{"id":"https://openalex.org/W1508353554","doi":"https://doi.org/10.1093/oxfordjournals.jleo.a023385","title":"Insider Trading and the Problem of Corporate Agency","display_name":"Insider Trading and the Problem of Corporate Agency","publication_year":1997,"publication_date":"1997-10-01","ids":{"openalex":"https://openalex.org/W1508353554","doi":"https://doi.org/10.1093/oxfordjournals.jleo.a023385","mag":"1508353554"},"language":"en","primary_location":{"id":"doi:10.1093/oxfordjournals.jleo.a023385","doi":"https://doi.org/10.1093/oxfordjournals.jleo.a023385","is_oa":false,"landing_page_url":"https://doi.org/10.1093/oxfordjournals.jleo.a023385","pdf_url":null,"source":{"id":"https://openalex.org/S4210168091","display_name":"The Journal of Law Economics and Organization","issn_l":"1465-7341","issn":["1465-7341","8756-6222"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-2","jufo-2","norway-2","poland-140","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310311648","host_organization_name":"Oxford University Press","host_organization_lineage":["https://openalex.org/P4310311648","https://openalex.org/P4310311647"],"host_organization_lineage_names":["Oxford University Press","University of Oxford"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Law, Economics, and Organization","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5018411459","display_name":"Thomas H. Noe","orcid":"https://orcid.org/0000-0003-4068-1202","observed_orcids":["https://orcid.org/0000-0003-4068-1202"]},"institutions":[{"id":"https://openalex.org/I114832834","display_name":"Tulane University","ror":"https://ror.org/04vmvtb21","country_code":"US","type":"education","lineage":["https://openalex.org/I114832834"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"T. H. Noe","raw_affiliation_strings":["Tulane University"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Tulane University","institution_ids":["https://openalex.org/I114832834"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5018411459"],"corresponding_institution_ids":["https://openalex.org/I114832834"],"apc_list":{"value":4106,"currency":"USD","value_usd":4106},"apc_paid":null,"fwci":10.233,"has_fulltext":false,"cited_by_count":48,"citation_normalized_percentile":{"value":0.97549802,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":88,"max":98},"biblio":{"volume":"13","issue":"2","first_page":"287","last_page":"318"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9804999828338623,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9804999828338623,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11762","display_name":"Law, Economics, and Judicial Systems","score":0.004699999932199717,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.004100000020116568,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/insider-trading","display_name":"insider trading","score":0.996999979019165},{"id":"https://openalex.org/keywords/corporate-agency","display_name":"corporate agency","score":0.7369999885559082},{"id":"https://openalex.org/keywords/incentive-alignment","display_name":"incentive alignment","score":0.6430000066757202},{"id":"https://openalex.org/keywords/shareholder-incentives","display_name":"shareholder incentives","score":0.4050000011920929},{"id":"https://openalex.org/keywords/firm-performance","display_name":"firm performance","score":0.6549999713897705}],"concepts":[{"id":"https://openalex.org/C2781078320","wikidata":"https://www.wikidata.org/wiki/Q854623","display_name":"Insider trading","level":2,"score":0.8531346321105957},{"id":"https://openalex.org/C108170787","wikidata":"https://www.wikidata.org/wiki/Q3951828","display_name":"Agency (philosophy)","level":2,"score":0.7726094722747803},{"id":"https://openalex.org/C2778971194","wikidata":"https://www.wikidata.org/wiki/Q1664551","display_name":"Insider","level":2,"score":0.7707117795944214},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.517989993095398},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.44575193524360657},{"id":"https://openalex.org/C190253527","wikidata":"https://www.wikidata.org/wiki/Q295354","display_name":"Law and