Abstract
This article, published in 1992, puts the case for Australian corporate law to require prompt disclosure by directors and officers of their trading in the shares of their companies. The article: (1) reviews the arguments supporting such a requirement (the protection of investors and market efficiency): (2) discusses the law in this area in several countries: and (3) reviews empirical studies conducted in the United States, Canada and the Britain which have examined the extent to which share trading by directors and officers conveys information to the market.In 1995, the Australian Corporations Law was amended to require directors (but not officers) of listed companies to disclose trading in the shares of their companies to the Australian Securities Exchange.
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