Insider trading happens far more often than people think, according to a recent study by two professors at the Stern School of Business at New York University and one professor from McGill University.
According to the Sydney Morning Herald, the detailed study reveals a quarter of all public company deals may involve some kind of insider trading.
The study analysed hundreds of transactions from 1996 to the end of 2012.
The professors confidence in the results led them to determine statistically that the odds of trading “arising out of chance” are “about three in a trillion”.
Westfield restructure approved by shareholders
A majority shareholder vote in support for the shopping centre giant Westfield’s $70 billion restructure has pushed the project over the line, reports the Age.
Over 76% of shareholders in Westfield Retail Trust voted in favour of the restructure, which was above the 75% threshold needed to give the project the green light.
The outcome of the decision will result in the merger of the Australian assets of Westfield Group and Westfield Retail Trust and the formation of a new company called Scentre.
Westfield Group will now focus its attention on managing and developing its international businesses, such as its international shopping centres in the US and UK.
Shares down on open
The S&P/ASX200 benchmark was down 21.1 points to 5468.2 points at 11:35 AEST. On Thursday, the Dow Jones closed up 2.08%, rising 14.84 points 16,921.46 points.