Insiders' profits, costs of trading, and market efficiency

EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK*

1970 • 15,798 citations

Efficient Capital Markets: A Review of Theory and Empirical Work

1970 • 10,493 citations

Bid, ask and transaction prices in a specialist market with heterogeneously informed traders

1985 • 6,148 citations

The relationship between return and market value of common stocks

1981 • 6,052 citations

The Adjustment of Stock Prices to New Information

1969 • 3,289 citations

The Adjustment of Stock Prices to New Information

2003 • 3,268 citations

Estimating betas from nonsynchronous data

1977 • 2,887 citations

The Cost of Transacting

1968 • 1,909 citations

Information Effects on the Bid‐Ask Spread

1983 • 1,852 citations

THE SUPPLY OF DEALER SERVICES IN SECURITIES MARKETS

1978 • 1,374 citations

Misspecification of capital asset pricing

1981 • 1,344 citations

Special Information and Insider Trading

1974 • 1,307 citations

Dealership market

1980 • 998 citations

The Market for Securities: Substitution Versus Price Pressure and the Effects of Information on Share Prices

1972 • 944 citations

The Only Game in Town

1971 • 899 citations

Determinants of bid-asked spreads in the over-the-counter market

1974 • 590 citations

INSIDERS AND MARKET EFFICIENCY

1976 • 509 citations

Transaction costs and the small firm effect

1983 • 461 citations

The Economics of Liquidity Services

1972 • 440 citations

Information Effects on the Bid-Ask Spread

1983 • 381 citations

Predictive and Statistical Properties of Insider Trading

1968 • 298 citations

Stock price effects and costs of secondary distributions

1985 • 296 citations

The Supply of Dealer Services in Securities Markets

1978 • 261 citations

Trading costs for listed options

1980 • 218 citations

Competition and the Pricing of Dealer Service in the Over-the-Counter Stock Market

1972 • 189 citations

Insiders and Market Efficiency

1976 • 78 citations

What Does It Take to Win the Trading Game?

1981 • 58 citations

Applied time series analysis

2012 • 33 citations

Methods for Determining Stock Market Trends

1946 • 2 citations