Transferring and trading on insider information in the United States and Australia: Just a case of happy hour drinks?

This study examines and compares insider trading laws across Australia and the United States. Motivation is provided by academic studies that provide a global comparison of insider trading without analysis of divergent interpretations and liabilities. For example, sharing confidential information with friends over Friday night drinks may have completely different legal consequences across different countries. The possibility of higher or lower legal sanction offers research opportunities in the areas of government-supervised firms, tipping to short sellers and insider trading when firms are cross-listed in countries with different insider trading regimes.