Análise do grau de penalidade sobre o Insider Trading ilegal em comparação ao impacto no mercado de capitais.

Abstract

The illegal act of insider trading has gained considerable prominence in the corporate sphere in the last 15 years, due to the impacts on the capital market involving informational asymmetry. The greatest influence for this practice is the conflict of interests between shareholders and managers, in which they seek to take advantage of privileged information for personal benefit. In order to reduce the number of users who have access to special information, Corporate Governance and the regulations imposed by the CVM in Brazil and the SEC in the United States have the role of regulating and penalizing these acts. The objective of this research is to analyze the degree of penalties on illegal insider trading in comparison to the impact on the capital market, between 2002 and 2017, and to relate these variables to each other, in paired and independent samples, considering the conducting the survey of data on the main occurrences of insider trading in the capital market. The research fits as an exploratory, descriptive and quantitative study. In the universe of analysis there are twelve cases involving illegal insider trading, six in Brazil and six in the United States, all of which are reported in various media. The results of the research pointed out, through the descriptive analysis of the data and through the Wilcoxon test, for Hypotheses 1 and 2, that the greater the degree of penalty in both countries for each case, the lower the impact on the market . However, for Hypotheses 3 and 4, the Mann-Whitney test was used, which concluded that there is no statistical difference in the degree of penalty between Brazil and the United States and there is also no statistical difference in the market impact between Brazil and the United States. The research enriched the content on the subject, in the academic as well as in the professional scope, because until the moment there are few researches that approach this theme. As a suggestion for future research, it is recommended to increase the number of cases investigated or another differentiating criterion, such as the period and the number of countries.