David Haddock PhD - Insider Trading by Congress

Name:	David Haddock, PhD
Title:	Professor of Law & of Economics at Northwestern University
Position:	Not Clearly Pro or Con to the question "Should insider trading by Congress be allowed?"
Reasoning:	"...[I]nsider trading undermines public confidence in the securities markets. If people fear that insiders will regularly profit at their expense, they will not be nearly as willing to invest... [C]ompanies prefer that their securities trade in 'thick' markets - that is, markets with many traders, substantial capital available, and frequent opportunities to trade at readily observable prices. Efficient securities markets, it is argued, require a 'level informational playing field' to avoid frightening away speculators, who contribute to securities market liquidity, and investors, who could invest their savings in markets with less risk of insider predation..." "Insider Trading," The Concise Encyclopedia of Economics, 2002
Theoretical Expertise Ranking:	Experts Individuals with JDs, PhDs, other relevant advanced degrees, and government officials with significant involvement in, or related to, insider trading issues. [Note: Experts definition varies by site]
Involvement and Affiliations:	Professor, Law, Economics, Northwestern University, 1992-present Senior Fellow, Property & Environment Research Center (PERC), 1997-present Faculty Associate, Legal Studies, Northwestern University, 2002-present Member, Advisory Council, Econ Journal Watch, 2003-present E.I. Wiegand Adjunct Scholar, Property & Environment Research Center (PERC), 1995-1996 Research Scholar, International Centre for Economics Research (ICER), 1995 Stanford Clinton Senior Research Professor, Northwestern University Law School, 1993-1994 Associate Professor, Northwestern University Law School, 1989-1992 Visiting Associate Professor of Law, Northwestern University, 1988-1989 John M. Olin Faculty Fellow, Law & Economics, University of Chicago, 1987-1988 Associate Professor of Economics, Emory University, 1985-1989 Faculty Fellow, Civil Liability, Yale University, 1984-1985 Research Professor, Law & Economics, Emory University, 1981-1985 Assistant Professor, Economics, Ohio State University, 1980-1981 Chief, Economic Studies for Antitrust Matters, Ford Motor Co., 1978-1980
Education:	PhD, Economics, University of Chicago BA, Economics, Oklahoma State University
Contact Info:	Phone: 847-491-8225 Fax: 847-491-7001 E-Mail: dhaddock@law.northwestern.edu Website: University Profile
Select Publications:	"Similar Economics Histories, Different Industrial Structures: Transatlantic Contrasts in the Evolution of Professional Sports Leagues," Journal of Economic History, Dec. 2005 "Review of Terry L. Anderson and Peter J. Hill, The Not So Wild, Wild West," Journal of Economics History, June 2005 "On the Internal Contradictions of the Law of One Price," Economics Inquiry, Oct. 2004 "Can a Sovereign Protect Investors from Itself? Tribal Institutions to Spur Reservation Investment," Journal of Small & Emerging Business Law, Summer 2004 "The Black Death and Property Rights," Journal of Legal Studies, June 2002 "Insider Trading," The Concise Encyclopedia of Economics, 2002 Academic Hostility and SEC Acquiescence: Henry Manne's Insider Trading," Case Western Law Review, Winter 1999
Other:	None found
Also Quoted in:	1. Does insider trading harm public confidence in the market?