8-K Gap: Next Big Thing In Insider Trading Enforcement?

Law360, New York (September 21, 2015, 10:34 AM EDT) -- Earlier this month, a group of professors from Columbia and Harvard Law Schools published a seemingly innocuous scholarly paper titled “The 8-K Trading Gap,” which comes to a startling conclusion: data show that insiders of corporate issuers appear routinely to have access to supranormal profits by purchasing the issuers’ securities during the period between the occurrence of an event reportable on U.S. Securities and Exchange Commission Form 8-K and the filing of the 8-K.

SEC rules currently permit issuers to file an 8-K up to four business days after a reportable event.[1] The authors digitized and analyzed more than 160,000 8-K...

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