Theo Vermaelen, The Nature and Persistence of Buyback Anomalies, 22 Rev. Fin. Stud. 1693, 16981701 2009. Fried See Fried, Insider Trading, supra note 18, at 818 n78 citing Konan Chan et al., Economic Sources of Gain in Stock Repurchases, 39 J. Fin. & Quantitative Analysis 461, 47273 2004.. Fried, Informed Trading, supra note 20, at 1358.
bargain repurchase bargain repurchase Bargain Repurchase bargain repurchase Fried bargain repurchase Bargain Repurchase Id. Id. at 13571358. Fried, Insider Trading, supra note 18, at 816. Id. Id.
bargain repurchase bargain repurchase bargain repurchase. Id. at 816. Fried, Insider Trading, supra note 18, at 816. Id. at 817. Id. Id. Id.
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bargain repurchase. bargain repurchase. Bargain Repurchase bargain repurchase firm s capital Fried bargain repurchase Fried, Insider Trading, supra note 18, at 817. Id. at 831. Id.
Bargain Repurchase bargain repurchase....... bargain repurchase Id. at 832. Fried, Insider Trading, supra note 18, at 832 Id.
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.... bargain repurchase. Bargain Repurchase bargain repurchase bargain repurchase Id. Id. bargain repurchase Fried, Insider Trading, supra note 18, at 832. bargain repurchase bargain repurchase See id. at 833.
bargain repurchase Fried bargain repurchase Fried systematically bargain repurchase Fried bargain repurchase bargain repurchase Id. at 828. Id. Id. Id. Alok Bhargava, Executive Compensation, Share Repurchases and Investment Expenditures: Econometric Evidence from US Firms, 40 Rev. Quantitative Fin. & Acct. 403, 41920 2013. R & D expenditures Fried, Insider Trading, supra note 18, at 833. Id.
bargain repurchase Fried two-day rule Two-Day Rule a bargain re- Id. Id. at 834. Id. 15 U.S.C. 78pa. Fried, Insider Trading, supra note 18, at 834.
purchase Fried two-day rule Fried two-day rule bargain repurchase two-day rule Fried two-day rule two-day rule Fried two-day rule Id. Id. Id.. Id. at 835. FCA Financial Conduct Authority Listing Rules RIS Regulated Information Service See FCA LR 12.4.6. Available at http:// fshandbook.info / FS / html / handbook / LR / 12 / 4 last visited 11 / 06 / 2014. Fried, Insider Trading, supra note 18, at 835.
Two-Day Rule two-day rule SEC two-day rule two-day rule two-day rule Id. at 836. Id. Fried, Insider Trading, supra note 18, at 836. Fried two-day rule See id. at 837. Id. at 836.
two-day rule Two-Day Rule two-day rule two-day rule Fried Fried two-day rule a Id. Id. at 837. Id. at 838. Id. Id. Id.
two-day rule Fried two-day rule Fried Fried bargain repurchase bargain repurchase Fried two-day rule Id. Fried pre-trading disclosure rule Id. Id. at 838839. Id. at 839.
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