This document discusses insider trading and its implications. It defines insider trading as transactions in a company's securities by insiders based on non-public information that could impact stock prices. Insider trading has legal implications, as it is illegal if based on material non-public information. It also has ethical implications as it breaches fairness by giving some investors information not available to others. From a socio-economic perspective, insider trading may improve or reduce business value depending on production parameters, and could improve market efficiency by bringing stock prices closer to future prices.