Research Handbook on Insider Trading
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Research Handbook on Insider Trading

Edited by Stephen M. Bainbridge

In most capital markets, insider trading is the most common violation of securities law. It is also the most well known, inspiring countless movie plots and attracting scholars with a broad range of backgrounds and interests, from pure legal doctrine to empirical analysis to complex economic theory. This volume brings together original cutting-edge research in these and other areas written by leading experts in insider trading law and economics.
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Chapter 11: A portrait of the insider trader as a woman

Joan MacLeod Heminway


The stock image of the perp walk for an insider trader is that of a besuited male—not too old, not too young—being led away by law enforcement officials (similarly clothed and also male). The suit and the age may be of marginal significance in this stereotypical profile. Yet the sex and gender o f the standard, run-of-the-mill insider trader is certainly male. This is, perhaps, unremarkable. Men have historically been the predominant trading participants in the securities markets. And so they must also be the predominant violators of trading rules, insider trading included. Yet, since 2000, women have more frequently served as poster children for transgressions of US prohibitions on insider trading under § 10(b) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 as adopted under § 10(b) by the US Securities and Exchange Commission (SEC), either as defendants or as unwitting participants. Martha Stewart is undoubtedly the most visible example of a female image in an insider trading story. But other examples, not household names in other respects, also form part of a more visible presence of women in insider trading cases and controversies. These women include Carolyn Balkenhol, Danielle Chiesi, Randi Collotta, Nina Devlin, Kathryn Gannon (a/k/a Marilyn Star), Christie Heffner, Winnifred Jiau, Charlotte Ka On Wong Leung, Serenella Lina, Annabel McClellan, Donna Murdoch, Monie Rahman and Patricia Rocklage, to name a few.

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