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https://hdl.handle.net/20.500.11851/1096
Title: | Price Manipulation by Intermediaries | Authors: | İmişiker, Serkan Özcan, Rasim Taş, Bedri Kamil Onur |
Keywords: | market structure trade-based manipulation broker behavior |
Publisher: | Routledge Journals, Taylor & Francis Ltd | Source: | İmişiker, S., Özcan, R., & Taş, B. K. O. (2015). Price manipulation by intermediaries. Emerging Markets Finance and Trade, 51(4), 788-797. | Abstract: | In this study, we investigate two main research questions using unique individual trade level data from the Istanbul Stock Exchange (ISE; renamed Borsa Istanbul in January 2013): (1) Do brokers conduct manipulative trades in the ISE? (2) Do these brokers gain returns from their manipulative behavior? We examine the trade-based pump-and-dump price manipulation scheme. Using the complete intraday trading history of stocks listed on the ISE over the 2003-6 period, we find that a significant percent of the trades conducted by brokers can be identified as consistent with the pump-and-dump price manipulation scheme, and brokers that conduct more pump-and-dump trades earn marginally higher profits. | URI: | https://doi.org/10.1080/1540496X.2015.1046349 https://hdl.handle.net/20.500.11851/1096 |
ISSN: | 1540-496X |
Appears in Collections: | İktisat Bölümü / Department of Economics Scopus İndeksli Yayınlar Koleksiyonu / Scopus Indexed Publications Collection WoS İndeksli Yayınlar Koleksiyonu / WoS Indexed Publications Collection |
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