economics","level":1,"score":0.4280475378036499},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.4055931270122528},{"id":"https://openalex.org/C187736073","wikidata":"https://www.wikidata.org/wiki/Q2920921","display_name":"Management","level":1,"score":0.3697303533554077},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.32911163568496704},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.2975821793079376},{"id":"https://openalex.org/C144024400","wikidata":"https://www.wikidata.org/wiki/Q21201","display_name":"Sociology","level":0,"score":0.23949021100997925},{"id":"https://openalex.org/C36289849","wikidata":"https://www.wikidata.org/wiki/Q34749","display_name":"Social science","level":1,"score":0.11754733324050903}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1093/oxfordjournals.jleo.a023385","doi":"https://doi.org/10.1093/oxfordjournals.jleo.a023385","is_oa":false,"landing_page_url":"https://doi.org/10.1093/oxfordjournals.jleo.a023385","pdf_url":null,"source":{"id":"https://openalex.org/S4210168091","display_name":"The Journal of Law Economics and Organization","issn_l":"1465-7341","issn":["1465-7341","8756-6222"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-2","jufo-2","norway-2","poland-140","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310311648","host_organization_name":"Oxford University Press","host_organization_lineage":["https://openalex.org/P4310311648","https://openalex.org/P4310311647"],"host_organization_lineage_names":["Oxford University Press","University of Oxford"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Law, Economics, and Organization","raw_type":"journal-article"}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":17,"referenced_works":["https://openalex.org/W2818527","https://openalex.org/W601848345","https://openalex.org/W1516194748","https://openalex.org/W1541693191","https://openalex.org/W1542633357","https://openalex.org/W1542763554","https://openalex.org/W1573697673","https://openalex.org/W1970698940","https://openalex.org/W1985808284","https://openalex.org/W1986300483","https://openalex.org/W2018650603","https://openalex.org/W2050031929","https://openalex.org/W2096627274","https://openalex.org/W2098877670","https://openalex.org/W2156594523","https://openalex.org/W2161488235","https://openalex.org/W2797580951"],"related_works":["https://openalex.org/W1988200192","https://openalex.org/W3124044867","https://openalex.org/W2067598025","https://openalex.org/W4245338871","https://openalex.org/W2914259494","https://openalex.org/W1560011319","https://openalex.org/W2092000047","https://openalex.org/W1984185376","https://openalex.org/W2338062517","https://openalex.org/W2341704318"],"abstract_inverted_index":{"This":[0],"article":[1],"models":[2],"an":[3,99],"economy":[4],"in":[5,69,79,94],"which":[6,62],"managers,":[7],"whose":[8,21],"efforts":[9],"affect":[10],"firm":[11,27],"performance,":[12],"are":[13,36,52],"able":[14],"to":[15,66,101,114],"make":[16],"\u201cinside\u201d":[17],"trades":[18],"on":[19,26],"claims":[20],"value":[22,80],"is":[23,30],"also":[24],"dependent":[25],"performance.":[28],"It":[29],"shown":[31],"that":[32],"insider":[33,103],"trading":[34],"opportunities":[35,44],"a":[37],"substitute":[38],"for":[39],"effort-assuring":[40,59,112],"compensation":[41,60,113],"packages.":[42],"Insider-trading":[43],"produce":[45],"only":[46],"partial":[47],"effort":[48],"incentives.":[49],"However,":[50],"they":[51],"sometimes":[53],"less":[54],"expensive":[55],"incentive-alignment":[56],"devices":[57],"than":[58],"contracts,":[61],"may":[63],"require":[64],"payments":[65],"the":[67,77,92],"manager":[68],"excess":[70],"of":[71,76],"reservation":[72],"levels.":[73],"Because":[74],"some":[75],"increase":[78],"from":[81,86,91],"permitting":[82],"trade":[83,104,109],"comes":[84],"not":[85],"increased":[87],"output":[88],"but":[89],"rather":[90],"reduction":[93],"managerial":[95,108],"rents,":[96],"shareholders":[97],"have":[98],"incentive":[100],"permit":[102],"even":[105],"when":[106],"preventing":[107],"and":[110],"paying":[111],"managers":[115],"produces":[116],"greater":[117],"output.":[118]},"counts_by_year":[{"year":2024,"cited_by_count":2},{"year":2022,"cited_by_count":1},{"year":2021,"cited_by_count":1},{"year":2019,"cited_by_count":1},{"year":2018,"cited_by_count":1},{"year":2017,"cited_by_count":2},{"year":2016,"cited_by_count":1},{"year":2015,"cited_by_count":2},{"year":2014,"cited_by_count":4},{"year":2013,"cited_by_count":1}],"updated_date":"2026-10-16T09:59:22.235173","created_date":"2016-06-24T00:00:00"}