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ARTICLE · 09 DECEMBER 2021

Insider Giving

Mayer Brown
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In their article Insider Giving in Duke Law Journal, S. Burcu Avci, Cindy A. Schipani, H. Nejat Seyhun, and Andrew Verstein, use their dataset to illustrate the scope...

United StatesCorporate/Commercial Law
Nicole Veru
Nicole Veru
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In their article Insider Giving in Duke Law Journal, S. Burcu Avci, Cindy A. Schipani, H. Nejat Seyhun, and Andrew Verstein, use their dataset to illustrate the scope, strategies, and effects of insider giving. In this context, insider giving refers to shareholders with inside information and/or the ability to backdate their gifts donating securities to charity before price drops, allowing them to claim tax deductions. The authors highlight strategies used by directors and officers using their access to corporate information to time their charitable giving. They identify four strategies: waiting game, spring loading, gun jumping, and bullet dodging. The study advances the premise that insider giving is a widely-used alternative to insider trading because it faces a lower risk of enforcement. Shareholders also benefit from lax reporting requirements for gift giving. The laws applicable to insider giving are less clear and less well developed compared to those

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