Enforcement silence as evidence: interpreting the absence of insider-trading cases in frontier securities markets

Shamsiddinov, Nematjon

Иқтисодиёт ва туризм · 2026-yil

Annotatsiya

Comparative securities research treats enforcement activity as an indicator of marketintegrity: jurisdictions that prosecute insider trading are held to have functioning prohibitions, andthe cost of equity falls when enforcement begins rather than when statutes are enacted. Theinference is asymmetric, however. A positive enforcement count is informative; a zero count isnot, because it is generated equally by a market in which the offence does not occur and by one inwhich it is never detected. Frontier securities markets, where zero counts are the norm, aretherefore systematically mis-classified — typically as low-asymmetry markets, which inverts thelikely truth. Following a theory-adaptation design, this article theorises enforcement silence as anequilibrium outcome rather than a data gap. It identifies four generative mechanisms — prohibitivevoid, surveillance void, prosecutorial-incentive void, and absence of the offence's precondition —and shows that each leaves a distinct observable signature in disclosure behaviour, ownershipstructure and price dynamics, so that the mechanisms are separable without a single prosecutedcase. It then develops the detection-capacity paradox: because building surveillance convertsundetected violations into recorded ones, measured enforcement is a non-monotonic function ofmarket integrity, and reform programmes evaluated on case counts will appear to fail preciselywhen succeeding. Nine propositions and an identification protocol are advanced, with attention tomarkets in which the state is concurrently dominant shareholder, principal issuer and ultimateregulator. The protocol's legal audit is applied to Uzbekistan, where the prohibition provessanctionless rather than absent — a sub-case of the prohibitive void that the taxonomy is extendedto accommodate.

Maqola ma’lumotlari
MualliflarShamsiddinov, Nematjon
JurnalИқтисодиёт ва туризм
NashriyotБухоро давлат университети
ISSN2004-2024
Nashr sanasi2026-08-30
Jild4
Son30
TilIngliz
Ilmiy sohaIqtisodiyot
Indeksga qo‘shilgan2026-09-06

Maqolaning asl sahifasi

Kalit so‘zlar

insider trading, enforcement, securities regulation, frontier markets

Ilmiy soha

Iqtisodiyot

Iqtibos keltirish

APAShamsiddinov, Nematjon (2026). ENFORCEMENT SILENCE AS EVIDENCE: INTERPRETING THE ABSENCE OF INSIDER-TRADING CASES IN FRONTIER SECURITIES MARKETS. Иқтисодиёт ва туризм, 4(30). https://interjournal.uz/index.php/journals/article/view/458
GOST (OAK)Shamsiddinov, Nematjon ENFORCEMENT SILENCE AS EVIDENCE: INTERPRETING THE ABSENCE OF INSIDER-TRADING CASES IN FRONTIER SECURITIES MARKETS // Иқтисодиёт ва туризм. – 2026. – T. 4, № 30.
MLAShamsiddinov, Nematjon. “ENFORCEMENT SILENCE AS EVIDENCE: INTERPRETING THE ABSENCE OF INSIDER-TRADING CASES IN FRONTIER SECURITIES MARKETS.” Иқтисодиёт ва туризм, 4(30), 2026. https://interjournal.uz/index.php/journals/article/view/458
ChicagoShamsiddinov, Nematjon. “ENFORCEMENT SILENCE AS EVIDENCE: INTERPRETING THE ABSENCE OF INSIDER-TRADING CASES IN FRONTIER SECURITIES MARKETS.” Иқтисодиёт ва туризм, 4(30) (2026). https://interjournal.uz/index.php/journals/article/view/458
HarvardShamsiddinov, Nematjon (2026) ‘ENFORCEMENT SILENCE AS EVIDENCE: INTERPRETING THE ABSENCE OF INSIDER-TRADING CASES IN FRONTIER SECURITIES MARKETS’, Иқтисодиёт ва туризм, 4(30). https://interjournal.uz/index.php/journals/article/view/458
BibTeX
@article{shamsiddinovnematjon2026,
  title = {ENFORCEMENT SILENCE AS EVIDENCE: INTERPRETING THE ABSENCE OF INSIDER-TRADING CASES IN FRONTIER SECURITIES MARKETS},
  author = {Shamsiddinov, Nematjon},
  journal = {Иқтисодиёт ва туризм},
  year = {2026},
  volume = {4},
  number = {30},
  url = {https://interjournal.uz/index.php/journals/article/view/458}
}

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